Axos Bank has a $100 bonus for a new Rewards Checking account when you have qualifying direct deposits of $1,500+ within a single calendar month during the first three (3) calendar months your account is open, including the month in which your account was opened. Use the promo code RC100 when you apply for a Rewards Checking account by 6/30/22.
This would be a good addition if you are already going for the Axos Brokerage $150 bonus. No monthly maintenance fees or minimum balance requirements. New checking account must remain open for 180 days or an early closure fee of $100 may apply.
Note that the way the fine print is written, if you apply in June (which you must per the current deadline), you must have $1,500 in direct deposits within the single month of July or August. Per the fine print below and Doctor of Credit data points, Axos is historically relatively flexible on their direct deposit requirements as long as the funds don’t originate from another Axos Bank brand account. However, in the end it is always at the bank’s discretion.
Offer fine print:
+A Rewards Checking application that includes the promotional code “RC100″ must be submitted between 6/15/2022 at 12:00am PST and 11:59pm PST on 6/30/2022 to qualify. You must open your new Rewards Checking account and have qualifying direct deposit(s) that total at least $1,500.00 within a single calendar month during the first three (3) calendar months your account is open, including the month in which your account was opened. Direct deposit funds must be new to bank from a third-party source (not originated from another Axos Bank brand account) to receive bonus credit. Bonus will be deposited into your account within five (5) business days of the qualifying statement cycle. Account must remain open for 180 days or an early closure fee of $100 may apply. The bank reserves the right to limit to one Rewards Checking bonus offer, one account per primary account holder, and one new account-related gift incentive per calendar year. Customers who have an existing Axos Bank or Axos Bank for Nationwide Checking account as of 6/14/22 are not eligible for this offer. Terms and conditions subject to change without notice. Bonus may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor.
1.25% APY qualification requirements. You need to meet ALL of the following requirements to get the maximum total 1.25% APY on balances up to $50,000:
- Direct deposits (not including intra-bank transfers from another account) totaling $1,500 or more each month will earn 0.40%. A qualifying direct deposit is required for the remaining interest rate qualifications to apply.
- Ten (10) point-of-sale transactions per month using your Rewards Checking Visa® Debit Card for normal everyday purchases with a minimum of $3 per transaction, or enrolling in Account Aggregation/Personal Finance Manager (PFM) will earn 0.30%.
- Maintaining an average daily balance of at least $2,500 per month in an Axos Self Directed Trading Invest account will earn 0.20%.
- Maintaining an average daily balance of at least $2,500 a month in an Axos Managed Portfolio Invest account will earn 0.20%
- Making a monthly payment to an open Axos Bank consumer loan (commercial and business loans excluded) via transfer from your Rewards Checking account will earn a maximum of 0.15%.
Bottom line. The $100 bonus part is relatively easy, especially combined with the other easy $150 brokerage bonus. The 1.25% APY part is WAY too much work for what is now barely an average interest rate.