High-Yield Savings Accounts: Earn Up to 4.21% APY - Axos ONE®

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If your money's sitting in a traditional savings account from a big bank, chances are it's earning you next to nothing. Factor in inflation, and your money is actually losing value, just by sitting there.

That's exactly what high-yield savings accounts are for -- right now, they're offering 4.00% APY or higher on your cash. The big question, though, is which account to get.

If you want one of the highest APYs I've ever seen, I've got a recommendation: An Axos ONE® savings account. Here's what to know about Axos ONE® and how to qualify for its sky-high APY.

How to earn with Axos Bank

Right now, Axos ONE® is paying up to 4.21% APY on savings and 0.51% APY on checking -- although it admittedly isn't the easiest to earn.

You'll have to either:

• Receive at least $1,500 in monthly qualifying direct deposits and keep an average daily balance of at least $1,500; OR
• Receive at least $5,000 in monthly qualifying deposits and maintain an average daily balance of at least $5,000

If you don't hit one of those requirements, you'll earn 1.00% APY on savings. If you do, though, you've got one of the highest savings APYs I've ever seen, period.

Some quick math: If you've got $10,000 in the bank, Axos ONE®'s current top APY would net you $421 a year. With $20,000 in the bank, you're getting $842 a year…you get the idea.

Sure, it takes some work to get the max APY up and running. But if you can swing it, it's definitely worth the effort.

Member FDIC.

APY

up to 4.21% Rate info Circle with letter I in it. The Axos ONE® Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met. Axos ONE Savings earns a base rate of 1.00% APY. It earns a promotional rate of 4.21% APY on the first $499,999.99 and 4.01% APY on any additional balance for the statement cycle in which the requirements are met.

Min. To Earn APY

$0 for base rates, $1,500 for max APY

• Earn a competitive APY on checking and savings
• Pay no monthly maintenance or account fees
• No cap on how much you can save
• Access to fee-free ATM network

• Extra conditions required to earn the advertised rate
• No physical branches for in-person help

The Axos ONE® bundle makes your money work overtime – all under one roof. Meet the direct deposit and balance requirements, and you'll earn up to 4.21% APY on savings and up to 0.51% APY on checking, some of the highest rates we've seen lately. There are no physical branches, but you can still access cash easily through a network of over 95,000 fee-free ATMs. It's a simple, high-reward setup that actually pays off.

The Annual Percentage Yield (APY) is accurate as of 2/1/2026. 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 4.21% APY on the first $499,999.99 and 4.01% APY on any additional balance 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 ACH deposit of your paycheck or government benefits, such as Social Security, Disability, etc. International paychecks, international government benefits, other deposits (i.e., real time payments, 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) mobile check deposits, (iv) real time payments. 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, (v) ATM deposits.

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.

Is Axos ONE® right for You?

Axos ONE® is a strong fit for lots of people, but it's not for everyone. Here's how to know if it makes sense for you:

• You have a regular direct deposit. You can get the max APY with qualifying direct deposits of at least $1,500 per month. That means a steady paycheck routed here is the easiest path.
• You keep a lot in the bank. Bigger balance = more earnings. Smaller balances can earn, too -- but the more you could be getting, the more Axos ONE® becomes worth your time.
• You want checking and savings in one place. The 0.51% APY on the checking side is genuinely solid; most checking accounts pay nothing.
• You're comfortable with an online-only bank. Like most banks with HYSAs, Axos Bank has no physical branches -- if that matters to you, it's worth knowing upfront.
• You're chasing the best available rate. An APY up to 4.21% is one of the highest I've seen on any high-yield savings account right now, and for rate-focused savers, that's the whole ballgame.

Ready to get started? Read our full review of Axos ONE® to open your account and start saving today.

SoFi®: A more accessible option

Not everyone wants to worry about hitting a monthly deposit requirement. If you'd rather just open an account and start earning, SoFi Checking and Savings (Member FDIC) is worth a serious look.

SoFi Checking and Savings

Member FDIC.

Limited-time offer:

Earn $50 or $400 and +0.70% Boost on Savings APY with direct deposit. Terms apply. Circle with letter I in it.

Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.30% APY as of 3/31/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.

APY

up to 4.00% Rate info Circle with letter I in it. Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.30% APY as of 3/31/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.

• Competitive APY on both Savings and Checking
• No monthly account fee
• Welcome bonus up to $400 (direct deposit required)
• ATM access
• Unlimited number of external transfers (up to daily transaction limits)
• FDIC insured (up to $3M with opt-in to SoFi Insured Deposit Program)
• Early access to direct deposits
• Tools to help you track savings goals

• Combo account only; no stand-alone savings or checking
• Maximum Savings APY requires direct deposit
• No branch access; online only
• Overdraft protection requires monthly direct deposit minimum

For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, new customers earn a bonus of $50 or $400 with eligible direct deposit. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.

Open a SoFi Checking and Savings Account

I've had a SoFi® account for about a year, and I've loved it. That's because it comes with:

• Annual percentage yield (APY) of up to 4.00% on savings
• Limited-time offer: Earn $50 or $400 and +0.70% Boost on Savings APY with direct deposit. Terms apply.
• Up to $50 in no-fee overdraft coverage
• Access to paychecks up to two days early
• No account fees or minimum deposits

The up to 4.00% rate factors in a 0.70% APY boost for your first six months by hitting a few deposit requirements. After that, you'll earn the standard APY.

Want to check out even more options? See our list of the best high-yield savings accounts available right now.