Axos High-Yield Savings Review (Our #1 Pick For 2021)

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If you’re a little underwhelmed with your current savings account, then an Axos High-Yield Savings Account might be right for you.

Not only does it allow you to earn a much better interest rate than a traditional savings account, but it also comes with several other benefits.

In fact, it’s because of all these benefits that it’s become one of our absolute favorite online savings accounts.

And that’s exactly why, for the rest of this guide, I’m going to dive into everything you need to know about the Axos High-Yield Savings account. That way, you can decide whether it’s the right option for you.

Let’s dive in!

Important: We are a proud affiliate of Axos Bank, meaning we will earn a small commission (at no cost to you) if you click through a link on this page and open a bank account. That said, we only recommend Axos Bank because we truly believe in their products and services, and are confident that they will bring you tons of value!

Axos High-Yield Savings Account Features

If you’re looking for a new savings account, there are a lot of things to consider. Beyond just the interest rate, you should consider things like banking fees and requirements, mobile banking options, security, and set-up difficulty.

Like any financial decision, it’s important for you to do your research.

So, what’s so special about the Axos High-Yield Savings account? Well, here’s why we like it:

Competitive Interest Rate

At the time of this writing, Axos Banks offers a 0.61% APY which is approximately 6 times the national average.

And while that might not seem very impressive, think of it this way: if you have $10,000 in a savings account that earns 0.10% interest, you will earn $10 per year.

On the other hand, if you earn 0.61%, you will earn $61 per year.

Extrapolate that over the course of 10, 20, or even 30 years, and the difference can end up netting you thousands of extra dollars.

I don’t know about you, but I don’t want to miss out on that kind of money.

Important: The interest rate stated above is subject to change. Therefore, be sure to check out Axos Bank’s site for the latest interest rates before opening an account.

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No Fees

Axos Bank charges no monthly or maintenance fees for their high-yield savings account.

Meanwhile, many major banks charge a monthly maintenance fee of $10 to $15 a month if you don’t keep a certain minimum balance. And this can easily eliminate any interest you would have otherwise earned throughout the year.

Free ATM Card

Axos Bank customers are provided a free ATM card upon request. Some high-yield savings accounts offer no ATM card which requires you to transfer your money to your traditional bank for withdrawals.

Security

An Axos Bank high-yield savings account comes with many layers of security to protect your money including biometric and 2-step authentication, anti-virus and malware protection, SSL encryption, and account monitoring.

Low Initial Deposit

Axos Bank only requires a $250 deposit to open your account. After that, they have no minimum balance requirement. So basically, you could deposit $250 to open your account and then take the money back out right afterward. While I don’t recommend that, it is a nice option if you just want to get started.

Easy to Setup

Setting up a high-yield savings account with Axos Bank only takes about 15 minutes. Be sure to have your valid ID and social security number handy to expedite the process. You will also need a way to fund your initial deposit. This can be easily done by providing the routing number from your traditional checking account in order to make a transfer.

Click here to open an Axos High-Yield Savings Account.

How To Get The Most Out Of Your Axos High-Yield Savings Account

Setting up your high-yield savings account is just the beginning.

In addition to a solid interest rate, Axos Bank also offers its customers lots of additional features and benefits.

Customers who learn how to leverage these tools will get the most out of their accounts.

Axos Mobile App

The Axos Bank mobile app gives customers access and control of their money on the go. Download and use the mobile app to view account balances, transfer funds, or pay bills. The mobile app is available through the Apple App Store and Google Play.

Set Up Additional Security

To enhance the protection of your account, be sure to activate and set up any of the optional security features such as biometric authentication. This will significantly reduce the chances of your account being hacked or accessed by scammers.

Update Your Beneficiaries

Your Axos high-yield savings account allows you to identify beneficiaries. This will give you the peace of mind that your loved ones will receive access to your money in the event that something happens to you.

Activate Notifications

Axos Bank provides a variety of ways to be notified of changes to their account including text, email, or mobile app notifications. Set up the notifications that are right for you so you can monitor account activity or receive security alerts.

More About Axos Bank

Axos Bank is an American-owned, full-service online bank that offers a wide range of financial services including savings and checking accounts (personal and small business), CDs (Certificate of Deposit), and money market accounts.

While the bank doesn’t have any physical branches, Axos customers have access to over 90,000 fee-free ATMs across the US.

You can also sleep well knowing that Axos Bank’s parent company, Axos Financial, is a well-established institution that is both publicly traded and FDIC Insured.

Bottom Line

The Axos High-Yield Savings Account is a great option for anybody looking for a better alternative to traditional savings accounts.

Whether you’re looking to get rid of maintenance fees and minimum balance requirements, or just want to earn a better APY than your current savings account, I highly recommend giving the Axos High-Yield Savings a look. Who knows, you might just end up loving it as much as we do!

Click here to open an Axos High-Yield Savings Account.

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About The Author

About The Author

Zach Buchenau is a self-proclaimed personal finance nerd. When he isn't writing about budgeting, getting out of debt, making extra money, and living a frugal life, you can find him building furniture, fly fishing, or developing websites. He is the co-founder of BeTheBudget, and Chipotle's most loyal customer.

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