Smart savers know that beyond just stockpiling funds for safekeeping, the best way to grow your money is to put it to work. If you want to maximize your savings while still being able to easily access funds—without penalties, you should consider a high yield savings account. High yield savings accounts not only offer a safe place to store cash, they also help accelerate its growth thanks to higher interest rates than traditional savings accounts. A national leader in digital banking, Axos Bank offers some of the best rates you can find on high yield savings accounts. We’ll break down the need-to-know info, including perks, pros and cons, requirements and more to help you decide if choosing Axos is the right move for you.
| Highlights |
|---|
| Earn up to 4.66% APY on savings |
| No monthly maintenance or overdraft fees |
| No minimum initial deposit |
| Get your money up to 2 days early |
| Access expanded FDIC Insurance for up to $250 million |
About Axos
Unlike other online-only banks, Axos is a full-service online financial institution that offers a wide range of products and services that make it easy to do all of your banking in one spot, including personal and business checking accounts, savings accounts and CDs, as well as money market accounts, multiple types of loans, investment services and a vast ATM network.
Their high-yield savings accounts are particularly popular thanks to industry-leading interest rates, or annual percentage yields (APY), no monthly maintenance fees or minimum balance requirements, and fee-free access to ATMs for easy withdrawals. Plus, your deposits are FDIC-insured for $250,000, or $500,000 for joint accounts.
With numerous industry accolades for best online banking and best savings accounts, plus an A+ rating from the Better Business Bureau, Axos is a trusted source to help you invest in your financial future today.
| Pros | Cons |
|---|---|
| FDIC-insured, full-service digital bank | No physical locations or in-person access |
| Manage all your financial needs in one place online | Need to maintain certain requirements to qualify for high APY |
| Added perks for bundling your checking and savings accounts together | |
| Industry-leading APY on savings accounts for those that qualify | |
| No minimum balance requirements for opening an account | |
| No hidden opening, maintenance or overdraft fees | |
| Expanded FDIC insurance available | |
| Early processing on direct deposits | |
| Free Axos mobile app for easy financial management on the go | |
| Link external accounts to manage all of your money in one dashboard | |
| Access to more than 95,000 fee-free ATMs nationwide | |
| 24/7 access to customer support online or over the phone |
Types of Axos Savings Accounts
High yield savings accounts are a great way to increase your returns on cash that you need to keep readily available, such as emergency funds, large purchases and vacations, without worrying about incurring a penalty. Axos offers a few different ways to take advantage of higher interest rates on your savings accounts, but their best terms are available on their popular Axos One checking and savings joint account.
Axos One Savings and Checking Bundle
The Axos One savings and checking bundle is perfect for people who want to consolidate all their daily banking needs into one joint account that promises an impressive rate of return on cash coupled with the best perks available.
By bundling your savings and checking together under Axos One, you can enjoy:
- Up to 4.66% APY on savings—10 times the national average
- Up to 0.51% APY on checking
- Advance payments on direct deposits
- No minimum balance required to open or maintain an account
- No monthly maintenance or overdraft fees
- Access to more than 95,000 fee-free ATMs
- Ability to deposit cash at various retail locations
- Expanded FDIC insurance of up to $265 million
While the biggest selling point of the Axos One savings and checking bundle is the high APYs, there are requirements to reap the best rates. Customers will need to maintain monthly direct deposits of at least $1,500 and an average daily balance of $1,500 in order to qualify for these boosted rates. If you don’t meet these requirements, your savings interest rate will drop to the standard one percent and your checking will drop to zero.
High Yield Savings Account
If you’re not interested in moving all of your money into a checking and savings joint account, Axos also offers savings-only with above-average APY. With their standard high yield savings account, customers can count on:
- Up to 0.61% APY
- Zero initial or minimum balance required
- Zero maintenance fees
- Free ATM card for easy withdrawals
- Access to free financial planning tools, education and resources
In addition to these two popular high yield savings account options, Axos also offers high yield money market accounts, certificates of deposit (CDs) or savings accounts specifically catering to teens to start them on the path to smart saving early.
