Axos Bank vs Bank Of America
High-Yield Savings Accounts Comparison

Last Updated: July 16, 2025

Summary of Axos Bank vs. Bank of America

As of July 16, 2025 Axos Bank offers an APY of 4.66% for its Axos ONE account, compared to Bank of America's 0.01% APY for its Advantage Savings account.

Axos Bank yields $465 more than Bank of America on a $10,000 balance after one year. Axos Bank pays $466, while Bank of America pays $1 - an APY advantage for Axos Bank.

In addition, Axos Bank also offers 4.00% APY for the Summit Savings account.

Axos Bank

Strengths

  • Axos Bank offers a high APY of 4.66%, significantly higher than Bank of America's rate.
  • Axos Bank has an A+ BBB rating and is accredited, indicating strong trustworthiness.
  • No maintenance fees for any accounts at Axos Bank.

Potential Drawbacks

  • Axos Bank has no physical branches, which may limit access for some customers.
  • To earn the highest APY, Axos Bank requires either direct deposit or high monthly deposits.

Bank of America

Strengths

  • Bank of America has a higher App Store rating of 4.8 compared to Axos Bank's 4.7.
  • Bank of America offers a savings account with a lower minimum deposit of $100.

Potential Drawbacks

  • Bank of America's Advantage Savings account has a very low APY of 0.01%.
  • Bank of America charges an $8 monthly maintenance fee, which may apply unless conditions are met.
Summary: Axos Bank's high-yield savings account offers a much higher APY of 4.66% compared to Bank of America's 0.01%. Axos Bank also has no maintenance fees and a strong A+ BBB rating, while Bank of America has a higher App Store rating and a lower minimum deposit requirement. However, Axos Bank lacks physical branches and requires certain conditions to earn its top APY, whereas Bank of America has a monthly maintenance fee that may apply.

Compare Axos Bank's vs Bank of America's Savings Accounts

Axos BankBank of America
ProductAxos ONESummit SavingsHigh Yield SavingsvsAdvantage Savings
APY
4.66% (as of 7/16/2025)4.00% (as of 7/16/2025)0.61% (as of 7/16/2025)0.01% (as of 7/15/2025)
Bundled Account
YesNoNoNo
FDIC-insured
YesYesYesYes
Online OnlyYesYesYesNo
Compound Frequency
DailyDailyDailyMonthly
Minimum Deposit$0$0$0$100
Minimum Balance for APY$0$0$0N/A
Maintenance Fee$0$0$0$8
Direct Deposit Required
No. Not required, but is the easiest way to earn the highest APY.NoNoNo
NoteThis APY is only available with the Axos ONE savings and checking bundle. 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.N/AN/AAPY 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.
Visit BankAxos ONESummit SavingsHigh Yield SavingsAdvantage Savings
App Store Rating4.7/54.8/5
Google Play Rating4.4/54.6/5
BBB RatingA+A

Comparative Historical APY Insights (Last 6 Months)

Axos BankBank of America
ProductHigh Yield SavingsSummit SavingsAxos ONEvsAdvantage Savings
Latest APY0.61 %4.00 %4.66 %0.01 %
TrendSidewaysSidewaysSidewaysSideways
Slope (bps/mo)0.00.0-4.90.0
Rate Changes / Mo0.000.000.180.00
Days Since Last Change16816106168
High (-6 m)0.61 %4.00 %4.86 %0.01 %
Low (-6 m)0.61 %4.00 %4.66 %0.01 %
Draw-down from High0.0 %0.0 %-4.1 %0.0 %
Volatility (CV)0.0000.0000.0200.000
APY Insights Glossary
Latest APY
Most recent advertised annual-percentage yield.
Trend
Direction over the last 6 months (regression slope).
Slope (bps/mo)
Average monthly change; 10 bps = 0.10 pp.
Rate Changes / Mo
Typical number of APY moves per month.
Days Since Last Change
Recency of the latest APY adjustment.
High (-6 m)
Highest APY in the last 168 days.
Low (-6 m)
Lowest APY in the last 168 days.
Draw-down from High
How far today sits below the 6-month peak.
Volatility (CV)
Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
  • See how quickly a bank reacts to Fed moves or competition.
  • Gauge “twitchiness” - frequent moves can annoy savers.
  • Spot if you're buying near a peak (draw-down) or riding a rise.
  • Slope (bps/mo) shows speed of change.
  • Volatility (CV) scales jumps by average level.

Calculate Savings Growth for Axos Bank vs Bank of America

All calculations are based on APY.

Axos Bank

APY: 4.66%

Total savings breakdown:

  • Interest earned: $46.6 (4.45%)
  • Total contributions: $0 (0.00%)
  • Initial deposit: $1,000 (95.55%)

Your total balance

$1,046.60

Effective APY: 4.66% (based on your deposit and contributions)

Total balance: $1,046.6

Earnings: $46.6

Bank Details

Bank of America

APY: 0.01%

Total savings breakdown:

  • Interest earned: $0.1 (0.01%)
  • Total contributions: $0 (0.00%)
  • Initial deposit: $1,000 (99.99%)

Your total balance

$1,000.10

Effective APY: 0.01% (based on your deposit and contributions)

Total balance: $1,000.1

Earnings: $0.1

Bank Details

After 1 year Axos Bank would earn you $46.5 more than Bank of America.

More Comparisons

Compare Axos Bank's APY of 4.66% with other banks
Compare Bank of America's APY of 0.01% with other banks