Axos ONE® Savings and Checking Bundle Review: A Competitively Earning Combo Account
Published Nov. 20, 2024
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Our quick take: This combo account offers competitive APYs for both checking and savings, though you'll need to meet a few conditions to get the boosted interest rate, which may be hard for some people. On the plus side, you won't be stuck paying monthly account fees -- but read some online reviews on access and service before making any final decisions.
On Axos Bank's Secure Website.
Member FDIC.
Axos ONE®
On Axos Bank's Secure Website.
On Axos Bank's Secure Website.
The Axos banking bundle offers the potential for very competitive rates and a simple banking experience that puts all of your accounts in one place. The mobile app may have issues, however, and online user reviews raise some concerns about access and customer service.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.70%
Rate info
3.70% annual percentage yield as of April 16, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
You need to know more than some tempting rates to get a full picture of the Axos bundle. Take a look at the pros, cons, and fine print in our full review.
| Account | APY | Minimum Deposit |
|---|---|---|
| Axos ONE® | up to 4.66% | $1,500 for max APY, $0 for base rates |
Perhaps the most interesting thing about this bundle are the boosted APYs (annual percentage yield) you can earn on both the savings and checking accounts. The boosted savings APY is very competitive, even compared to our top high-yield savings accounts.
And any APY on your checking account gets you into the competitive realm, though the boosted APY for Axos ONE® Checking is certainly competitive with our top-rated checking accounts.
| Fee type | Amount |
|---|---|
| Monthly service fee | $0 |
| Wire transfer fee | Incoming: None; Outgoing: $35 (domestic), $45 (international) |
| Inactivity fee | $0 |
| Excess transaction fee | $0 |
Axos ONE® accounts don't have a minimum balance requirement to open your account. You also don't need to keep a certain balance to avoid monthly fees, since the accounts have no monthly maintenance fees.
However, as noted above, you will need to maintain an average daily balance of $1,500 in your Axos ONE® Checking account as part of the qualifications for earning the boosted interest rates.
Like many other banks, Axos has limits on savings account withdrawals. Specifically, you can only make six monthly withdrawals or transfers. This doesn't include transactions made by mail or at an ATM. There aren't any such limits on your checking account.
This is a pretty standard limit, and actually used to be law. While the law has since been updated, many banks still keep these restrictions in place.
As an online-only bank, Axos Bank's mobile banking experience is very important; this is likely how you're going to do most of your account management. Unfortunately, what I've read in the app stores leaves me concerned.
To start off, the Android folks aren't all happy, with the app pulling in just 3.7 stars (out of 5) across more than 6,000 reviews. Folks complain about load times, bugs, and an inability to log into the app.
Even the normally positive iOS app reviewers aren't immune from the issues. The overall score is high -- 4.7 stars -- but the folks who actually wrote reviews aren't impressed. They also complain of significant bugs, an inability to log in, and issues with freezing and unfreezing their debit cards.
Axos Bank doesn't have physical branches, so you'll be missing out on some of those access options. Take a look at what you can do.
You can deposit money into your account through:
You can withdraw money from your account via:
Although the Axos ONE® bundle is so new that I can't find much feedback about it specifically, Axos Bank has a lot of buzz online -- and not necessarily in a good way. The rates are tempting, but after researching Axos Bank from online reviewers, I have to lay down a word of caution.
I checked out the BBB, Trustpilot, Reddit, the app stores -- you name it. And I found a lot of folks who have issues with Axos Bank.
Lots of complaints were from customers who had trouble accessing their money, including lost wire and bank transfers, which is very concerning. Several people also complained about the bank's customer service, particularly the fact that most avenues of customer services have been automated with AI "assistants" that don't assist very well.
Earn a competitive APY on savings and checking deposits: As long as you can meet the requirements (more on that below), then the APYs you earn on both your savings account and your checking account are pretty competitive.
The boosted savings account rate is right up there with our top high-yield savings accounts. And earning any interest on a checking account is already a plus, so the boosted rate on the Axos ONE® checking account is even better (especially since you need to maintain a fairly high balance in your checking account to earn the boosted rates).
Even better, there is no cap on which balances qualify for the boosted rate, so you can save as much as you want.
Pay no monthly maintenance or account fees: Few things are as irritating as paying fees just to keep your account open. Happily, Axos doesn't charge any monthly maintenance or account fees. There's no minimum needed to waive your fees, so your accounts stay account-fee-free even if your balance drops below the requirement for the boosted APYs.
Access to a fee-free ATM network of 95,000 ATMs: Although it's less used now than ever before, many folks still use cash. Your Axos ONE® Checking account includes ATM access, including fee-free access to around 95,000 Axos Bank's in-network ATMs.
You have to meet deposit requirements to get the advertised rate: Technically, the Axos ONE® Checking account has a base APY of 0%. Similarly, the Axos ONE® Savings account has a base APY of 1%. To get the boosted rates, you need to meet two conditions:
If you don't meet these conditions, your deposits earn only the base rates, which are not competitive at all. Folks who can't easily -- i.e., without extra effort -- meet these conditions should look elsewhere.
Axos Bank has no physical bank branches: Since Axos Bank is an online-only bank, you won't be able to just head into a physical branch for in-person help. You'll need to manage your accounts entirely online -- and that includes any customer service needs. If you're not comfortable with this, you may need to find a bank with brick-and-mortar branches.
Yes, Axos ONE® banking deposits are FDIC insured. Axos Bank is a member of the FDIC, and accounts are insured up to the legal maximum.
If you want a simple banking bundle that offers low fees while still providing competitive rates, provided you'll meet the direct deposit and balance minimums. Folks who won't be able to meet the conditions may want to find separate accounts with fewer requirements for a competitive APY.
At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
Learn more about how Motley Fool Money rates bank accounts.
Yes, your deposits at Axos Bank are FDIC insured.
You can manage all of your Axos accounts together through a web browser or via the Axos mobile app.
A checking account is used for everyday transactions, and it usually includes a debit card you can use for purchases and at ATMs. A savings account is designed to hold your short-term savings, and it rarely includes a debit card. Savings accounts can have caps on how many withdrawals you can make in a month.
It's good to have both types of accounts, since they are used for different purposes. The Axos ONE® bundle includes a checking account and a savings account.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
