Act Now to Get This Checking Account Welcome Bonus of up to $500
KEY POINTS
- New customers can earn up to $500 with a new Axos Bank Rewards Checking account if they meet the deposit and balance requirements.
- Bank account bonuses can be tempting, but they shouldn't be the only reason you switch accounts.
- Check out the fees, customer service, and other factors to be sure your new account will meet your needs.
Bank account bonuses can be a great way to score a bit of extra cash when you're opening a new account. They'll often pay anything from $100 to $500 or more to new customers who jump through their hoops. As such, the latest Axos Bank promotion is on the top end of the scale.
Qualifying new Axos Bank Rewards Checking customers can get up to $500 if they open an account before July 31 and meet its deposit and balance requirements.
Putting the bonus offer aside, the Axos Bank Rewards Checking is an attractive account. It does not charge monthly maintenance or overdraft fees and has no minimum balance requirements.
Better still, it will reimburse all your U.S. ATM fees. It's also an interest-earning checking account, though you'll have to work hard to earn its highest APY tier.
Our Picks for the Best High-Yield Savings Accounts of 2024
| Product | APY | Min. to Earn | |
American Express® High Yield Savings
Member FDIC.
APY
3.80%
Rate info
3.80% annual percentage yield as of January 10, 2025. Terms apply.
Min. to earn
$0
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
3.80%
Rate info
3.80% annual percentage yield as of January 10, 2025. Terms apply.
|
$0
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
Capital One 360 Performance Savings
Member FDIC.
APY
3.80%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn
$0
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
3.80%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
|
$0
|
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
Western Alliance Bank High-Yield Savings Premier
Member FDIC.
APY
4.40%
Rate info
The annual percentage yield (APY) is accurate as of Jan. 2, 2025, and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Min. to earn
$500 to open, $0.01 for max APY
Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website. |
4.40%
Rate info
The annual percentage yield (APY) is accurate as of Jan. 2, 2025, and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
|
$500 to open, $0.01 for max APY
|
Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website. |
Axos Bank Rewards Checking
= Best
= Excellent
= Good
= Fair = Poor
= Best
= Excellent
= Good
= Fair = Poor- High checking account APY
- Unlimited ATM fee reimbursements
- No monthly maintenance, NSF, or overdraft fees
- No monthly balance requirements
- Cash back checking option
- Must meet certain requirements to earn the highest interest tier
- Low savings and CD APYs compared to competitors
A solid checking account with an APY that far outpaces the competition. The fact that it also has no maintenance fees and no overdraft or NSF fees are the cherries on top.
Rewards Checking disclosure:
To be eligible to earn all or a portion of the cash incentive as part of the promotional offer "RC500," an application for a Rewards Checking account must be submitted between 06/20/2024 at 12:00 am PT and 07/31/24 at 11:59 pm PT.
Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year. Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After initial requirements above are met, the amount of incentive earned will depend on meeting the additional requirements outlined below:
Rewards Checking bonus up to $500: You must be approved for your new Rewards Checking account and fund it within 60 days of account opening. An incentive of up to $500 can be earned during the first six (6) statement cycles, starting in the statement cycle thirty (30) days after the account is opened. A statement cycle is a calendar month consisting of at least one day your account was open during that month. You can earn a maximum of five (5) payouts during the six (6) statement cycles, and the incentive will be deposited into the qualifying account within 15 business days following the end of the statement cycle in which the requirements were met.
$100 will be earned for each statement cycle, up to $500, when you meet two requirements during that statement cycle: 1) your Rewards Checking account receives qualifying direct deposits at least $1,500.00 in total, and 2) the average daily balance in your Rewards Checking account is at least $3,000.
Your Rewards Checking account must remain open and in good standing at the time the incentive is paid to be eligible.
A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. Account transactions may take one or more business days from the transaction date to post to the account.
How to earn the Axos Bank Rewards Checking cash bonus
The Axos Bank Rewards Checking account bonus works slightly differently from other bank account bonus offers. Rather than paying a lump sum, it breaks the $500 bonus into five $100 payments.
To earn the bonus, you'll need to open a new account between now and the end of July, using the promotional code RC500. You've then got six statement cycles to earn the full bonus. You'll earn $100 (up to $500) for each statement cycle when you meet these two requirements:
- Maintain an average daily balance of at least $3,000.
- Make qualifying monthly direct deposits of at least $1,500. This needs to be your paycheck or government benefits, not a transfer from another account.
You can earn up to five payouts of $100 each. Each time you do, the money will be deposited into your account 15 business days later. Keep the account open if you want to receive the money.
What to know about the Axos Bank -- and other -- bank account bonuses
Bank account bonuses can boost your balance. But it's better to see them as the cherry on top rather than the dessert itself. Opening a new top checking account means switching your automatic payments and getting used to managing your money with a different bank. It's doable, and it can often make sense. Especially if you're paying a monthly maintenance fee. But it's not as easy as switching to a new brand of cereal, and it isn't worth doing purely for a welcome bonus.
1. Make sure you're confident you'll meet the bonus requirements
Like many welcome bonuses, the Axos Bank promotion only applies to new customers. It also has a pretty hefty minimum balance requirement, which not everybody will be able to meet. If you're living paycheck to paycheck and aren't confident about keeping your balance above $3,000, this bonus may not be for you. Check out our best bank bonuses for this month to find an offer that matches your financial situation.
2. Be prepared to pay tax on the bonus
You will likely need to pay tax on your bonus. This could be between 10% and 37%, depending on your tax bracket. The IRS considers bank bonuses and any interest you earn as taxable income. This is not the same as credit card rewards, which the IRS categorizes as spending rebates.
3. Make sure this is the right bank account for you
Once the bonus is paid, you'll probably use this checking account for some time to come. Read the fine print to make sure you understand how the account works. Shop around to see how it stands up against the competition. The lack of monthly fees and ATM reimbursements are certainly attractive, but Axos Bank isn't the only bank with these features.
One of the selling points of the Axos Bank Rewards Checking account is that you can earn 0.40% (up to 3.30%) APY on your balance. That's extremely competitive, though not as high as you'll get from many top savings accounts. Plus, it isn't easy to reach that top rate.
- Be aware that you'll need to receive monthly direct deposits of at least $1,500 to earn the base rate. This also unlocks your ability to earn more.
- From there you'll get a higher APY for each criterion you're able to meet. You'll have to jump through a lot of hoops to qualify for the highest rate. This includes maintaining an average daily balance of $2,500 in two different Axos Bank investment accounts.
Key takeaway
If you're able to meet the minimum balance and direct deposit requirements for the $500 bonus, the Axos Bank Rewards Checking account could be an attractive option. You've got until July 31 to open your account. Start by making sure it's the right account for you for the long term. After that, you can open an account online, set up qualifying direct deposits, and maintain that $3,000-plus balance to earn your bonus.
Our Research Expert
Emma owns the English-language newspaper The Bogota Post. She began her editorial career at a financial website in the U.K. over 20 years ago and has been contributing to Motley Fool Money since 2019.
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