Axos Bank is offering up to a $100 bonus for opening a Rewards Checking account and making qualified direct deposits. Full details about this $100 checking bonus below!
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Axos Bank $100 Checking Account Offer
Axos is offering a $100 welcome bonus and a competitive interest rate for opening the Axos Rewards Checking account:
- Get a $100 bonus when you open an Axos Rewards Checking account using promo code RC100.
- Earn up to a 1.25% APY (as of 12/12/22) with interest compounded daily.
Axos doesn’t typically offer a consumer bank account bonus so this is a deal I’d jump on before it expires.
How To Earn The $100 Bonus
To receive the $100 bonus, you need to:
- Open a new Axos Rewards Checking account with this link.
- Apply the promo code RC100 during account sign-up.
- Make one or more direct deposits totaling $1,500 in a single calendar month.
The bonus will be deposited into your checking account within 5 business days of your third statement cycle date.
Who Qualifies For The $100 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, $1,500 (see what counts as a direct deposit)
Soft/Hard Pull: Soft
Early Account Termination Fee: Must keep the account open for 180 days or an early closure fee of $150 may apply
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 a $150 early account termination fee if you close the account within the first 180 days, so leave your account open past that time period.
Axos Offer Terms & Conditions
- A Rewards Checking application that includes the promotional code “RC100” must be submitted by 11:59pm PST on 3/31/2023 to qualify.
- You must have these direct deposit amounts from a third-party source (not from another Axos Bank brand account) within a single calendar month during your first three months your account is open to receive bonus credit.
- Bonus will be deposited into your new checking account within five (5) business days of your third statement cycle date.
- Account must remain open for 180 days or an early closure fee of $150 may apply.
- 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||0.20%|
|Self Directed Trading: Maintain average daily balance of $2,500||0.20%|
|Loan Payment: Use Rewards Checking to pay an Axos consumer loan||0.15%|
Your balance of up to $50,000 will earn interest based on the combined rate.
The Bottom Line
Personally, I’ll be doing this deal.
The offer was previously a $300 bonus for making direct deposits totaling $7,000. It’s now $100, but the lower $1,500 direct deposit requirement is easier for most people.
Axos doesn’t have 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.
I’ll include this offer in the list of best bank account opening bonuses.