Axos High Yield Savings Account review
The Axos High Yield Savings Account offers easy access to funds through a debit card for a $0 annual fee.
Understanding Axos HYSA: online savings account with no monthly maintenance fees
The Axos High Yield Savings Account offers easy access to your funds with a convenient ATM card, with no maintenance fees or ongoing minimum balance requirements.
- Fees: $0
- APY: 0.61% on balances up to $25,000, 0.25% on balances from $25,000 to $99,999,99, 0.15% on balances above $100,000
- Benefits: N/A
- Investment Options: N/A
This account does not offer the most competitive rates available in the market today, but it is still worth considering.
It is a good fit for those who would like the ability to withdraw cash straight from their savings account without having to transfer it to a checking account before doing it.
Axos High Yield Savings Account: understand how it works
The Axos High Yield Savings Account is a free account that does not have a minimum balance requirement other than an initial deposit of $250.
You can make deposits through electronic or wire transfer, mailing, or mobile-depositing checks. You can also make withdrawals through electronic, wire and phone transfers, as well as ATM withdrawals.
This account earns a healthy interest rate of 0.61% annually for balances under $25,000. This is an “ok” rate if you do not have a lot of money saved.
In case you do, however, you might want to consider another savings account.
If you have a balance between $25,000 and $99,999,99, you will earn only 0.25% annually. And if your balance is over $100,000, you will earn even less, with an APY of 0.15%.
This account is a good fit for customers looking for a high-yield savings account (as well as a checking account) and is well adapted to online-only customer service.
Another excellent perk of the Axos High Yield Savings Account is ATM reimbursements. Every time a domestic ATM operator charges you a fee, Axos reimburses it to you.
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Significant benefits and disadvantages you may find
Now that you got to know the ins and outs of the Axos High Yield Savings Account, let’s compare the pros and cons.
Below we have put together a list of benefits and disadvantages of this account. Compare and decide what is more important to you.
- Access to direct ATM withdrawals
- $0 maintenance fees
- Get reimbursed for domestic ATM fee
- No branches
- Low annual earnings rate
- Requires a minimum opening balance
Is a good credit score required from applicants?
The Axos High Yield Savings Account is meant for the general public and does not have the same set of requirements you would expect from credit cards or personal loans.
Therefore, you do not need to have a good credit score in order to open an account.
Learn how to apply and open a Axos High Yield Savings Account
Does the Axos High Yield Savings Account sound like a fit for you? So take the next step and open your account today! Click the link below, and we will show you how to do it.
About the author / Danilo Pereira
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