Axos Bank vs. Openbank
Comparing Axos Bank and Openbank for high-yield savings: Axos Bank's Axos ONE pays 4.21% APY while Openbank's High-Yield Savings Account pays 4.00% 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 $21 more than Openbank annually ($421 vs $400).
Choose Axos Bank if getting the best rate matters most, or mobile app quality matters. Choose Openbank if you want a no-strings-attached account.
Important Considerations
Axos Bank requires a checking account to unlock its top savings rate, while Openbank offers its savings account standalone.
| Metric | Axos BankAxos ONE Apr 7, 2026 | OpenbankHigh-Yield Savings Account Apr 7, 2026 |
|---|---|---|
| APY | 4.21% | 4.00% |
Est. Earnings | $5,000+$211 $10,000+$421 $25,000+$1,053 | $5,000+$200 $10,000+$400 $25,000+$1,000 |
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 MinimumsRate 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.
Executive Summary
Axos Bank offers a competitive savings option with its Axos ONE account, which provides a high APY of 4.21% when bundled with a checking account, making it the standout choice for customers seeking better returns. To qualify for this rate, customers must either set up a direct deposit of $1,500 or maintain a balance of $5,000. In comparison, Openbank's High-Yield Savings Account offers a slightly lower APY of 4.00%, but it does not require any bundling or direct deposit, making it a simpler alternative. Both accounts are online-only and have no maintenance fees.
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 4.00%) on all balances
- ✓Higher rated iOS app (4.7 vs 3.1)
- ✓Higher rated Android app (4.6 vs 2.5)
- ✓Offers 2 different high-yield savings options
Why Openbank?
No distinct advantages found vs Axos Bank.
— Key Feature Differences —
Better Returns at $10,000
Axos BankAxos Bank's Axos ONE earns more on smaller deposits (approx. $421 vs $400/yr).
Better Returns at $25,000
Axos BankAxos Bank's Axos ONE pulls ahead with larger amounts (approx. $1053 vs $1000/yr).
Best for Simplicity
OpenbankOpenbank's High-Yield Savings Account offers 4.00% 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.
Best Mobile App Experience
Axos BankAxos Bank offers an iOS app rated 4.7 (vs. 3.1) and Android app rated 4.6 (vs. 2.5)
Shared Benefits
Over a 1-year period, Axos Bank's Axos ONE pays $21 more interest on a $10,000 balance than Openbank'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
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Axos Bank vs. Openbank Savings Calculator
You earn $21 more with Axos Bank than Openbank 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
Openbank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$400.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,400.00
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 $399 per year in interest.
Both Axos Bank and Openbank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Axos Bank | Openbank |
|---|---|---|
| APY | 4.21% Verified: 4/7/2026 ↘︎ 0.10%90d Change | 4.00% Verified: 4/7/2026 ↘︎ 0.20%90d Change |
| Product Name | Axos ONE | High-Yield Savings Account |
| Minimum Deposit | $0 | $500 |
| Min. Balance for APY | $0 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Monthly |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None | None |
| 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 | Not Supported |
| 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 Openbank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Axos Bank | Openbank | ||
|---|---|---|---|---|
| Summit Savings | Axos ONE | High Yield Savings | High-Yield Savings Account | |
Current APY | 3.75% | 4.21% | 0.61% | 4.00% |
Trend | Stable | Stable | Stable | Stable |
Velocity (bps/mo) | -4.0 | -4.5 | 0.0 | -2.5 |
Days Since Change | 117 | 66 | 365 | 7 |
12-Month High | 4.00% | 4.66% | 0.61% | 4.40% |
12-Month Low | 3.75% | 4.21% | 0.61% | 4.00% |
Adjustments / Mo | 0.08 | 0.33 | 0.00 | 0.33 |
Volatility Score | 0.032 | 0.038 | 0.000 | 0.023 |
How to read these metrics(Click to expand)
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