You can now earn a super-high 4.21% APY with an Axos Bank savings account, and the checking account pays 0.51% APY, but you need to open both together. This rate is excellent, and there are no complicated referrals or other requirements, so it's a great fit for people with some assets who want to earn high interest without having to worry about all kinds of tasks.

If you're interested in bank account bonuses, see

This 4.21% rate is only for the first $250,000 in assets, which is enough for most people. And FDIC insurance only covers up to $250,000, so there’s no need to go above that. To get the high rate, you need to meet one of the two requirements below, which are still relatively easy:

  • Receive at least $1,500 in total monthly qualifying direct deposits and maintain an average daily balance of at least $1,500: requires $1,500 in direct deposits and an average daily balance of $1,500
  • Or receive at least $5,000 in total monthly qualifying deposits and maintain an average daily balance of at least $5,000: deposit at least $5,000 each month and keep an average daily balance of $5,000

These two funding requirements are still pretty easy to meet. After all, if you want the high interest, you’ll probably want to keep more money in there. If you don’t want to bother with direct deposit, you can simply transfer in $5,000 each month, then transfer it back out, as long as you keep the balance above $5,000. For direct deposit, you can consider a simulated direct deposit; according to DOC, the following ones count:

  • Affinity: 1,
  • Alliant: 1,
  • Ally: 1, 2, 3, 4, 5, 6, 7, 8, 9(didn’t work but asked if it worked) , 10(didn’t work) , 11  (didn’t work)
  • Brex payroll: 1,
  • Capital One: 1, 2 3, 4, 5, 6, 7, 8, 9, 10,
  • Charles Schwab: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10  (didn’t work)
  • Chase: 1, 2,
  • Fidelity: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12,
  • SoFi: 1, 2, 3, 4, 5,
  • USAA: 1,
  • T-Mobile: 1, 2,
  • Treasury Direct: 1,
  • Vanguard: 1,
  • Wells Fargo: 1, 2, 3, 4, 5  (didn’t work)

About Axos Bank

Axos Bank is a federal savings and loan association and a direct bank headquartered in San Diego, California. It is the primary consumer brand of Axos Financial. Axos was founded in San Diego, California, and is headquartered in San Diego, California, with an office in Los Angeles, California. The bank also has branches in Las Vegas and Columbus.

Deposits at Axos Bank are FDIC insured up to $250,000. You can feel assured.

Bank products and services are offered by Axos Bank®. All deposit accounts through Axos Bank brands are FDIC insured through Axos Bank. All deposit accounts of the same ownership and/or vesting held at Axos Bank are combined and insured under the same FDIC Certificate 35546. All deposit accounts through Axos Bank brands are not separately insured by the FDIC from other deposit accounts held with the same ownership and/or vesting at Axos Bank. For more information read Axos Bank’s FDIC Notice.

Axos Bank Checking Account

Account Opening Overview

  • Application link: Axos Bank Checking Account Application Link
  • Available nationwide: Nationwide
  • Direct deposit requirement: None
  • Hard/soft pull: Soft pull
  • ChexSystems check: Yes
  • Credit card funding: No
  • Monthly fee: None
  • Early account termination fee: $150 (if closed within 180 days)

Bonus

See above

Steps

  • The first page redirects to a High Yield Saving, which I personally think is not very useful. You can decide whether you want to open one while you’re at it; if not, just click no thank you.
  • Be sure to select new customer, then fill in the required information to register an account. For verification, it is recommended to use a state ID or driver’s license with automatic photo capture, and the system can approve it instantly. Manually entering information may still end up requiring you to upload the relevant photos.

About direct deposit

If you can change the account that receives your salary to Axos Bank, just make the change and you’re done. If you don’t have salary income that can be changed, you can use the following methods to make it work via transfers (ACH push). The simplest is to have your Schwab investment account directly transfer a withdrawal to Axos Bank. The data points below come from the DOC article
  • Affinity: 1,
  • Alliant: 1,
  • Ally: 1, 2, 3, 4, 5, 6, 7, 8, 9(didn't work but asked if it worked) , 10(didn't work) , 11  (didn't work)
  • Brex payroll: 1,
  • Capital One: 1, 2 3, 4, 5, 6, 7, 8, 9, 10,
  • Charles Schwab: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10  (didn't work)
  • Chase: 1, 2,
  • Fidelity: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12,
  • SoFi: 1, 2, 3, 4, 5,
  • USAA: 1,
  • T-Mobile: 1, 2,
  • Treasury Direct: 1,
  • Vanguard: 1,
  • Wells Fargo: 1, 2, 3, 4, 5  (didn’t work)

Axos Bank High-Yield Savings Account

As mentioned earlier, the rate is mediocre, and only up to $25,000 earns 0.61%. It’s not even as good as a regular savings account.

Application Links