Axos Bank High Yield Money Market Account 2024 Review
Axos Bank's High Yield Money Market account helps you earn interest on your money with no monthly maintenance fees. This account gives you the option to write checks or access your savings with a debit card.
Money market accounts combine features of checking accounts with savings accounts and Axos Bank's money market option is no different. You can save and earn interest while still being able to spend and make withdrawals if you need to.
You might consider this money market account if you:
- Already have accounts with Axos Bank
- Want a money market account with no monthly maintenance fees or minimum balance requirements
- Would like to be able to write checks from your account
- Want the convenience of a debit card
Axos Bank offers other banking products, including a high-yield savings account and rewards checking. You could also save with Axos Bank CDs if you have at least $1,000 to open an account.
Axos Bank High Yield Money Market Account Pros & Cons
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Compared to Other Online Savings Accounts
Brilliant Bank Surge Money Market Account
The Brilliant Bank Surge Money Market account offers an exceptional APY on all balances, with a $1,000 minimum opening deposit requirement. There's no account maximum and interest is credited monthly. You'll be able to manage your money through online and mobile banking on the go.
Read our full editorial review of the Brilliant Bank Surge Money Market account
TAB Bank Money Market Account
TAB Bank's money market account earns a rate that's comparable to what Axos Bank offers. There are no monthly maintenance fees and you only need $25 to open an account. Deposits are FDIC-insured and you'll have access to both online and mobile banking for convenience.
Read our full editorial review of the TAB Bank Money Market account
Virtual Bank eMoney Market Account
The Virtual Bank eMoney Market account offers a competitive APY to help you grow your money faster. Deposits are FDIC-insured and you can open an account online in minutes. Since this is a digital savings account there are no branches but you can manage your money through online and mobile banking.
Read our full editorial review of the Virtual Bank eMoney Market account
CFG Bank Money Market Account
CFG Bank's money market account offers one of the best rates among any online money market account. You'll need to meet a $1,000 minimum daily balance requirement to avoid a $10 monthly service fee. There's no ATM card available with this account and you won't get paper checks either, but you'll be able to deposit funds via ACH transfer or mobile check deposit.
Read our full editorial review of the CFG Bank Money Market account
Interest Rates
Money market accounts can offer rates that match what you could get with a high-yield savings account or CD, but some are better than others.
Axos Bank does pay interest on money market savings but the rates are not the best. They're closer to what you might get with a savings account from a traditional bank vs. an online bank.
You'll get the same rate on all balances and there's no maximum balance limit. Some money market accounts pay tiered rates, with the APY increasing as your balance increases.
When comparing money market account rates, consider whether you'll get the same rate on all balances and whether the APY is capped. Banks may advertise a great APY but limit it to the first $15,000 or $25,000 you save.
You may not know that if you don't read the fine print. So it's worth a little extra research to make sure you understand what you'll get with any money market account you open.
Fees
Bank fees can take away from your interest earnings, but some banks are more fee-friendly than others. Online banks, for instance, tend to charge fewer fees than traditional banks since they have lower overhead costs.
Here's how the Axos Bank fee schedule breaks down.
Other Service Fees - Axos Bank High Yield Money Market Account
| Type | Fee |
|---|---|
| Monthly maintenance fee | $0.00 |
| Excess transaction fee | $10.00 |
| Paper statements | $5.00 |
| Stop payment | $10 - $35 |
| Returned item fee | $25.00 |
| Nonsufficient funds fee | $25.00 |
| Official checks | $10 |
| Incoming wire transfers (domestic and international) | $0.00 |
| Outgoing wire transfers (domestic and international) | $35 - $45 |
| Legal order processing fee | $100.00 |
| Foreign transaction fee | 1% |
The fees aren't that different from what other banks charge. One of the main ones to watch out for is the excess transaction fee.
This fee applies if you make more than six withdrawal transactions per month. The $10 fee applies to each withdrawal over six so it's important to keep track of how often you pull money from savings.
ATM Access
Axos Bank offers a debit card with your account that you can use to make purchases or withdraw cash. You'll have access to more than 91,000 fee-free ATMs, which is great if you make the occasional (or routine) withdrawal.
Axos doesn't charge any fees to make ATM withdrawals, either at in-network or out-of-network ATMs. However, if you use another bank's machine you could be charged a foreign ATM fee.
Some banks refund those fees to you, though they might limit you to $10 or $20 in refunds per month. Axos doesn't reimburse you for ATM fees but with such a large network, you may not have to worry about extra fees.
If you need to find a fee-free ATM, Axos Bank offers an ATM locator tool on its website and in the mobile banking app.
Account Management
You'll be able to manage your money through online and mobile banking, or at ATMs.
If you want to deposit funds, you can:
- Schedule an incoming wire transfer
- Deposit a check through the mobile app
- Set up an ACH transfer from an external bank account
Axos lets you make peer-to-peer payments from your account. All you need is an email address or mobile phone number for the person you want to send money to.
Online bill pay is available if you'd like to make one-time or recurring payments from your money market account. You can also pay bills with your debit card online, or by writing a paper check.
All of these features are free, there are no added fees to worry about.
FDIC Insurance
FDIC insurance protects your accounts if your bank fails. Bank failures aren't common, but the FDIC exists to make sure that their customers don't lose all their money if the worst happens.
Axos Bank is FDIC-insured so your accounts are safe. Should the bank fail, you're insured up to $250,000.
There's nothing you need to do to enroll or opt-in to coverage. It's automatic when you open an account at a member bank.
What to Look for in a Savings Account
Money market accounts are a safe, secure place to grow your savings but it's important to choose the right one for your needs.
Here are some questions to ask to help narrow down the options.
- Are you comfortable with an online savings account or do you want to be able to bank at a branch?
- What's the minimum deposit requirement?
- Do you need paper checks, an ATM card, or a debit card?
- How large is the bank's ATM network?
- Does the bank refund foreign ATM fees and if so, how much?
- What's the APY and interest rate?
- Does the same APY across all balances?
- Is there a minimum balance requirement to earn interest?
- Is the bank FDIC-insured?
Comparing money market accounts online is a good place to start. You can browse money market account reviews to see which ones rate the best (or worst).
Frequently Asked Questions
What is the downside of a money market account?
Money market accounts have few downsides overall since they're a safe place to keep your savings and earn interest. If there's a potential con, it's that some money market accounts charge fees and/or limit you to a certain number of transactions per month. Also, keep in mind that while some money market accounts offer a debit card, ATM card, or checks, not all of them do.
Is Axos Bank a legitimate bank?
Axos Bank is a legitimate, FDIC-member bank. You can open a high-yield money market account or savings, CD accounts, and checking accounts if you want to keep all your money in one place. Axos Bank's savings account rates aren't as high as some banks, but they're still better than what you might find at a traditional bank.
Can you lose money in a money market account?
Money market accounts are low-risk and it's virtually impossible to lose money unless the bank fails and it's not FDIC-insured. A money market fund, on the other hand, is an investment product that's sometimes confused with money market accounts. Since you're investing your savings rather than keeping it in a bank, there is a risk of losing money with a money market fund.
