High Yield Savings Accounts

Earn more and grow faster with a high yield savings account.

Discover how high yield savings accounts work, why they matter, and how you can start building your savings with confidence.

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What is a high yield savings account?

A high yield savings account (HYSA) is a type of savings account that pays you a much higher interest rate than a traditional savings account. The “yield” refers to the annual percentage yield (APY), which measures how much your money grows in one year, including the effects of compounding.

Unlike investments, a high yield savings account carries minimal risk. Your money stays secure, typically backed by FDIC insurance, while earning more interest than it would in a standard account.




With a high yield savings account, you can:

  • Earn higher returns on your savings.
  • Keep your money accessible when you need it.
  • Build your balance faster through compounding interest.

How do high yield savings accounts work?

High yield savings accounts work much like traditional savings accounts, but they pay a higher annual percentage yield (APY), allowing your money to grow faster. The key difference is compounding: the interest you earn gets added back to your balance, and then that larger balance begins earning interest too.

Deposit money

Open account and add funds through a transfer or direct deposit to start saving right away.

Earn interest

Your balance begins earning at a higher annual percentage yield than a standard savings account.

Compounding grows

The interest you earn is added to your balance, and continues earning more interest.

Access funds

Withdraw your money whenever you need it, while keeping your savings safe and insured.

Choose from our best

At Axos, we offer high yield savings accounts designed to help you reach your goals faster. Whether you’re building an emergency fund, saving for a major purchase, or simply looking to earn more on your balance, our accounts give you competitive rates, security, and flexibility.

Axos ONE®

This savings and checking bundle has it all.

KEY FEATURE

Earn up to 4.31% APY** on savings; 0.51% APY** on checking.

  • No monthly maintenance, opening, or overdraft fees.
  • Early payday: Get paid up to 2 days early1.
  • Eligible for expanded FDIC insurance for up to $265 million.
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Summit Savings

Keep more savings with no minimums.

KEY FEATURE

Simple, high-yield savings earning a competitive 3.75% APY*.

  • No minimum balance for APY.
  • No monthly maintenance fees.
  • No minimum initial deposit.
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How to open a high yield savings account?

Opening a high yield savings account is simple and can usually be done online in just a few minutes. Here’s what to expect:

Complete the application

Apply online by providing your information and submitted with our secured application platform.

Fund your account

Transfer funds or set up direct deposit to start earning with your new high-yield savings account.

Grow your savings

Once your account is funded, your balance will begin earning interest and compounding automatically.

Is this type of account worth it?

Yes. For most savers, a high yield savings account is worth it. Unlike traditional savings accounts that often pay very little interest, a HYSA allows you to earn significantly more on your balance while keeping your money safe and accessible.



High-yield savings accounts are especially valuable if you want to:

  • Build an emergency fund that grows faster
  • Save for near-term goals such as a car, vacation, or home down payment
  • Keep your money safe from market risk while still earning a return

Are HYSAs safe?

Yes. High yield savings accounts are considered one of the safest places to keep your money. They are typically offered by banks and credit unions that are federally insured.

At most banks, like Axos Bank, deposits are protected by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor, per bank. This means that even if the bank were to face financial difficulties, your money would remain protected.

Along with federal insurance, HYSAs maintain the same level of security as traditional accounts.

  • For savers who want low risk, dependable growth, and peace of mind, a high yield savings account is a reliable choice.

Start growing your savings today

Now that you know how high yield savings accounts work and why they matter, it’s time to put your money to work. Choose the account that fits your goals and begin earning a competitive APY with the security you can trust.

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Frequently asked questions

Do you pay taxes on high yield savings accounts?

Yes. The IRS considers the interest you earn from a high yield savings account taxable income. It is treated the same way as your regular earnings and may be subject to federal and state income tax depending on where you live.

What makes a savings account high yield?

A high yield savings account offers a higher Annual Percentage Yield (APY) than a traditional savings account. The main factors are a higher interest rate, which helps your savings grow faster, and compound interest, which allows you to earn interest on your interest.

Where to open a high yield savings account?

You can open a high yield savings account through most online banks or credit unions. These accounts are usually managed online and often have no monthly fees or minimum balance requirements. To open an account, you’ll need to provide basic personal information and meet any requirements needed to start earning interest.

Can you withdraw from a high yield savings account?

Yes, you can withdraw money from a high yield savings account, but there are a few important considerations. These accounts are meant for saving rather than everyday spending and typically do not include a debit card for direct ATM access. You can transfer funds online to a linked checking account.

