When I first started blogging about banks over ten years ago, there used to be a bank called “Bank of Internet USA.” I thought that was the most generic name for a bank, like calling it the Bank of the World Wide Web or something like that.
As I would quickly learn, Bank of the Internet USA was a real bank founded in 1999 during the dot com boom. Whereas other tech startups just opted to add .com to their names and spend their money on ridiculously expensive Super Bowl ads, Bank of the Internet USA planted their flag as one of the first online banks of the world.
They would change their name to BofI Federal Bank in 2011 and then in 2018 they went with a rebrand to be officially known as Axos Bank.
This all to say that while you may not be super familiar with the name Axos Bank, they’ve been around quite some time. They are FDIC insured under certificate 35546, headquartered in San Diego, California and chartered as a Federal Savings Bank.
As for promotions, they have two active welcome cash bonus offers – one for personal checking and one for business checking:
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Axos Rewards Checking – $100
Axos Bank is running a great promotion where you can get a $100 welcome bonus when you open a Rewards Checking account with the promotion code HOLIDAYS. The account has a $50 minimum opening deposit and has no minimum balance requirements and no monthly maintenance fees.
Then, complete direct deposit(s) totaling at least $1,500 within the first 60 days. Bonus will be deposited within 5 business days of your third statement cycle.
Then keep the account open for 180 days to avoid an early closure fee.
(Offer expires 11/30/2021)
Rewards Checking Interest Tiers
To earn a higher interest rate on your Axos Rewards Checking account, you need to meet these conditions:
- 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 0.10%;
- maintaining an average daily balance of at least $2,500 a month in an Axos Managed Portfolio Invest account will earn 0.10%;
- and 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 0.10%.
Axos Bank Basic Business Checking – $100
Axos also offers a Basic Business Checking bonus of $100 if you open a new account with the promotion code EARN100. The account is a fairly straightforward business account.
You need a minimum $1,000 opening deposit and you need to get the average daily balance of the account up above $5,000 in the first three months after you open the account. Bonus will be deposited into your new account within 5 business days of your third statement cycle date.
Then, keep the account open for 180 days or you face an early closure fee of $50.
How Does This Offer Compare?
The Rewards Checking account offer is an OK offer because the amount is average – a lot of offers clock in at around $200 or $300 for a new account. The advantage is that if you can meet all the requirements for a higher interest rate, you get the minor benefit of that. Arguably, the hoops are a bit much to jump through though.
Here are a few of our favorite bonuses available right now:
Citi Priority Account – $300, $700, or $1,500
Citi Priority is offering $300, $700, or $1,500 bonus when you open an account by 1/4/2022. Then, within 20 days of opening your account, deposit at least $15,000 in New-to-Citi funds and keep it there for 60 days after the 21st day. The bonus amount is based on how much you can transfer but the lowest tier starts at $15,000. Click here to learn more about this offer.
Wells Fargo – $200
Wells Fargo has a nationwide promotion of $200 for a new checking account when you open a new checking account with at least $25 and receive a total of $1,000 or more in qualifying direct deposits into the new checking account within 90 days from account opening.
You can learn more about the Wells Fargo promotions to see how to get it.
Discover Online Savings Account – $150 or $200
Discover Bank is offering a $150 or $200 bonus when you open your first Discover Online Savings Account with the promotion code WH21 and deposit at least $15,000 into the account within 30 days. You get $150 if you deposit $15,000 or more and $200 if you deposit $25,000.
Chase Total Checking® – $225
Chase Bank will give you $225 when you open a Total Checking account and set up direct deposit within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!
HSBC Premier Checking – $450
HSBC has an offer where you can get $450 for eligible new customers who open an HSBC Premier checking account and make recurring monthly qualifying direct deposits of at least $5,000 for 3 consecutive months. Click here to learn more about this offer.
Huntington Bank – up to $500
If you are a resident of Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia, or Wisconsin then you could get up to $500 from Huntington Bank for opening a new checking account. There are several checking accounts that qualify but they’re great offers if you live in their geographic region. Click here to learn more about Huntington Bank offers.
Axos Bank – $100
Axos Bank has a great promotion where you can get $100 when you open a Rewards Checking Account using promotion code HOLIDAYS. Then, complete direct deposit(s) totaling at least $1,500 within the first 60 days.
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