Axos Bank Is Paying New Checking Account Customers up to $500 Until July 31. Here's How to Claim Your Bonus
KEY POINTS
- The Axos Bank Rewards Checking account is offering a series of $100 bonuses new customers can claim across five months.
- You'll need direct deposits of at least $1,500 per month and an average daily balance of at least $3,000 to earn the bonus.
- Make sure you like the checking account's perks before you open one for the bonus.
Checking account bonuses are everywhere. They've become a popular tool in banks' increasingly competitive game of drawing in new customers. But some bonuses -- and bank accounts -- are much better than others.
The Axos Bank Rewards Checking account is already pretty impressive, and thanks to a current promotion, customers who open a new account by July 31 and complete qualifying activities could earn a sweet bonus worth up to $500. Here's what you have to do to qualify.
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 claim the Axos Bank Rewards Checking $500 bonus
The Axos Bank Rewards Checking account bonus is a series of bonuses. You can earn up to $100 per month for up to five months straight. To do this, you must:
- Open a new Axos Bank Rewards Checking account using the promo code RC500 by July 31, 2024.
- Fund your account within 60 days of opening it.
- Receive direct deposits of at least $1,500 into your account for each month you hope to claim the bonus.
- Maintain an average daily balance of at least $3,000 for each month you hope to claim the bonus.
You aren't eligible for a bonus in the first 30 days after opening the account. The eligibility period starts in the second billing cycle. You could potentially claim $100 bonuses in each of the second, third, fourth, fifth, and sixth months after account opening.
Failing to claim a bonus in one month doesn't render you ineligible to claim the bonus in another month. However, you cannot earn bonuses after the sixth billing cycle.
When you successfully claim a bonus, Axos Bank will deposit $100 into your account within 15 business days of the end of the statement cycle.
Should you go for the bonus?
You need to consider two factors when deciding whether to pursue the Axos Bank Rewards Checking $500 bonus. The first and most important is what you think of the account. Even if you earn the bonus, you'll still have the account afterward, so you want to be sure you're happy with its features.
That said, the Axos Bank Rewards Checking account has a lot to like, including:
- No maintenance fees
- An APY of 0.40% (up to 3.30%) -- where the maximum possible APY is as high as what the best high-yield savings accounts offer
- Unlimited domestic ATM fee reimbursements
If these things appeal to you, opening one of these accounts could be a smart move. However, it's still a good idea to compare it to other top checking accounts to see if there's another one you like better.
The other factor to consider is whether you think the bonus is achievable. If you don't believe you can meet the criteria, then you probably won't be able to claim the bonus. That doesn't mean you shouldn't open the account. But it could make it slightly less appealing for you.
In that case, check to see if there are other checking accounts with similar features you like that are running more achievable bonuses.
If you have any questions about the account's features or the $500 bonus, reach out to Axos Bank directly for information. It's important to be clear about what you're getting into before you make a big decision like opening a new bank account. You can always undo it later if you decide you no longer want the account, but it's much better to wait to apply until you're confident that it's right for you.
Our Research Expert
Kailey Hagen has been covering personal finance topics, including banks, insurance, and retirement since 2013.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.