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- Axos Bank Rewards Checking offers a cash bonus of up to $500. The account also pays up to 3.30% APY (Annual Percentage Yield).
- To get the bonus, you must open a new checking account using the promo code RC500 by August 31, 2024, and meet certain criteria.
- Other national banks also have checking account bonuses of $500 or more.
Axos Bank is increasing its checking account bonus this summer.
If you open a new Axos Bank Rewards Checking by August 31, 2024, and meet certain requirements, you can get a cash bonus up to $500 welcome bonus when you use the promo code RC500 to apply for a Rewards Checking account and complete qualifying activities by 8/31/24 Previously, the bank offered up to $300 for a checking account bonus.
Find out how to qualify for the maximum $500 Axos checking bonus, and see how it compares to the best checking account bonuses.
How to qualify for a $500 Axos Bank checking bonus
First, you’ll need to apply for a new Axos Bank Rewards Checking online using the promotional code “RC500.”
Then, you’ll need to meet the following requirements during the first six calendar months, starting in the statement cycle 30 days after your account is opened:
- Receive qualifying direct deposits of $1,500 or more each month (Qualifying direct deposits include electronic deposits of paychecks or government benefits)
- Maintain an average daily balance of $3,000 or more
Each month that you fulfill the criteria, you’ll earn $100. The bonus will be deposited into your checking account within 15 business days following the end of the statement cycle in which the requirements are completed. There’s a maximum of five payouts of $100 during the six statement cycles.
By receiving qualifying direct deposits of $1,500 or more each month, you also qualify to earn 0.40% APY on the account.
Axos Rewards Checking pays up to 3.30% APY. If you want to earn the highest APY, you have to do the following each month in addition to receiving qualifying direct deposits:
- Make 10 debit card transactions (minimum $3 per transaction) or sign up for Account Aggregation/Personal Finance Manager
- Keep at least a daily average of $2,500 in an Axos Invest Managed Portfolios Account
- Keep at least a daily average of $2,500 in an Axos Invest Self Directed Trading Account
- Make a monthly Axos consumer loan payment with your account
Also, keep in mind that Axos Rewards Checking has no monthly service fee, no overdraft fees, and no minimum balance requirements.
Axos Bank Rewards Checking
Insider’s Rating
4.25/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
up to 3.30%
Minimum Opening Deposit
$0
Pros
- High APY
- Unlimited out-of-network ATM reimbursements
- No monthly maintenance fees
- No overdraft fees
- No non-sufficient funds fees
Cons
- No APY if you can’t meet qualifications
- Few mobile app reviews
Product Details
- Cash in on up to a $500 bonus† and up to 3.30% APY* with a new Rewards Checking account. Just use promo code RC500 before August 31.
- Build your own APY with up to 3.30% APY*
- Zero monthly maintenance fees
- Zero overdraft or NSF fees
- Zero minimum monthly balance reqs
- No initial deposit requirement
- Unlimited domestic ATM fee reimbursements
- Online debit card management
- Simple, 3-step process for direct deposit
How the Axos checking bonus compares to other high bonuses
Other national banks also have checking account bonuses of $500 or more. You might prefer one of these bonuses if you find the requirements are easier to meet.
Keep in mind that all of these accounts have monthly service fees. To maximize your savings, make sure you qualify to waive monthly service fees and other common bank fees. Otherwise, Axos or another online bank will be a better fit for you, since their accounts don’t have typical bank fees.
Huntington Bank Platinum Perks Checking: Earn $600
New Huntington Bank Platinum Perks Checking customers can get a $600 when they open an account with a promotional code by October 7, 2024, make a new money deposit of $25,000 or more in the first 90 days, and keep it open for 90 days.
To be eligible for the $600 bonus at Huntington Bank, you must live in Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, West Virginia, or Wisconsin.
BMO Relationship Checking: Earn $500
If you’re interested in banking with BMO Bank, there’s a $500 checking bonus available for new customers.
To qualify, you must open a BMO Relationship Checking account with a promo code by September 9, 2024, and make qualifying direct deposits of $7,500 or more within the first 90 days.
Sophia Acevedo
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider’s banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money.ExpertiseSophia’s expertise includes:
- Bank accounts
- Savings and CD rate trends
- Budgeting
- Saving
- How banks operate
EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.
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