Axos Bank High Yield Savings Account Review 2024: No Monthly, Minimum, & Overdraft Fees

Victoria DanielJanuary 7, 2024

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. 

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Features

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

In depth review on Axos Bank High Yield Savings Account 

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. 

Axos Bank High Yield Savings Account is best for 

• No minimum balance to earn APY: There is no minimum balance requirement to start earning interest. The interest rate is based on the tier your balance falls at the end of each day.  
• No monthly fees: There are no monthly maintenance fees to worry about, keeping your banking costs low.   

Axos Bank High Yield Savings Account benefits  

• Welcome bonus: You could be eligible for a $200 welcome bonus upon signing up for the high yield savings account with Axos Bank. The promotion is subject to terms and conditions and requires you to maintain a minimum balance of $25,000 during the first six months of your account opening. 
• Money management tools: Axos bank offers a suite of digital banking tools to help you manage your money and reach your savings goal faster.  
• Digital banking experience: You’ll have access to online banking 24/7 to manage your money and keep track of your savings progress.  
• Free ATM card: For the most part, savings accounts do not come with an ATM card. With Axos bank, you’ll receive a free ATM card, so you can access your savings from an ATM without having to transfer your cash into a checking account first.  
• Available in all US states: The high yield savings account is available in all 50 US states.  

Axos Bank High Yield Savings Account drawbacks

• $250 minimum opening deposit: When opening a high yield savings account, you’ll need a minimum deposit of $250 to open an account.
• Tiered interest: While Axos Bank offers an interest rate above the national average, this is only applicable to balances below $25,000. The APYs are variable and therefore subject to change.  
• No physical branches: There is no in-person support available and all services are provided online.  

Account opening 

5

Opening a high yield saving account with Axos Bank can be done online in a few easy steps. To apply, you will need: 

• Valid ID 
• Social security number 
• US cell phone number 
• Valid US postal address 
• Email address 
• US citizen or resident 

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.  

Fees 

4.5

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: 

• Paper statement: $5 
• Wire transfers outgoing (domestic): $35.00  
• Wire transfers outgoing (international): $45.00  
• Non-sufficient funds: $25 per item (up to $75 per day) 
• Stop payments: $10 
• Wire transfers incoming (domestic and international): $0 

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.  

Features 

4.5

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:

• Welcome bonus: You can receive up to $200 when you open a savings account. The offer is subject to terms and conditions. To receive the $200 bonus, you must maintain a minimum balance of $25,000 during the first six months of opening the account. The first $50 will be paid within 10 business days of each statement cycle, with a maximum of four payments. You’ll need to keep the account open for a minimum of 180 days or an early closure fee of $200 may be deducted from your account balance.  
• Security: Your identity is double-checked using two-factor authentication, and accounts are regularly monitored to detect fraud.  
• Free ATM withdrawals: You’ll receive a free ATM card to carry out withdrawals at over 91,000 locations nationwide. Any out-of-network fees are reimbursed.  
• Online banking tools: There is a suite of money management tools available including a savings calculator and a retirement calculator.   
• Automatic logout: Idle sessions will result in automatic logout to prevent anyone from gaining access to your account without authorization.  
• Other products and services: Axos Bank offers a suite of banking services including checking accounts, CDs, and money market accounts.  

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.  

Deposits and withdrawals 

5

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.  

Customer service 

4.5

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. 

Safe and secure 

5

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.  

Is Axos Bank High Yield Savings Account right for you? 

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.