Axos Bank High-Yield Savings Review (September 2026): Summit Savings 3.75%, ONE Up to 4.21%
Written & reviewed by Hans Goldstein, EA, independent licensed insurance producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Rates checked against axosbank.com on September 24, 2026 · Updated
Axos Summit Savings pays 3.75% APY with no minimum balance. Axos ONE Savings pays up to 4.21% APY, but only in statement cycles where the linked Axos ONE Checking gets $1,500+ in direct deposits and a $1,500 average balance (or $5,000+ in deposits and a $5,000 average); otherwise its base rate is up to 1.00%. Axos dates these APYs September 25, 2026.
Savings account vs MYGA, after tax
What $100,000 earns in 5 years: savings account vs MYGA, after tax
Rates used: Savings account 4.00%, the top online savings rate we tracked (bank sites, September 24, 2026); savings rates can change any day; change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| Savings account, interest taxed every year | $116,604 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the savings account, after tax | $9,531 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge. In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
Axos savings at a glance
| Feature | Axos Summit Savings |
|---|---|
| Summit Savings APY | 3.75% (variable), no minimum balance for APY, no monthly fee, no minimum opening deposit |
| Axos ONE Savings APY | 4.21% on the first $249,999.99 and 3.50% above that, in qualifying cycles; base up to 1.00% |
| Axos ONE qualification | Checking gets $1,500+ in direct deposits and $1,500 average daily balance, or $5,000+ in deposits and $5,000 average |
| FDIC | Axos Bank, San Diego, cert 35546 |
How 3.75% compares
| Option | Rate | Source / as of |
|---|---|---|
| Axos Summit Savings | 3.75% APY, variable | axosbank.com, as of 9/25/2026 |
| Axos ONE Savings (qualifying cycles) | Up to 4.21% APY, variable | axosbank.com, as of 9/25/2026 |
| Marcus by Goldman Sachs Online Savings | 3.50% APY, variable | marcus.com, as of Sept 24, 2026 |
| Synchrony High Yield Savings | 3.30% APY, variable | synchrony.com, as of 9/24/2026 |
| American Express High Yield Savings | 3.10% APY, variable | americanexpress.com, as of 9/24/2026 |
| Capital One 360 Performance Savings | 3.10% APY, variable | capitalone.com, effective 9/24/2026 |
| Ally Bank Savings | 3.00% APY, variable | ally.com, as of 09/24/2026 |
| A-rated-or-better 5-year MYGAs | ~5.50%-6.05%, fixed for the term | public carrier rate sheets, October 14, 2026 |
Rates expire like milk.
The best MYGA, CD and savings rates change every few weeks. Get a short email when a rate on this page changes.
We’ll email you when a rate on this page changes. Hans Goldstein · NPN 20602398.
Rather talk it through? Or book 15 minutes on Hans’s calendar.
What we like
- Summit Savings pays 3.75% with no strings.
- Axos ONE can earn 4.21% if your paycheck already lands there.
- No monthly maintenance fees.
What to watch
- Axos ONE's 4.21% is conditional. Miss the deposit and balance tests in a cycle and savings drops to the base rate (up to 1.00%).
- Two products, very different rates. Make sure you open the one you mean.
- The rate is variable and interest is taxed every year.
Axos Summit Savings vs. a 5-year MYGA
A savings account is the right home for emergency money. For money you will not need for three to five years, a multi-year guaranteed annuity fixes the rate for the term and defers the tax.
