If the Axos Bank® Rewards Checking Account has been on your radar, now's the time to get it. From now through July 31, Axos is offering an increased cash bonus of up to $500 (up from $300) and up to 3.30% APY when you sign up for a new account and use promo code RC500, provided you meet some requirements. Here's what you need to know.
Axos Bank® Rewards Checking
Annual Percentage Yield (APY)
Build your own APY with up to 3.30% APY*
Minimum deposit to open
No initial deposit to open
Minimum balance
None
Monthly fee
None
Free ATM network
None
ATM fee reimbursement
Unlimited domestic ATM fee reimbursements
Overdraft fee
None
Mobile check deposit
Yes
Terms apply.
How to qualify for a $500 cash bonus
From now until July 31, 2024, Axos Bank is offering new Axos Rewards Checking account holders the opportunity to earn $500 in bonus cash. This is one of the better bonus offers we've seen for a checking account, and it's even more enticing when you consider the up to 3.30% APY this account potentially earns. Most checking accounts don't typically offer a sign-up bonus or rewards, but with this account, you get both.
To earn the $500 welcome bonus, you'll need to do the following:
- Use promo code RC500 when opening the account by July 31.
- Starting in the statement cycle 30 days after your account is opened, receive qualifying direct deposits of at least $1,500 each calendar month.
- Maintain an average daily balance of at least $3,000 each month
Each month you meet the requirements, you'll earn $100, which will be credited to your checking account within 15 business days after the statement cycle ends. Over six statement cycles, you'll earn a maximum of five $100 payouts. To earn the bonus, you must meet these requirements during the first six calendar months after opening the account.
How to qualify for the Rewards Checking Account's highest APY
By receiving the qualifying direct deposits of $1,500 or more each month, you'll also qualify to earn 0.40% APY on the account. But to earn the account's highest APY offer of 3.30% APY, you'll need to meet the following requirements:
- Make 10 debit card transactions per month (minimum $3 per transaction) or sign up for Personal Finance Manager (PFM) "Account Aggregation" = earn an additional 0.30% APY
- Maintain an average daily balance of $2,500 per month in an Axos Invest Managed Portfolios account = earn an additional 0.99% APY
- Maintain an average daily balance of $2,500 per month in an Axos Invest Self-Directed Trading account = earn an additional 0.99% APY
- Add a monthly loan payment (mortgage, personal or auto loans) using your Rewards Checking account = earn an additional 0.60% APY
Other checking account bonuses
If Axos Bank's Rewards Checking Account bonus isn't right for you, there are plenty of other offers to choose from.
For example, the Chase Total Checking® currently has a bonus of up to $300 until July 24, 2024. To qualify, you need to be a new Chase checking customer, open a Total Checking account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.
Chase Total Checking®
Annual Percentage Yield (APY)
None
Minimum balance
$1,500 daily balance to avoid monthly maintenance fee
Monthly fee
$12, with options to waive
Free ATM network
More than 15,000 Chase ATMs
ATM fee reimbursement
None
Overdraft fee
$34
Mobile check deposit
Yes
Terms apply.
The SoFi Checking and Savings also offers a $300 welcome bonus when you direct deposit $5,000 or more within 25 days of your first direct deposit. If that's not feasible, you can also get a $50 welcome bonus with a direct deposit between $1,000 and $4,999.99 within the same timeframe. Setting up direct deposit also lets you earn 4.60% APY on your savings and Vaults balances, along with 0.50% APY on your checking balances. Without direct deposit, you'd still earn 1.20% APY on savings and Vault balances and 0.50% APY on checking balances.
SoFi Checking and Savings
Annual Percentage Yield (APY)
Members with direct deposit earn 4.60% APY on savings, no minimum balance needed. Members without direct deposit earn 1.20% APY on savings balances, and everyone earns 0.50% APY on checking balances.
Welcome bonus
Earn a $300 welcome bonus when you direct deposit a total of $5,000 or more within 25 days of your first direct deposit. Get a $50 welcome bonus when you direct deposit between $1,000 and $4,999.99 within 25 days of your first direct deposit.
Fees
No monthly fee and no excessive transaction fees.
No-fee overdraft protection
No-fee Overdraft Coverage up to $50 for SoFi members with $1,000 or more in total monthly direct deposits. Purchases exceeding $50 are declined.
Offer ATM card?
Yes, this account offers a debit card that allows purchases and ATM withdrawals. Terms apply.
Offer checking account?
Yes, bundled with savings account.
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle. Transaction amount limits apply.
Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every personal finance article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Catch up on CNBC Select's in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.
