Axos Bank is offering up to a $300 bonus for opening a Rewards Checking account and completing qualifying activities. Full details about this $300 checking bonus below!
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Axos Bank $300 Checking Account Offer
Axos is offering a $300 welcome bonus and up to a 3.30% APY (rate as of 8/10/23) for opening the Axos Rewards Checking account:
How To Earn The $300 Bonus
- Open a new Axos Rewards Checking account with this link.
- Apply the promo code SUNNYBONUS during account sign-up.
- Make one or more direct deposits totaling $5,000 each calendar month during the first seven (7) calendar months your account is open.
- Maintain a minimum average daily balance of $7,000 in your Rewards Checking account.
- Receive a $300 welcome bonus deposited into your checking account within 5 business days of your third statement cycle date.
Who Qualifies For The $300 Bonus
Everyone is eligible for one new account-related bonus per calendar year from Axos. In layman terms, that means you’ll qualify for the bonus if you didn’t get one this year yet. Here are a couple of scenarios for example:
- You received your last Axos new account bonus on December 31 of the prior year = you’re eligible for this promotion.
- You received your last Axos new account bonus on April 15 of this year = you’re NOT eligible for this promotion
Household Limit: None
Direct Deposit Required: Yes, $5,000/month (see what counts as a direct deposit)
Soft/Hard Pull: Soft
Early Account Termination Fee: Must keep the account open for 210 days or an early closure fee of up to $300 may apply (equal to the amount of the total bonus earned up to $300)
Axos is a customer-friendly bank so they don’t charge any fees other banks typically do.
- Zero monthly maintenance fees
- Zero overdraft or non-sufficient funds fees
- Zero minimum balance requirements
- Unlimited domestic ATM fee reimbursements
They do charge up to a $300 early account termination fee if you close the account within the first 210 days, so leave your account open past that time period.
Axos Offer Terms & Conditions
- A Rewards Checking application that includes the promotional code “SUNNYBONUS” must be submitted before 11:59PM EST of the offer expiration date.
- To earn up to a $300 bonus, you must be approved for your new Axos Bank Rewards Checking account, fund it within 30 days of account opening, and have qualifying direct deposits that total at least $5,000.00 each calendar month during the first seven (7) calendar months your account is open as well as maintain a minimum average daily balance of $7,000.
- You must have these direct deposit amounts from a third-party source (not from another Axos Bank brand account) to receive bonus credit.
- A maximum of six (6) payouts of $50 for each calendar month that the Rewards Checking account is receiving the direct deposit and maintain a minimum average daily balance of $7,000 can be earned during the seven (7) statement cycles.
- Bonus will be deposited into your Axos Bank Rewards Checking account within 10 business days following the end of the statement cycle in which the direct deposit requirement was met.
- Account must remain open for 210 days or an early closure fee of up to $300 may apply (equal to the amount of the total bonus earned up to $300).
- Bonus may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor.
Axos Rewards Checking Interest Rate
The Rewards Checking account offers a unique monthly interest rate that’s based on the products or services you use during the month.
|Direct Deposits: $1,500 or more||0.40%|
|Debit Card Spending: 10 transactions (min $3 per transaction)||0.30%|
|Managed Portfolio: Maintain average daily balance of $2,500||1.00%|
|Self Directed Trading: Maintain average daily balance of $2,500||1.00%|
|Loan Payment: Use Rewards Checking to pay an Axos consumer loan||0.60%|
Your balance of up to $50,000 will earn interest based on the combined rate.
The Bottom Line
The offer was previously a $100 bonus for making direct deposits totaling $1,500 in a single month. It now requires seven months of making direct deposits of at least $5,000 per month and maintaining a balance of at least $7,000; but the bonus is three times as big.
While this may prohibit many that don’t have direct deposits in that amount (the requirement extrapolates to someone who makes at least $60,000 a year), I think it’s worth it if you’re able to.
On the other hand, Axos doesn’t have many bank fees people have to typically deal with and the interest rate is competitive enough with monthly activities (and it’s compounded daily vs monthly).
While website design is not that high in the priority list for me when looking into these new customer sign-up promotions, I have to give kudos to Axos for making a really modern site. It’s heads and shoulders above designs at national banks.