Axos High Yield Savings: Earn 0.61% APY With No Strings Attached

Earn a competitive interest rate with this online bank.

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Savings accounts are an excellent place to store your emergency fund and other short-term savings, but the average savings account interest rate in the U.S. is a measly 0.06% APY, according to the Federal Deposit Insurance Corporation. That’s what makes the Axos High Yield Savings account APY at 0.61% so special.

This online bank offers an incredible rate, and you don’t have to worry about meeting certain balance requirements or paying a monthly fee. Here’s what you need to know about the account to determine whether it’s a good fit for you.

Earn 0.61% APY Today

Axos Bank High-Yield Savings Offer

About Axos Bank

Axos Bank was formerly Bank of the Internet USA, one of the first digital banks in the world when it was founded in 1999. The bank has no physical branches but provides all of your banking needs online and through its mobile app.

Because the FDIC-insured bank saves money on the overhead costs associated with brick-and-mortar branches, it can provide higher bank account interest rates to its customers.

Axos Bank High-Yield Savings APY

The Axos High Yield Savings account offers a 0.61% APY, making it one of the better high-yield savings accounts available. Interest is compounded daily.

The best thing is that you don’t have to jump through hoops to get it. Some savings accounts offer tiered rates based on your balance, but this one offers the same rate regardless of how much savings you have.

The account also has no monthly maintenance fees and no monthly minimum balance requirements. The only thing to keep in mind is that you need an opening deposit of at least $250 to get the account.

Average percentage yields (APY) fluctuate as financial institutions adjust their rates with the market. It’s one of the primary reasons to shop around for the account that best suits your goals. If you’re interested in locking in your money at a specific APY, consider a certificate of deposit (commonly referred to as a CD). The CIT Bank No-Penalty CD is a popular option with risk-averse investors who want flexibility with their savings.

Balance Tiers APY† Rates
$0-$9,999.99  0.61% 0.60%
$10,000-$24,999.99  0.61% 0.60%
$25,000-$49,999.99  0.61% 0.60%
$50,000-$99,999.99  0.61% 0.60%
>$100,000  0.61% 0.60%

† Slickdeals updates APY weekly. Rates are accurate as of Oct. 20, 2020

Other Account Benefits and Tools

The main reason to apply for the Axos High Yield Savings account is its high interest rate. However, you’ll also get some other valuable features that are relatively standard for online banks.

Switch Kit This step-by-step checklist can help you make a smooth transition from your current bank to Axos and its checking and savings products.
Online Bill Pay If you decide to also get a checking account with Axos or you want to pay your bills from your savings account, this feature makes it easy to manage all your recurring charges in one place.
Mobile Banking Download the Axos Bank mobile app on an iPhone or Android device, and you’ll have the ability to manage your account everywhere you go. You can also deposit checks into your savings account with the app.
Other Financial Products In addition to the High Yield Savings account, Axos Bank also offers several impressive checking accounts, a money market account, mortgage, auto and personal loans, and even investment management.
Money Management Tools and Resources Axos Bank offers a range of articles and tools to help you educate yourself and manage your money better.

Accessing Your Cash

If you want to be able to access your cash in your Axos Bank High Yield Savings account, you can request an ATM card from the bank. That way, you don’t have to transfer money from your savings account to a checking account to gain access to it. Also, note that ATM withdrawals aren’t included under Regulation D, which limits you to six withdrawals and transfers per billing cycle.

How to Open an Account

Visit the Axos Bank website to start the process of applying for the High Yield Savings Account. You’ll need to provide your Social Security number, a valid ID and other personal information. And remember, if your application is approved, you’ll need to fund the account with at least $250 from another bank account. According to Axos Bank, this process takes just 15 minutes.

Open an Account Today

We want to make sure you get the best deal! Our editors strive to ensure that the information in this article is accurate as of the date published, but please keep in mind that offers can change. We encourage you to verify all terms and conditions of any financial product before you apply. Also, please remember this content wasn't provided, reviewed or endorsed by any company mentioned in this article.

Any product or service prices/offers that appear in this article are accurate at time of publish, and are subject to change without notice. Please verify the actual selling price and offer details on the merchant's site before making a purchase.

Ben Luthi

Ben Luthi is a personal finance and travel writer and credit card expert. He has a degree in finance from Brigham Young University and worked in financial planning, banking and auto finance before writing full-time for NerdWallet and Student Loan Hero. Ben is now a full-time freelance writer and enjoys traveling and spending time with his two kids. His work has appeared in several publications, including U.S. News & World Report, USA Today, Money, Success and Slickdeals.

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