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Reviews

The best money market account for making large deposits and earning a high APY

CNBC Select reviews the Axos Bank High Yield Money Market Account. Decide if it's right for you.

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Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners.

Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC will update as changes are made public.

Money market accounts (MMAs) are a hybrid of savings and checking accounts. Like with a checking account, you can write checks to withdraw money from your MMA. And similar to a high-yield savings, cash stashed in an MMA can earn interest and grow over time.

In addition to issuing checks, the top MMAs also offer debit or ATM cards so that you can make purchases directly from your account and withdraw your cash from an ATM should you need to.

CNBC Select analyzed and compared dozens of MMAs when compiling our "best-of" ranking. Only one account on that list had a minimum deposit requirement to open a new account. If you have the $1,000 required to open the Axos Bank High Yield Money Market Account, however, it pays off by offering higher interest than the other accounts on our list. This MMA also gives users access to both checks and a debit card.

Below, we review the Axos Bank High Yield Money Market Account and give you all the details on its features, including the annual percentage yield (APY), access to your cash, perks and fees so you can decide if this MMA is right for you. (See our methodology for more information on how we choose the best money market accounts.)

Axos Bank High Yield Money Market Account review

Axos Bank High Yield Money Market Account

On Axos Bank's secure site
  • Annual Percentage Yield (APY)

    0.25%

  • Minimum balance

    $1,000 to open

  • Monthly fee

    None

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D

  • Excessive transactions fee

    $10 per item

  • Overdraft fees

    $25

  • Offer checks?

    Yes

  • Offer debit card?

    Yes

Terms apply. Axos Bank is a Member FDIC.

Axos Bank High Yield Money Market Account APY

The current APY is 0.25%. To open the Axos Bank High Yield Money Market Account, you must make a minimum deposit of $1,000.

Interest compounds daily and is credited to your account on a monthly basis.

Access to your cash

With Axos Bank, you have access by using the issued debit card (which is good for ATM transactions) or by writing checks.

Note that all withdrawals (either on your debit card or via checks) and transfers are limited to up to six per statement cycle as required by federal law (this limit waived during the coronavirus outbreak under Regulation D).

To add money into your account, you can schedule electronic transfers or deposit checks remotely using Axos Bank's mobile check deposit feature.

Unlike most of the top MMAs that are online-only, Axos Bank also has physical branches that you can visit in person if you live in California, Nevada or Ohio.

Perks

The Axos Bank High Yield Money Market Account stands out because it offers one of the highest APYs we found, as well as debit card/ATM access.

Users can set up account alerts via text, push notifications or email to get real-time updates on their account activity. Axos Bank also offers a virtual financial assistant called Evo that's available 24/7 to answer all your banking questions.

And for those who are new to personal finance, check out the bank's educational blog that offers articles and tools like a "rent or buy calculator" to help you make cost comparisons when it comes to your living situation.

Fees

The Axos Bank High Yield Money Market Account requires a minimum deposit of $1,000 to open. Once you open your account, however, there are no minimum balance requirements to keep your account active.

Axos Bank doesn't charge any monthly service fees or any fees for using out-of-network ATMs (but the ATM provider may charge you). Unlike other MMAs that offer out-of-network ATM fee reimbursements, such as Ally Bank Money Market Account, Synchrony Bank Money Market Account and NBKC Bank Personal Money Market, Axos Bank does not.

There is a $10 excessive transactions fee (currently waived during the pandemic) and a $25 overdraft fee.

Bottom line

With a $1,000 deposit, you can open the Axos Bank High Yield Money Market Account and start earning more interest than you would with other MMAs. It's worth nothing that this higher balance requirement will help you earn more in interest over time.

Axos Bank also offers checks and a debit card that can give you direct and immediate access to the funds in your MMA.

If you are looking for a MMA that doesn't require a minimum deposit at all, check out our other favorites: Ally Bank Money Market Account, Synchrony Bank Money Market Account, Sallie Mae Money Market Account and NBKC Bank Personal Money Market.

Learn more: 4 savings accounts that can help you grow your net worth—and what to know about each

Our methodology

To determine which money market accounts (MMAs) offer the best return on your money, CNBC Select analyzed dozens of MMAs offered by online and brick-and-mortar banks, including large credit unions.

We found that the APY offered by online banks and credit unions far outpaced those offered by most national brick-and-mortar banks. While many credit unions have good MMA options, they didn't make our final list because the majority require membership, which can require you to jump through several hoops to qualify. This is a ranking of only MMAs, excluding any money market funds (which are investment products).

We narrowed down our ranking by only considering those accounts that offer competitive APYs, or higher-than-average rates, as well as no (or low) required minimum deposits to open an account and zero monthly maintenance fees.

While the accounts we chose in this article consistently rank as having some of the highest APY rates, we also compared each MMA on a range of other features, including check-writing abilities, debit card and ATM access, website and mobile features, as well as factors such as insurance policies and customer reviews when available. We also considered users' deposit options and the frequency with which the interest compounds.

All of the MMAs included on this list are FDIC-insured up to $250,000 per person. If you are opening a joint account MMA, the insurance limit is doubled.

The rates and fee structures banks advertise for their MMAs are not guaranteed forever. They are subject to change without notice and they often fluctuate in accordance with the Fed rate. If you open a MMA, the APY you earn is a variable rate — meaning it can go up and down at any time.

Your earnings depend on the amount you deposit into your MMA, your APY, any additional contributions and associated fees, as well as withdrawals that you make from your account. Generally, larger deposits and a higher interest rate will earn you the most money. Any withdrawals will lower your principal balance/earnings.

To open a MMA for the first time, most banks and institutions require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.