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Axos Bank high yield savings account offers no minimum balance requirements or monthly maintenance fees. Plus, you could receive a welcome bonus upon opening an account, subject to terms and conditions.
Summary: Axos Bank High Yield Savings Account can help you earn more with no monthly and overdraft fees.
Account Opening
Fees
Deposits & Withdrawals
Features
Customer Service
Safe & Secure
HQ | San Diego, California, United States |
Deposit Insurance | FDIC insured |
Monthly Fee | $0 |
Min. To Open | $250 |
Min. Deposit For No Fee | $0 |
Min. Balance For APY | $0 |
Interest Compounded | Daily |
State Restrictions | Available in all States |
Axos Bank has over two decades of experience as a digital bank, offering customers innovative financial products at low fees. With a mission to deliver a superior online banking experience, the bank has most recently been named one of the fastest-growing companies in the United States.
The bank helps you maximize your savings through a high yield savings account that pays an above-average interest rate for the first $25,000 saved. Plus, you’ll have access to a suite of digital money management tools that can help you reach your savings goal faster.
In addition, customers that require ATM withdrawals can benefit from a free ATM card and reimbursement of out-of-network ATM fees.
Opening a high yield saving account with Axos Bank can be done online in a few easy steps. To apply, you will need:
You can choose to add a checking account and you’ll also be asked how you want to fund the account. A minimum $250 initial deposit applies to opening the account.
Banking fees can quickly eat away at any interest earned on a savings account. With Axos Bank, there are no monthly service fees and no minimum balance requirements to be eligible for interest payments.
Other fees to consider when opening an account include the following:
For a full list of fees, you can refer to their disclosures. It’s a good idea to read through the fees of the account to avoid any surprises while using the account.
The savings account offers a range of features that make it a great option for anyone looking to maximize the interest earned on their savings.
Some of the key features and perks for the account are outlined below:
It is important to note that the APY is variable and subject to change. The interest earned will be applied to the entire balance at the end of each day. If you’re looking to save more than $25,000, it’s a good idea to consider alternative options before opening an account, to ensure that the account meets your savings goals.
Customers can deposit and withdraw from their accounts in many different ways. Deposit options include electronic transfers, mailed checks, mobile deposits, and wire transfers.
In addition, you can make cash deposits at a participating ATM or use a retailer within the Green Dot Network. Retail stores typically charge $4.95 per deposit. There are no fees charged by Axos Bank when depositing funds into your account.
While savings accounts are typically not as flexible for withdrawals as checking accounts, you can withdraw your savings in several ways. These include electronic transfers, wire transfers, and ATM withdrawals.
You can reach Axos customer support by either logging into your online banking account and sending a secured message, or using the chatbox on the website.
There is no in-person support available at a physical branch. If you need to ring customer service, Axos Bank has provided the following number on the FAQ section of their website: 888-502-2967.
Axos Bank is insured by the FDIC for up to $250,000 per person for the account. Plus, Axos Bank implements security measures to keep customer data safe from hackers and prevent fraud.
They offer two-factor authentication, anti-virus and malware protection, 128-Bit SSL encryption, and fraud detection monitoring at no additional cost.
The Axos Bank high yield savings account is a great option for savers looking to take advantage of above-average interest rates. There are no monthly fees, no minimum balance requirements to earn APY, and customers can withdraw cash at any time from an ATM.
The downside of using Axos Bank is the lack of physical presence and lower interest rates on larger balances. If you’re looking for more personalized support from your bank or you have a higher cash balance, you may want to consider alternative options.