| $250,000 for 5 years | Axos Summit Savings | 5-yr MYGA at 5.50% |
|---|---|---|
| Rate | 3.75% APY, variable (assumed to hold all 5 years) | 5.50% fixed for the term |
| Tax on interest | Every year (1099-INT) | Deferred until withdrawn |
| Value after 5 years, after 24% federal tax | ~$287,700 | ~$308,300 (tax paid at the end) |
| Protection | FDIC, $250K per ownership category | Insurer claims-paying ability + state guaranty association (limits vary by state) |
| Getting money out | No penalty; the rate can change any day | Surrender charge above the free-withdrawal amount; IRS 10% penalty before 59½ |
About $20,600 more after tax on the MYGA if the savings rate never moved (24% federal bracket, state tax ignored). Savings rates are variable, so the real gap depends on where the rate goes. Emergency money belongs in savings; a MYGA is for money you will not need for the full term. Fixed annuity benchmark: carriers rated A or better topped out around 5.50% to 6.05% on 5-year compound-interest MYGAs, per public carrier rate sheets, October 14, 2026. Rates vary by state, premium and carrier.
Annuity vs CD · Current MYGA rates · HYSA or MYGA for 3-year money
Related: Best HYSA rates · HYSA or MYGA for 3-year money
Axos Summit Savings: FAQ
What is the Axos high-yield savings rate?
Summit Savings pays 3.75% APY; Axos ONE Savings pays up to 4.21% APY in qualifying cycles, with a base rate up to 1.00%. Axos dates both September 25, 2026.
How do I earn 4.21% at Axos?
Open Axos ONE (checking plus savings). In each cycle the checking account must receive at least $1,500 in direct deposits and keep a $1,500 average daily balance, or receive $5,000 in deposits and keep a $5,000 average. 4.21% applies to the first $249,999.99; 3.50% above that.
Is Axos Bank FDIC insured?
Yes. Axos Bank (San Diego) is FDIC cert 35546, FDIC-insured up to $250,000 per depositor, per insured bank, per ownership category.
Does Axos Summit Savings have a minimum?
No minimum opening deposit and no minimum balance to earn the APY, per Axos.
Does Axos charge monthly fees?
Axos lists no monthly maintenance fees on Summit Savings or Axos ONE.
Axos savings or a MYGA for longer money?
For 3-to-5-year money a MYGA fixes the rate and defers tax: A-rated-or-better insurers paid about 5.50%-6.05% on 5-year MYGAs on October 14, 2026.
My take
For a plain high-yield account, Axos Summit Savings at 3.75% APY is competitive. Axos ONE's 4.21% only pays if you run your paycheck through it every month. For three-to-five-year money, compare a MYGA.
Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398) and is not affiliated with Axos Bank. He does not sell or earn anything on bank accounts. Rates are copied from the sources named, with the as-of date each source prints; savings rates are variable, so confirm the current rate before opening. MYGA figures are illustrations, not quotes.
Run the MYGA vs savings math for your situation
Talk to Hans Goldstein, a licensed independent insurance producer.
Axos Summit Savings pays 3.75% APY, variable (accurate as of September 25, 2026). A-rated 5-year MYGAs were paying about 5.50%-6.05% on October 14, 2026, fixed for the term and tax-deferred.
Send your details. Within one business day you get a written side-by-side sized to your dollar amount and term, and a free 15-minute call if you want one.
Rather talk it through? Or book 15 minutes on Hans’s calendar, or call 213-414-2808.
Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
We’ll email it to you. Hans replies within one business day. Privacy Policy.
Related reading
- HYSA hub: top 12 banks ranked
- Marcus by Goldman Sachs review
- Ally Bank review
- SoFi review
- Synchrony Bank review
- Discover Bank review
- MYGA vs. HYSA full comparison
- Current best MYGA rates
This page is general information for educational purposes; it is not a personalized recommendation, solicitation, or offer of any specific bank product. APYs change frequently (typically monthly), and the rates shown here are approximations as of the date above. Always confirm current rates and fees directly on the bank's website before opening an account. Hans Goldstein is an independent licensed insurance producer (NPN 20602398); he does not receive compensation from any bank discussed on this page. FDIC insurance limits apply ($250,000 per depositor, per ownership category, per insured bank). Annuity products mentioned on this page are insurance contracts with surrender charges and are regulated by state insurance commissioners; they are not FDIC-insured. Always read the actual contract and consult a licensed advisor before purchasing any annuity product.