If you’re searching for an alternative to a traditional savings account, look no further than the Axos Money Market account.
It allows you to take advantage of a higher-than-average interest rate, without any monthly maintenance fees or having to sacrifice convenience.
Also, Axos bank is a great option for anyone looking for a well-rounded online banking solution.
In this review, we’ll cover the benefits of banking with Axos and, in particular, we’ll take a deeper dive into the Axos Money Market account.
Let’s get to it!
Axos Money Market Account: Overview
|What We Like||What We Don’t Like|
|0.25% APY||$1,000 minimum opening deposit|
|No monthly maintenance fees||No out-of-network ATM fee reimbursements|
|Access to mobile banking|
|Remote check deposits|
|No minimum balance after initial account opening|
|Check writing privileges|
Getting To Know Axos Bank
Before you decide to open your money market account, you should become familiar with Axos bank and all that it has to offer.
Axos is a technology-driven financial services company that focuses on providing convenient money management products.
The company has been digital since its inception in the year 2000.
While the majority of Axos’s business remains digital to this day, the bank does have some physical branches in California, Nevada, and Ohio.
In case you’re unfamiliar, money market accounts are accounts that typically offer higher interest rates than traditional savings accounts.
Unlike other interest-earning accounts and investments, money market accounts offer similar conveniences as a checking account in that they allow you check-writing privileges.
It’s worth noting, though, that money market accounts only allow you to make six deposits and transfers per month.
Many people choose to use a money market account instead of a traditional savings account because, in many cases, they offer higher interest rates. However, the interest rates on money market accounts rise and fall with inflation which can significantly affect your return.
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Some of the reasons we love the Axos Money Market account are its great features.
For example, the account comes with check writing privileges and a debit card for easy access to your money.
Additionally, since Axos is all about digital convenience, the bank also has a user-friendly mobile app that allows you to make mobile check deposits.
The app, available on iOS and Android, makes it easy to monitor your account directly from your smartphone.
Another important feature of this account is that funds are FDIC insured up to $250,000. This provides extra reassurance to customers about the security of their finances.
Benefits Of The Axos High-Yield Money Market Account
Several benefits come with the Axos Money Market account.
One such benefit is that you don’t need to deposit a lot of money to receive a high interest rate. The interest rate is the same for everyone, no matter how much money is in your account.
Another huge benefit of this money market account is that there are no monthly maintenance fees. So, you don’t have to worry about getting gouged with extra charges every month.
Additionally, you can easily name your account beneficiaries online. That way, you can be sure your money will end up in the right hands if anything were to happen to you.
Finally, Axos provides generous opportunities to earn rewards just by sharing the High-Yield Money Market account with your friends. Through the company’s referral program, you’ll receive $20 whenever you refer someone to open a money market account.
To earn these rewards, the people you refer must meet the welcome bonus requirements.
And your friends will receive $20 for signing up, too!
When it comes to choosing a bank account, security should be your number one consideration.
Thankfully, the Axos Money Market account is protected by several layers of security measures.
One way Axos keeps your account secure is through notifications.
You get to decide how you want to be notified of any suspicious activity on your account.
When you open the account, be sure to select whether you prefer to be notified via email, text, or push notifications from the mobile app.
Also, the mobile app uses biometric authentication using fingerprints, voice prints, and facial recognition to keep your account safe.
This helps make sure no one except for you can access your account.
Another way the bank verifies your identity is through 2-Step Authentication.
Whenever you try to log into your account, you can receive a text or email to verify it’s really you. And, if you step away from your computer or become inactive, Axos will automatically log you out.
This prevents unauthorized people from accessing your information.
In addition to these front-end measures, Axos also works to protect you through back-end security measures.
For example, your account is covered by antivirus and malware protection.
Also, the company encrypts your data using 128-bit SSL, keeping you safe from hackers.
When you bank with Axos, you can rest assured knowing your money market account is safe.
Most bank accounts have some associated fees, but thankfully, the fees associated with the Axos Money Market account are minimal.
Unlike money market accounts offered by most other banks, Axos doesn’t charge any monthly maintenance fees.
While there is a requirement of $1,000 to open the Axos Money Market account, there is no minimum balance requirement after that.
Another huge perk is that the bank won’t charge you any fees for using out-of-network ATMs (although the ATMs may charge you). Some banks offer fee reimbursements for fees charged by ATMs, but Axos does not.
The only fees you should be aware of before opening a money market account are excessive transaction fees and overdraft fees. If you exceed the six free withdrawals or transfers allowed every month, you’ll be charged $10 per excessive transaction.
And, if you overdraw your account, you’ll be charged $25.
Overall, the fees associated with the Axos Money Market account are minimal, especially in comparison to many other money market accounts.
Although Axos offers an incredibly user-friendly banking experience, you may find you need support at some point.
Fortunately, if you ever need help with your account, Axos customer service is there to help you.
The company’s virtual financial assistant, called Evo, is available 24/7 to answer your questions.
Obviously, there are some limitations to getting support from a chatbot. So, if you need help from a real person, you can contact Axos’s customer service line in one of the following ways:
- Phone (1-888-502-2967)
- Secure message through your online account
- Through the mobile app
While there aren’t many restrictions on who can benefit from this account, you should be comfortable taking your banking 100% online.
The account is also best for anyone who wants to earn a solid interest rate without sacrificing convenience.
Also, it’s a great option for you if you’re tired of getting gouged by monthly maintenance fees at your current bank.
All things considered, the Axos High-Yield Money Market account is a pretty awesome option if you’re looking for a new savings vehicle.
However, as we always recommend here at Be The Budget, it’s important for you to assess your specific financial needs and do your own research before opening a bank account.