Axos Bank vs. My Banking Direct
Comparing Axos Bank and My Banking Direct for high-yield savings: Axos Bank's Axos ONE pays 4.21% APY while My Banking Direct's High Yield Savings Account pays 4.02% 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 $19 more than My Banking Direct annually ($421 vs $402).
Choose Axos Bank if getting the best rate matters most. Choose My Banking Direct 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 My Banking Direct offers its savings account standalone.
| Metric | Axos BankAxos ONE Feb 21, 2026 | My Banking DirectHigh Yield Savings Account Feb 21, 2026 |
|---|---|---|
| APY | 4.21% | 4.02% |
Est. Earnings | $5,000+$211 $10,000+$421 $25,000+$1,053 | $5,000+$201 $10,000+$402 $25,000+$1,005 |
Min Deposit | $0 | $500 |
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. | - |
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppChecking BundleDaily CompoundingRate Changes Often | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppZelle® SupportedRate Changes Often |
Prefer In-Person Banking?
Both of these banks are online-only. If you need physical branch access, check out our list of high-yield accounts with brick-and-mortar locations.
Comparison Analysis
Comparing Axos Bank vs. My Banking Direct
Executive Summary
Axos Bank offers a competitive savings product with its Axos ONE, which provides a higher APY of 4.21% when bundled with a checking account, making it an attractive option for those who can meet the associated requirements. In contrast, My Banking Direct's High Yield Savings Account offers a solid APY of 4.02% with no bundling or direct deposit requirements, appealing to customers seeking simplicity. Both banks operate online only, and while Axos ONE requires maintaining certain balances or direct deposits to achieve the highest rate, My Banking Direct's account has a minimum deposit of $500 and a minimum balance of $1.
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 4.02%) on all balances
- ✓Higher rated Android app (4.6 vs 4.3)
- ✓Offers 2 different high-yield savings options
Why My Banking Direct?
- ✓Fast transfers via Zelle®
— Key Feature Differences —
Better Returns at $10,000
Axos BankAxos Bank's Axos ONE earns more on smaller deposits (approx. $421 vs $402/yr).
Better Returns at $25,000
Axos BankAxos Bank's Axos ONE pulls ahead with larger amounts (approx. $1053 vs $1005/yr).
Best for Simplicity
My Banking DirectMy Banking Direct's High Yield Savings Account offers 4.02% 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 $19 more interest on a $10,000 balance than My Banking Direct's High Yield Savings Account.
*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. My Banking Direct Savings Calculator
You earn $19 more with Axos Bank than My Banking Direct 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
My Banking Direct
High Yield Savings Account
Savings Breakdown
- Interest Earned+$402.00(3.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,402.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $401 per year in interest.
Both Axos Bank and My Banking Direct dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Axos Bank | My Banking Direct |
|---|---|---|
| APY | 4.21% Verified: 2/21/2026 ↘︎ 0.30%90d Change | 4.02% Verified: 2/21/2026 Stable (90d) |
| Product Name | Axos ONE | High Yield Savings Account |
| Minimum Deposit | $0 | $500 |
| Min. Balance for APY | $0 | $1 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | N/A |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None | None. You cannot make use of Flagstar Bank's branches. |
| 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 Uses Flagstar/NYCB parent infrastructure. |
| BBB Rating | A+ | Not Rated |
| 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. | - |
| Next Steps | Visit SiteGo to Axos Bank * Secure link to our partner | Visit SiteVerify at My Banking Direct Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Axos Bank | My Banking Direct | ||
|---|---|---|---|---|
| Summit Savings | Axos ONE | High Yield Savings | High Yield Savings Account | |
Current APY | 3.75% | 4.21% | 0.61% | 4.02% |
Trend | Stable | Stable | Stable | Stable |
Velocity (bps/mo) | -4.2 | -4.8 | 0.0 | -4.1 |
Days Since Change | 72 | 21 | 365 | 98 |
12-Month High | 4.00% | 4.86% | 0.61% | 4.45% |
12-Month Low | 3.75% | 4.21% | 0.61% | 4.02% |
Adjustments / Mo | 0.08 | 0.41 | 0.00 | 0.41 |
Volatility Score | 0.031 | 0.040 | 0.000 | 0.037 |
How to read these metrics(Click to expand)
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Compare Axos Bank's APY of 4.21% with other banks
Compare My Banking Direct's APY of 4.02% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| My Banking Direct vs Ally Bank | 3.20% | $0 |
| My Banking Direct vs American Express | 3.30% | $0 |
| My Banking Direct vs Bank of America | 0.01% | $100 |
| My Banking Direct vs Barclays | 3.85% | $0 |
| My Banking Direct vs Capital One | 3.30% | $0 |
| My Banking Direct vs Chase Bank | 0.01% | $0 |
| My Banking Direct vs Chime | 3.00% | $0 |
| My Banking Direct vs CIT Bank | 3.75% | $100 |
| My Banking Direct vs Citibank | 3.20% | $0 |
| My Banking Direct vs Discover Bank | 3.30% | $0 |
| My Banking Direct vs EverBank | 3.90% | $0 |
| My Banking Direct vs Marcus by Goldman Sachs | 3.65% | $0 |
| My Banking Direct vs Newtek Bank | 4.20% | $0.01 |
| My Banking Direct vs Openbank | 4.09% | $500 |
| My Banking Direct vs Pibank | 4.60% | $0 |
| My Banking Direct vs SoFi Bank | 4.00% | $0 |
| My Banking Direct vs Synchrony Bank | 3.50% | $0 |
| My Banking Direct vs Varo Bank | 5.00% | $0 |
| My Banking Direct vs Wealthfront | 3.95% | $0 |
| My Banking Direct vs Wells Fargo | 0.05% | $25 |