Opening a High Yield Savings Account with Axos
Banking with an online-only institution like Axos comes with plenty of perks, one being that everything can be done from the comfort of your own home in under 15 minutes. Applying for your high yield savings account is a simple, straightforward process:
-
- Apply: Visit AxosBank.com and choose the type of savings account you want to open. You’ll need your social security number and a valid ID to get started, plus a valid physical and email address.
- Invest: While there is no minimum balance needed, you’ll want to start adding money immediately to your account in order to increase your savings. You can either do a mobile check deposit, initiate a bank wire transfer, or link your direct deposit to start.
- Explore: Once your money is in place, you’ll also want to check out everything Axos has to offer, like linking all external accounts for easy money management, setting up biometric identification for added security, and installing the Axos mobile app and interacting with the Evo virtual financial assistant.
Axos Customer Support
In addition to a robust online education center featuring articles, tools and helpful FAQs available on AxosBank.com, you also have access to 24/7 customer support online or over the phone, including:
- Live agent support around the clock by calling (888) 502-2967
- Evo virtual assistant available to answer questions anytime through chat or text
-
Secure messages sent directly through the Axos mobile app or website
While having multiple options to receive 24/7 virtual support is enough for the majority of customers, those who prefer in-person support or banking services may want to reconsider moving their money into an online-only bank like Axos.
Axos Mobile App
To make banking quicker and more easily accessible no matter where you are, Axos offers a free mobile app that has garnered thousands of high user reviews in both the App and Google Play stores.
The all-in-one Axos app makes it easy to:
- Link all your financial accounts for simpler oversight
- Transfer money both internally and externally
- Deposit checks and automate bills
- Monitor your savings and spending
- Track your credit score at no cost
- Locate Axos-approved ATMs
- Chat with Evo, a 24/7 virtual assistant
How Axos Compares to the Competition
Axos is one of the leaders in the all-digital banking world. Here’s a look at how it stacks up against some of the other popular online-only banks:
Axos vs. SoFi
Both federally insured online banks, Axos and SoFi are popular picks for customers shopping for a high yield savings account. To reap the best benefits from both banks, you’ll need to open a combined checking and savings account. While both banks have similar interest rates on checking accounts and no account fees, Axos definitely has the edge when it comes to APY, offering up to 4.66% APY compared to up to 3.8% from SoFi. Customers will need to meet certain requirements in order to qualify for these high APYs, including setting up recurring direct deposits. Axos also makes it easier to make cash deposits, transfer money within both internal and external accounts, and has a wider network of fee-free ATMs making it a clear winner for people looking to maximize their money.
Axos vs. Ally
Both trusted options in the online banking world, Axos and Ally provide competitive rates and flexible terms. Ally is a popular pick for people who are interested in opening just a savings account, since they offer a competitive 3.80% APY without any direct deposit or monthly minimum requirements, although Ally doesn’t offer a way to deposit cash directly into your savings account like Axos does. If you’re interested in bundling together your checking and savings accounts, Axos offers a higher 4.66% APY and better checking interest rates, making it more appealing for those looking to do all of their banking in one place.
Bottom Line: Why We Love It
Without physical locations or the overhead that comes with them, Axos is able to transfer those savings into big benefits for their customers. They make it easy for people to maximize their savings with some of the best APYs on the market for customers who qualify, especially those who want to handle all their checking and savings needs in one place, and they don’t tack on tons of hidden fees or minimum requirements just to keep your accounts with them. And unlike many online-only banks, they make it easy to still deposit cash directly into your savings accounts, or make withdrawals when needed from their massive network of over 95,000 ATMs without worrying about typical fees. They’re also FDIC-insured and offer a comprehensive suite of financial services, including loans, investment guidance and monitoring, plus 24/7 customer support, making them an ideal choice for people who want to turn their everyday banking into big savings.
Axos FAQs
Yes, Axos Bank is a FDIC-insured, full-service online digital bank with nearly $20.3 billion in assets and more than 400,000 customers. In addition to receiving numerous industry awards, Axos is also accredited by the Better Business Bureau, earning an A+ rating.
No, while some banks may limit withdrawals on a savings account to six or less a month, Axos does not impose withdrawal limits on their high yield savings accounts.
Axos makes it easy to withdrawal money from your savings account by:
- Transferring funds to another bank account either internally or externally
- Initiating a wire transfer
- Withdrawing cash directly from an ATM without fees
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