Source: The College Investor
- AXOS ONE combines a high-yield savings account and checking account
- You can receive a boosted interest rate if you meet the minimum criteria
- No monthly maintenance fees or minimum blanace requirements
Axos Bank recently launched its new savings and checking bundle, AXOS ONE®. This bundle combines the best of two of Axos’ most popular products: a high-yield savings account and a checking account.
The AXOS ONE bundle provides a boosted savings interest rate if you meet the minimum criteria (which we’ll explain below).
Let’s dive in and see how the AXOS ONE® bundle works!
How AXOS ONE® Works
The AXOS ONE® bundle consists of two components: a high-yield savings account (ONE Savings) and a checking account (ONE Checking).
First, there are no monthly maintenance, minimum balance, account opening, or overdraft fees for the bundle.
Second, the bundle earns high APY (annual percentage yield): earn up to 4.53% APY on savings, and 0.51% APY on checking when you meet the requirements.
To earn the “boosted” APY rate, you must receive qualifying monthly direct deposits totaling at least $1,500 and maintain an average daily balance of $1,500 in your Axos ONE® Checking account.
If you don’t meet the requirements for the boosted rate, you’ll drop down to a 1.00% APY in your savings account and 0% in your checking account.
Related: Axos Bank Review
Why We Like It
We love seeing accounts that still offer competitive rates in this environment. Furthermore, the “hurdles” to get the highest boosted rate are easy to meet.
Plus, this bundle has no monthly account fees, so even if you don’t meet the requirements for one month, you won’t be nickel-and-dimmed with fees.
This account is well over the national average for both savings and checking – even at the non-boosted!
Plus, Axos offers a great suite of tools and features, such as early pay day and a large network of fee-free ATMs.
Any Important Fine Print?
As with most financial products, there’s always fine print. In this case, it’s just the requirement to maintain the boosted rate on the account.
Here’s the fine print you need to know:
Axos ONE accounts are eligible to receive a promotional APY for each statement cycle if the criteria are met. To receive the promotional APY on both Axos ONE Checking and Axos ONE Savings, the Axos ONE Checking account must meet both of the following requirements during the statement cycle:
- Your Axos ONE Checking account has received qualifying direct deposits of at least $1,500 in total.
- The average daily balance of your Axos ONE Checking account is greater than $1,500.
If the above requirements are met:
- 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 4.53% APY for the statement cycle in which the requirements are met.
Final Thoughts
We love this new Axos ONE bundle from Axos Bank. If you’re looking for a new savings account and checking account option, this must be a top consideration.
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