Should I open a high yield savings account?

You may want to open a high yield savings account if you’re looking to earn more interest than a traditional savings account while keeping your money safe and easily accessible for short-term goals like an emergency fund or a down payment.

What does a high yield savings account do?

A high yield savings account earns a higher interest rate on your deposited money, helping it grow faster through compound interest. It provides a safe, FDIC-insured place to keep funds for goals like an emergency fund or future purchases.

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© 2026 Axos Financial, Inc., All Rights Reserved. © 2026 Axos Bank, All Rights Reserved. © 2026 Axos Invest LLC. Member FINRA & SIPC. All Rights Reserved. © 2026 Axos Invest, Inc. All Rights Reserved.

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.

Advisory services are offered by Axos Invest, Inc., an investment adviser registered with the Securities and Exchange Commission (“SEC”). For information about our advisory services, please view our Form CRS or our ADV Part 2A Brochure, free of charge. Brokerage services and securities products are offered by Axos Invest LLC, Member FINRA & SIPC. YOU MAY FIND MORE INFORMATION ABOUT OUR FIRM ON FINRA’S BROKERCHECK. View the background of this firm, or REVIEW our Form CRS. All cash and securities held in Axos Invest client accounts are protected by SIPC up to $500,000, with a limit of $250,000 for cash. Read more information about SIPC on the SIPC web page.

Securities and other non-deposit investment products and services are not deposits, obligations of or guaranteed by Axos Bank, are not insured by the FDIC or any governmental agency, and are subject to investment risk including possible loss of the principal invested. Past performance of a security does not guarantee future results or success.

Axos Invest LLC, Axos Invest, Inc., and Axos Bank are separate but affiliated companies.

Axos Bank NMLS# 524995

1

Faster access to funds is based on a comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct Deposit and earlier availability of funds are subject to payer’s support of the feature and timing of payer’s funding.

*

The Annual Percentage Yield (APY) is accurate as of 1/17/2026. The interest rate and corresponding APY for savings is variable and is set at our discretion. This is a tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.

**

The Annual Percentage Yield (APY) is accurate as of 1/17/2026. The base and promotional interest rate and corresponding APY for Axos ONE® Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE® Savings is variable and is set at our discretion. Axos ONE® Savings is a tiered variable rate account. Axos ONE® Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.

Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below.

The Axos ONE® Checking account will earn a base rate of 0.00% APY. The Axos ONE® Savings account will earn a base rate of up to 1.00% APY.

Axos ONE® accounts are eligible to receive a promotional APY for each statement cycle where the promotional criteria are met during the Qualification Period. To receive the promotional APY on both Axos ONE® Checking and Axos ONE® Savings, the Axos ONE® Checking account must meet both of the requirements in either Option 1 or Option 2 below during the Qualification Period:

Option 1

  1. Your Axos ONE® Checking account has received monthly qualifying direct deposits of at least $1,500 in total.

  2. The average daily balance of your Axos ONE® Checking account is at least $1,500.

Option 2

  1. Your Axos ONE® Checking account has received monthly qualifying deposits of at least $5,000 in total.

  2. The average daily balance of your Axos ONE® Checking account is at least $5,000.

If both of the requirements in either Option 1 or Option 2 above are met during the Qualification Period:

  • The Axos ONE® Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met.

  • The Axos ONE® Savings account will earn a promotional rate of up to 4.31% APY for the statement cycle in which the requirements are met.

The Qualification Period begins on the first business day of the month and runs through the 25th of the month. If the 25th of the month is followed by a non-business day, the average daily balance will be calculated including the following non-business day(s). Any qualifying deposits or qualifying direct deposits received after the 25th of the month will count toward the next Qualification Period. The Qualification Period for new accounts will begin on the day the account is approved. New accounts opened on or after the 25th of the month will be eligible to earn the promotional APY starting in the following month.

A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability, etc. International paychecks, international government benefits, other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.), or person-to-person payments are not considered a direct deposit.

Qualifying deposits only include deposits from the following eligible sources: (i) ACH transfers from external accounts, (ii) inbound wire transfers from external accounts, (iii) check deposits. Qualifying deposits do not include: (i) transfers internal to the bank (i.e., transfers between an account holder’s Checking and/or Savings account), (ii) interest payments, (iii) promotional bonuses, (iv) credits, reversals, and refunds.

Both accounts must be in an open and active status on the 25th of the month and on the date the interest is paid to receive the promotional APY for that statement cycle. If either account closes during the Qualification Period, neither account will be eligible to earn the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account.

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