Axos Bank vs. Bank of America
Comparing Axos Bank and Bank of America for savings: Axos Bank's Axos ONE pays 4.21% APY while Bank of America's Advantage Savings pays 0.01% APY.
Note: Axos Bank requires a checking account.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Axos Bank pays $420 more than Bank of America annually ($421 vs $1).
Choose Axos Bank if getting the best rate matters most. Choose Bank of America if you want a no-strings-attached account, or you want Zelle for quick transfers.
Important Considerations
Axos Bank requires a checking account to unlock its top savings rate, while Bank of America offers its savings account standalone.
| Metric | Axos BankAxos ONE Mar 7, 2026 | Bank of AmericaAdvantage Savings Feb 25, 2026 |
|---|---|---|
| APY | 4.21% | 0.01% |
Est. Earnings | $5,000+$211 $10,000+$421 $25,000+$1,053 | $5,000+$1 $10,000+$1 $25,000+$3 |
Min Deposit | $0 | $100 |
Snapshot view. Rates subject to change. | ||
Terms | The 4.21% APY is available with the Axos ONE savings and checking bundle. The checking account earns 0.51% APY. To qualify, you must either set up a direct deposit of $1,500 and maintain an average daily balance of more than $1,500 in your ONE Checking account, or receive at least $5,000 in total monthly qualifying deposits and maintain an average daily balance of more than $5,000. | APY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc. |
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppChecking BundleDaily CompoundingRate Changes Often | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedRate Changes Often |
Comparison Analysis
Comparing Axos Bank vs. Bank of America
Executive Summary
Axos Bank offers a superior savings option with its Axos ONE account, providing a competitive APY of 4.21% when bundled with a checking account, making it ideal for those who can meet the qualifying deposit requirements. Alternatively, the Summit Savings account offers a straightforward 3.75% APY without the need for a checking account or direct deposit, appealing to those seeking simplicity. In contrast, Bank of America’s Advantage Savings account yields a minimal APY of 0.01%, significantly lower than Axos Bank's offerings. While Bank of America does provide options to waive maintenance fees, its overall savings rates are not competitive with Axos Bank.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Axos Bank?
- ✓Earn 0.51% APY on checking account
- ✓Access to 95,000 fee-free ATMs
- ✓Higher potential APY (3.75%-4.21% vs 0.01%) on all balances
- ✓Offers 2 different high-yield savings options
Why Bank of America?
- ✓Fast transfers via Zelle® (up to $3,500 a day)
— Key Feature Differences —
Better Returns at $10,000
Axos BankAxos Bank's Axos ONE earns more on smaller deposits (approx. $421 vs $1/yr).
Better Returns at $25,000
Axos BankAxos Bank's Axos ONE pulls ahead with larger amounts (approx. $1053 vs $3/yr).
Best for Simplicity
Axos BankAxos Bank's Summit Savings offers 3.75% APY with no bundling, direct deposit requirement or caps.
Best for All-in-One Banking
Axos BankAxos Bank's Axos ONE pays a superior APY for customers who also open a checking account.
Shared Benefits
Over a 1-year period, Axos Bank's Axos ONE pays $420 more interest on a $10,000 balance than Bank of America's Advantage Savings.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
* Secure link to our partner
Non-sponsored link to official site
Top Market Contenders
Axos Bank vs. Bank of America Savings Calculator
You earn $420 more with Axos Bank than Bank of America on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
Axos Bank
Axos ONE
Savings Breakdown
- Interest Earned+$421.00(4.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,421.00
Bank of America
Advantage Savings
Savings Breakdown
- Interest Earned+$1.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,001.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Axos Bank | Bank of America |
|---|---|---|
| APY | 4.21% Verified: 3/7/2026 ↘︎ 0.10%90d Change | 0.01% Verified: 2/25/2026 Stable (90d) |
| Product Name | Axos ONE | Advantage Savings |
| Minimum Deposit | $0 | $100 |
| Min. Balance for APY | $0 | N/A |
| Monthly Fee | $0 | $8 |
| Compound Frequency | Daily | Monthly |
| Branch Access | None | Yes |
| Account Type | Online Only | Online & Branches |
| Physical Branches | None | N/A |
| Direct Deposit Req. | Not required, but is the easiest way to earn the highest APY. | None |
| Checking Bundle | Yes | No |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Not Supported | Available Limit: $3,500/dayFounding member; highest limits for established users. |
| BBB Rating | A+ | A+ |
| Important Notes | The 4.21% APY is available with the Axos ONE savings and checking bundle. The checking account earns 0.51% APY. To qualify, you must either set up a direct deposit of $1,500 and maintain an average daily balance of more than $1,500 in your ONE Checking account, or receive at least $5,000 in total monthly qualifying deposits and maintain an average daily balance of more than $5,000. | APY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc. |
| Next Steps | Visit SiteGo to Axos Bank * Secure link to our partner | Visit SiteVerify at Bank of America Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Axos Bank | Bank of America | ||
|---|---|---|---|---|
| Summit Savings | Axos ONE | High Yield Savings | Advantage Savings | |
Current APY | 3.75% | 4.21% | 0.61% | 0.01% |
Trend | Stable | Stable | Stable | Stable |
Velocity (bps/mo) | -4.2 | -4.8 | 0.0 | 0.0 |
Days Since Change | 76 | 25 | 365 | 71 |
12-Month High | 4.00% | 4.86% | 0.61% | 0.03% |
12-Month Low | 3.75% | 4.21% | 0.61% | 0.01% |
Adjustments / Mo | 0.08 | 0.41 | 0.00 | 0.16 |
Volatility Score | 0.031 | 0.042 | 0.000 | 0.116 |
How to read these metrics(Click to expand)
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