Some people still only trust putting their money into physical banks. Still, the world is changing, and banks that operate primarily (if not entirely) online tend to offer the most benefits. An example of this is an Axos high yield savings account. It is backed by the FDIC, just like any account at a traditional bank, AND carries a higher APY % than most other banks.
How much money can you put into a high-yield savings account? Well, the FDIC insures up to $250,000, which is more than the average person will be able to put into a single savings account. So as long as your account balance does not ever go beyond $250,000, it should all be insured.
The APY % varies with Axos, as it does with any bank. With online banks, though, you can always expect an APY higher than what a traditional bank offers – even when the percentage is down at the bottom end of the range. Also, there are no maintenance fees or monthly minimum balance requirements to worry about.
An Axos high yield savings account, right now, comes with an APY ranging from 0.15% – 0.61%, based on the end-of-the-day balance. There are several account tiers. All you need to start with is $250, and there is a limit of one savings account per customer. The application process is straightforward and only takes a few minutes. You’ll need to submit your social security number and a picture of a valid ID.
Axos High Yield Savings With High Security Measures
Axos Bank offers excellent security and account protection, using malware protection, account monitoring, and 128-bit SSL encryption measures to ensure that your info remains 100% private and secure. There is also a 2-step authentication process on registered device(s).
How long should you keep money in that savings account? You’ll want to leave it in there long enough to let it accumulate interest, but not for too long. Around 3 – 5 years might be ideal for an Axos high yield savings account. After that, the costs of living and inflation go up considerably. $250,000 a decade from now probably will be less than $250,000 is right now. Even if it accumulates much interest, you would only break even after ten years or so.
With benefits like a suite of cyber money management tools, interest compounded daily, no minimum account balance requirements, and a higher-than-average APY%, it’s no surprise that Axos high yield savings accounts are the best.