Looking for a high-yield savings account that offers solid returns with no fees? In this Axos Bank High Yield Savings review, we’ll dive into the features, rates, and benefits to help you determine if it’s the right fit for your savings goals.
When it comes to saving money, we all want our cash to grow as much as possible without the burden of extra fees. Axos Bank High Yield Savings offers a competitive 0.61% APY on balances up to $9,999.99, making it a strong contender in the world of online savings accounts. But is it the best choice for your hard-earned money? In this Axos Bank High Yield Savings review, we’ll take a closer look at what sets it apart from other options, from the interest rate to the digital tools and perks. Let’s see if this high-yield savings account lives up to its promise.
Learn More About Axos Bank High Yield Savings
Key Takeaways
- Up to 0.61% APY for balances under $10,000, with lower rates for larger balances.
- No maintenance fees and no minimum balance requirements.
- Free ATM card on request, providing easy access to your funds.
- A suite of digital tools to manage savings and track financial goals.
- $250 minimum deposit to open an account.
Why Choose Axos Bank High Yield Savings?
The Axos Bank High Yield Savings account is designed for people who want to earn more from their savings without paying monthly fees. With its competitive 0.61% APY on balances under $10,000, it promises a higher return than many traditional savings accounts. But there’s more to it than just the interest rate. Here’s what makes this account stand out.
1. Earn Up to 0.61% APY with No Fees
In our Axos Bank High Yield Savings review, it’s clear that one of the most appealing features is the 0.61% APY on balances up to $9,999.99. While it’s not the highest rate out there, it’s still competitive compared to many traditional banks and even some online savings accounts. The fact that there are no maintenance fees or minimum balance requirements is another huge plus. Many savings accounts charge fees or require you to keep a certain balance to avoid them, but with Axos, your money grows without restrictions.
If your balance exceeds $10,000, the rate drops to 0.25%, which is still decent but less attractive than the top-tier rate. So, while you may not get the best rate for large sums, Axos Bank High Yield Savings offers great value for smaller balances.
For more high yield savings accounts, see the best and highest APY savings accounts here.
I highly recommend the Barclays Tiered Savings Account, you currently can earn a lucrative sign up bonus. If you want a choice of dozens of the highest rates, check out the Raisin Savings Network.
2. Digital Tools to Help You Manage Your Savings
This high-yield savings account isn’t just about earning interest. The Axos Bank High Yield Savings account comes with an impressive set of digital tools that make managing your money easier. Through the mobile app, you can:
- Sync all your financial accounts to get a complete view of your financial picture.
- Track your spending and saving behavior to help identify areas where you can save more.
- Chat with a virtual assistant 24/7 to get quick answers to your banking questions.
- Automate your bill payments to stay on top of recurring expenses.
- Monitor your credit score for free to stay informed about your financial health.
These features help you stay organized, make smarter financial decisions, and ultimately save more. If you’re someone who enjoys having access to a full suite of tools at your fingertips, this account offers plenty of value.
3. Free ATM Card for Easy Access
While high-yield savings accounts are typically designed for saving rather than spending, Axos Bank provides the option of a free ATM card upon request. This means you can access your savings if you need cash in a hurry—without having to jump through hoops or pay unnecessary fees. For an online savings account, this added feature gives you more flexibility and convenience when it comes to managing your funds.
4. No Minimum Balance to Earn High APY
One of the biggest advantages of the Axos Bank High Yield Savings account is that you don’t need to maintain a high balance to earn the maximum 0.61% APY. Many high-yield savings accounts require you to keep thousands of dollars in the account to qualify for the best interest rates, but Axos makes it easy to earn a solid return even with smaller amounts.
If your balance is under $10,000, you’ll earn the full 0.61% APY across your entire balance. While larger balances earn a lower rate, this makes it an ideal account for anyone who is just getting started with saving or who doesn’t have a massive sum to deposit right away.
How Does It Compare to Other High-Yield Savings Accounts?
Let’s see how Axos Bank High Yield Savings stacks up against other popular high-yield savings accounts:
| Feature | Axos Bank High Yield Savings | Marcus by Goldman Sachs | Ally Online Savings | Capital One 360 |
|---|---|---|---|---|
| APY | 0.61% | 0.60% | 0.60% | 0.60% |
| Monthly Fees | None | None | None | None |
| Minimum Deposit to Open | $250 | $0 | $0 | $0 |
| ATM Card | Free, upon request | Not available | Not available | Not available |
| Digital Tools | Robust (bill pay, financial assistant, etc.) | Basic tools | Comprehensive tools | Basic tools |
| READ MORE | READ MORE | READ MORE | READ MORE |
When compared to its competitors, Axos Bank High Yield Savings holds its ground, offering a competitive APY, no fees, and the added perk of a free ATM card. While other banks like Marcus by Goldman Sachs and Ally offer similar rates, Axos Bank provides more digital features and easy access to your savings.
Our Take
In this Axos Bank High Yield Savings review, we can confidently say that this account is a solid choice for anyone looking to grow their savings with a decent interest rate and minimal fees. The APY for balances under $10,000 is not exactly groundbreaking—it’s competitive, but not the highest rate available on the market., and the lack of fees or minimum balance requirements makes it a hassle-free account. The free ATM card and robust digital tools add extra value, making this a well-rounded option for savers who want more from their account.
If you’re looking for an easy-to-manage savings account that offers a good return without the usual fees, Axos Bank High Yield Savings is definitely worth considering. It’s not the highest rate available for large balances, but for smaller savers, it’s a top choice.
Discover more Axos Bank checking and savings products, many of which come with sign-up bonuses worth hundreds of dollars.
For a handpicked selection of the top bank bonuses, check out our guide to the best checking and savings account bonus offers.
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