If you like to do all your banking in one place, online-only Axos Bank® has a product worth considering.
The Axos ONE® savings and checking bundle is exactly what it sounds like — a savings and checking account bundled together that gives you a solid return on your cash, plus other perks.
Here's what to know.
Axos ONE® savings and checking bundle
Annual Percentage Yield (APY)
Axos ONE Checking: 0.00% APY base rate and 0.51% APY promotional rate; Axos ONE Savings: 1.00% APY base rate and 4.21% APY promotional rate
Minimum balance
None. To earn promotional rates, monthly direct deposits of at least $1,500 and daily balance greater than $1,500
Monthly fee
None
ATM network
Over 95,000 fee-free ATMs
Overdraft fee
None
Terms apply.
Pros
- Checking and savings combined for seamless banking
- Promotional APYs offered on both checking and savings
- No minimum deposit or balance (besides to earn promotional APY)
- No monthly maintenance, account opening or overdraft fees
- Early payday
- Expanded FDIC insurance
- Over 95,000 fee-free ATMs
- Can link external accounts
Cons
- Online-only bank, which means no in-person access
- Base APYs are low
- Promotional APYs require at least $1,500 in direct deposits and daily balance greater than $1,500
Compare savings accounts
What's Axos ONE?
Axos ONE is a savings and checking bundle where you can deposit your cash, earn interest, withdraw from an ATM, transfer money and more all from bank's mobile app.
Key features
There are a few features that make Axos ONE stand out. For starters, you can earn up to 0.51% APY on the cash in your checking and up to 4.21% APY on your savings, provided you have monthly direct deposits totaling at least $1,500 in the Axos ONE checking account, plus an average daily balance greater than $1,500.
Another way to earn the boosted rate for the checking account is to have at least $5,000 in total monthly qualifying deposits and maintain an average daily balance of over $5,000.
If you don't meet these qualifications, the money in your checking account won't earn any interest at all, and the balance in your savings portion will earn a lower base rate of 1.00% APY.
There are no minimum deposit or balance requirements (besides those to earn the higher APY), as well as no monthly maintenance, account opening or overdraft fees.
You can get paid up to two days early with early payday, and there's expanded FDIC insurance for up to $265 million.
Pros and cons
- Checking and savings combined for seamless banking
- Promotional APYs offered on both checking and savings
- No minimum deposit or balance (besides to earn promotional APY)
- No monthly maintenance, account opening or overdraft fees
- Early payday
- Expanded FDIC insurance
- Over 95,000 fee-free ATMs
- Can link external accounts
- Online-only bank, which means no in-person access
- Base APYs are low
- Promotional APYs require at least $1,500 in direct deposits and daily balance greater than $1,500
Who's Axos ONE for?
Axos ONE is for you if you want your checking and savings accounts bundled and you meet the $1,500 monthly direct deposit and average daily balance requirement to score the higher rates, since that's what really stands out about this account.
Alternatives to Axos ONE
If you don't think you can meet the $1,500 monthly direct deposit and minimum daily balance that Axos ONE requires for its promotional rate, check out SoFi Checking and Savings as another good digital banking bundle option.
With SoFi Checking and Savings*, you can earn a competitive APY on both your savings and checking balance — you can earn up to *3.80% APY on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Open a new SoFi Checking & Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. You can get FDIC insurance up to $2 million, as well as get paid up to two days early when setting up direct deposit.
- Impressive welcome bonus
- Strong APY with direct deposit
- No minimum balance or deposit needed
- No monthly fees
- Comes with checking account and ATM access
- Receive your paycheck in your account up to 2 days early automatically when you set up direct deposit
- Save change automatically with Roundups and set savings goals with Vaults
- No foreign transaction fees
- FDIC insurance up to $3 million additional through the SoFi Insured Deposit Program*
- Non-direct deposit APYs are low compared to other high-yield savings accounts
- No reimbursement for out-of-network ATM fees
- No physical branches
And if you're mainly interested in Axos ONE because of the high APY it earns on your savings, another option is to sign up for a high-yield savings account like either of the below — both currently offer APYs well above the national average.
Newtek Bank Personal High Yield Savings
Annual Percentage Yield (APY)
4.35% APY
Minimum balance
$0.01 to earn interest
Monthly fee
None
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle; transaction amount limits apply; withdrawals from your account can only be transferred to the original external funding source
Excessive transactions fee
None
Overdraft fee
None
Offer checking account?
Only a business checking account
Offer ATM card?
Yes, if have a Newtek checking account
Terms apply.
Pros
- Strong APY
- No minimum deposit and low minimum balance
- No monthly fees
- Offers business checking account and ATM access
Cons
- Transfer limit
- Only offers a business checking account
- Mobile deposits on app only available for business accounts
Openbank High Yield Savings
Annual Percentage Yield (APY)
4.20% APY
Minimum balance
$500 minimum deposit
Monthly fee
None
Maximum transactions
Unlimited
Excessive transactions fee
None
Overdraft fee
None
Offer checking account?
No
Offer ATM card?
No
Terms apply.
Pros
- Above-average APY
- No fees whatsoever
- Unlimited transactions
- On-the-go access via mobile app
Cons
- $500 minimum deposit
- Doesn't offer checking account or ATM access
- No mobile check deposit
- Mobile-only bank
- Not available to residents in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania or Rhode Island
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FAQs
What's the difference between a checking and savings account?
A checking account is meant for accessing your money regularly (like for daily expenses) and a savings account is meant for putting your money away for a later date. Savings accounts often come with monthly withdrawal limits.
Is it good to have both a checking and savings account?
It's generally a good idea to have both so you can separate your savings for goals (like an emergency fund, vacation, business opportunity, etc.) and make it easier to avoid accidentally spending it.
Can I split my paycheck into two accounts?
This depends on your employer's payroll capabilities but many employers do give you the option to split your paycheck across more than one account. You'll have to indicate what percentage of your paycheck you want allocated to each account.
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At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every checking and savings review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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* New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/ *SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn up to 3.10% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.10% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. *SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC's regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks. *Earn up to 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 12/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC *Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
