Axos Bank vs Wells Fargo
High-Yield Savings Accounts Comparison
Last Updated: July 16, 2025
Summary of Axos Bank vs. Wells Fargo
As of July 16, 2025 Axos Bank offers an APY of 4.66% for its Axos ONE account, compared to Wells Fargo's 2.51% APY for its Platinum Savings account.
Axos Bank yields $461 more than Wells Fargo on a $10,000 balance after one year. Axos Bank pays $466, while Wells Fargo pays $5 (with an effective APY of 0.05%) - 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 higher APY of 4.66% compared to Wells Fargo's 2.51%.
- Axos Bank has an A+ BBB rating and is BBB Accredited.
- No maintenance fees for any savings accounts at Axos Bank.
Potential Drawbacks
- Axos Bank has no physical branches, being an online-only bank.
- To earn the highest APY, Axos Bank requires qualifying deposits or direct deposits.
- The Axos ONE account requires a significant balance or deposits to maintain the highest APY.
Wells Fargo
Strengths
- Wells Fargo has physical branches and ATMs in 36 states and Washington, D.C.
- Wells Fargo's App Store rating is higher at 4.9 compared to Axos Bank's 4.7.
- Wells Fargo offers a tiered savings account with potential higher rates for large balances.
Potential Drawbacks
- Wells Fargo has a low APY of 2.51% for high balances and 0.05% for lower balances.
- Wells Fargo has an F BBB rating and is not BBB Accredited.
- Wells Fargo charges a $12 maintenance fee unless a minimum balance is maintained.
Summary: Axos Bank offers a significantly higher APY of 4.66% with no maintenance fees, but lacks physical branches. In contrast, Wells Fargo provides physical locations and a higher App Store rating, but offers lower APY rates and charges maintenance fees. Additionally, Wells Fargo has a poor BBB rating, while Axos Bank enjoys an A+ rating and accreditation.
Compare Axos Bank's vs Wells Fargo's Savings Accounts
| Axos Bank | Wells Fargo | ||||
|---|---|---|---|---|---|
| Product | Axos ONE | Summit Savings | High Yield Savings | vs | Platinum Savings |
| APY | 4.66% (as of 7/16/2025) | 4.00% (as of 7/16/2025) | 0.61% (as of 7/16/2025) | 0.05% - 2.51% (as of 7/16/2025) | |
| Bundled Account | Yes | No | No | Yes | |
| FDIC-insured | Yes | Yes | Yes | Yes | |
| Online Only | Yes | Yes | Yes | No | |
| Compound Frequency | Daily | Daily | Daily | Daily | |
| Minimum Deposit | $0 | $0 | $0 | $25 | |
| Minimum Balance for APY | $0 | $0 | $0 | $1,000,000 | |
| Maintenance Fee | $0 | $0 | $0 | $12. Waived with $3,500 minimum daily balance. | |
| Direct Deposit Required | No. Not required, but is the easiest way to earn the highest APY. | No | No | No | |
| Note | This 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/A | N/A | This is a tiered savings account where rates vary based on the balance. The 2.51%% APY is available for balances of $1,000,000 or more, and 0.05%% APY up to $99,999.99. These APYs require the account is linked to a Wells Fargo Premier checking account. See bank for more tiers and details. | |
| Visit Bank | Axos ONE | Summit Savings | High Yield Savings | Platinum Savings | |
| App Store Rating | 4.7/5 | 4.9/5 | |||
| Google Play Rating | 4.4/5 | 4.8/5 | |||
| BBB Rating | A+ | F | |||
No historical data available.
Calculate Savings Growth for Axos Bank vs Wells Fargo
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 DetailsWells Fargo
APY: 2.51%
Total savings breakdown:
- Interest earned: $25.1 (2.45%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (97.55%)
Your total balance
$1,025.10
Effective APY: 2.51% (based on your deposit and contributions)
Total balance: $1,025.1
Earnings: $25.1
Bank DetailsAfter 1 year Axos Bank would earn you $21.5 more than Wells Fargo.
More Comparisons
Compare Axos Bank's APY of 4.66% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Axos Bank vs Ally Bank | 3.50% | $0 |
| Axos Bank vs American Express | 3.60% | $0 |
| Axos Bank vs Bank of America | 0.01% | $100 |
| Axos Bank vs Barclays | 4.10% | $0 |
| Axos Bank vs Capital One | 3.50% | $0 |
| Axos Bank vs Chase Bank | 0.01% | $0 |
| Axos Bank vs Chime | 3.75% | $0 |
| Axos Bank vs CIT Bank | 4.00% | $100 |
| Axos Bank vs Discover Bank | 3.50% | $0 |
| Axos Bank vs Fitness Bank | 5.00% | $100 |
| Axos Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Axos Bank vs Presidential Bank | 4.50% | $5,000 |
| Axos Bank vs SoFi Bank | 3.80% | $0 |
| Axos Bank vs Synchrony Bank | 3.80% | $0 |
| Axos Bank vs Varo Bank | 5.00% | $0 |
Compare Wells Fargo's APY of 2.51% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Wells Fargo vs Ally Bank | 3.50% | $0 |
| Wells Fargo vs American Express | 3.60% | $0 |
| Wells Fargo vs Bank of America | 0.01% | $100 |
| Wells Fargo vs Barclays | 4.10% | $0 |
| Wells Fargo vs Capital One | 3.50% | $0 |
| Wells Fargo vs Chase Bank | 0.01% | $0 |
| Wells Fargo vs Chime | 3.75% | $0 |
| Wells Fargo vs CIT Bank | 4.00% | $100 |
| Wells Fargo vs Discover Bank | 3.50% | $0 |
| Wells Fargo vs Fitness Bank | 5.00% | $100 |
| Wells Fargo vs Marcus by Goldman Sachs | 3.65% | $0 |
| Wells Fargo vs Presidential Bank | 4.50% | $5,000 |
| Wells Fargo vs SoFi Bank | 3.80% | $0 |
| Wells Fargo vs Synchrony Bank | 3.80% | $0 |
| Wells Fargo vs Varo Bank | 5.00% | $0 |