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Axos has been a leader in online finance since 2000. The company guarantees unrestricted access to your funds and offers three savings account options: the High Yield Savings account, the High Yield Money Market, and the Certificate of Deposit (CD) account. The High Yield Savings has no minimums or fees, and you can earn up to 0.61% by banking with Axos. To open a High Yield Savings account you'll need to have a minimum balance of $250; for the High Yield Money Market and CD you'll need $1,000 to open the account.
APY is tiered depending on your funds
At Axos, there are several tiers of APY returns ranging from 0.15% 2.30%. This annual percentage yield changes depending on how much money is in your account by the end of the year and on which savings account you choose. For example, the high-yield savings account option offers APY percentages that start at 0.61% However, the percentages go down as you put more and more money into the account. The breakdown for the High Yield Savings account looks like this:
Business Savings available
For business owners, you're in luck. Axos also offers two savings accounts specifically for business owners. These include the Business Savings and Business Premium Savings accounts. The regular business account only requires $1,000 to open, though you do need to maintain a $2,500 minimum in the account each day to avoid fees. The premium account requires a minimum of $25,000 to open the account, but there are no fees or minimums required. Both accounts offer an APY of 0.20% no matter how much you have in the account.
One of the benefits of working with Axos is their "Tools" tab, which makes all their helpful finance tools easily available to customers in one place. These include the APY calculator, the Auto Refinance calculator, the Auto Loan calculator, and a download link for the mobile app. There is a range of other tools also, including but not limited to mortgage assistance, renter calculators, and college or retirement savings calculators. Customers will find anything they need to support their savings journey right here, which is incredibly helpful.
Axos, being an exclusively online banking institution, requires customers to access their funds via the company's website or mobile app. Fortunately, Axos offers a well-rated mobile app on both iOS and Android platforms with 4.7 out of 5 stars on the Apple App Store and 4.5 out of 5 stars on Google Play. The app allows you to deposit checks, pay bills, transfer funds, and track your transaction history with ease. Additionally, you can keep a watchful eye on your account balances without the hassle of visiting a physical branch. Whether you're an iOS or Android user, Axos has got you covered with their intuitive mobile app that simplifies your financial management.
Disappointing customer ratings
Despite the mobile app receiving high praise, the bank's overall reputation leaves much to be desired based on customer feedback on third party review sites. Axos has an average rating of 1.3 stars and lacks a significant number of 5-star reviews beyond the two app stores we mentioned. While Axos does have an "A+" rating and accreditation from the BBB, the low average from client reviews put a ding in that good reputation.
Many unhappy customers have reported difficulties accessing their accounts due to the multi-factor authentication system, which was intended to enhance security but seems to create more problems than solutions. Negative reviews repeatedly say that Axos is a "frustrating company" to work with. On the other hand, some of the positive reviews for Axos show that a few customers were satisfied with the security at Axos. They felt safe using Axos, because the company has been well-rated by GoBankingRates and Forbes.
Mid-tier option overall
Axos is a reputable online bank with high-yield savings account options for individuals and businesses. While their mobile app is highly rated, there have been mixed reviews about the bank's overall performance, with some customers experiencing difficulties or feeling unsupported by Axos overall. Despite these reviews, Axos does have some very positive articles on professional sites such as GoBankingRates and Forbes. This mixed bag of positive and negative reviews makes it a mid-tier option in our review, especially with interest rates that aren't all that competitive.
Feeling let down by your current bank and looking to spruce up your finances? Or maybe you're about to open your very first savings account and want to make sure you're getting all the bells and whistles? Deciding who to trust with your savings is a big deal and it's crucial for your financial wellbeing. With so many banks and online institutions, it can be overwhelming to hunt for the best interest options or rewards. Switching banks, or opening a new savings account, can feel like a lot.
But first, some background: a savings account is a type of bank account that is specifically designed for saving money. It's an account that you can deposit money into and earn interest on the balance. Unlike a checking account, which is used for everyday transactions like paying bills or buying groceries, a savings account is intended for long-term saving.
Many people use savings accounts to set aside money for things like a down payment on a house, a new car, or an emergency fund. One of the biggest benefits of a savings account is that it can help you build wealth over time. As you continue to save money, the interest earned on your balance can compound, meaning you earn interest on both the money you deposit and the interest you earn. Over time, this can add up significantly and help you achieve your financial goals. Additionally, savings accounts are generally considered to be low-risk investments, making them a great option for people who are risk-averse or new to investing.
Banks and financial institutions offer various types of savings accounts that cater to different needs and goals. Some common types of savings accounts include a basic savings account, which is a standard account that usually has a low minimum balance requirement and earns interest on the balance. High-yield savings accounts are another option. These typically offer a higher interest rate than basic savings accounts but may require a higher minimum balance in the account.
Money market accounts are similar to savings accounts but often offer higher interest rates and allow you to write a limited number of checks per month. Certificates of deposit (CDs) are time-bound accounts that require you to leave your money in the account for a fixed period in exchange for a higher interest rate. Individual Retirement Accounts (IRAs) are specialized accounts designed for retirement savings and offering tax benefits.
So, how do you find the best savings account for your needs? There are a lot of factors to consider for account types and which institution can offer you the best service overall. If you're not sure where to start, you can check out this list that should help you narrow down your options:
To make opening your next savings account as easy as 1, 2, 3, Top Consumer Reviews has evaluated and ranked the most popular options on the market. We hope this will help you decide which financial institution is the best place to keep track of your savings.
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