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 some active welcome cash bonus offers:
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🔃 Updated March 2024 – with the new promotion code for the Axos Rewards Checking Bonus – AXOS300. The only thing that changed was the promotion code.
Axos Rewards Checking – $300
Axos Bank is running a great promotion where you can get a $300 bonus when you open an Axos Bank Rewards Checking account with the promotion code AXOS300.
Then, fund your account within 30 days of opening. Then, receive qualifying direct deposits totaling at least $5,000 each calendar month during the first seven calendar months your account is open plus maintain a minimum average daily balance of $7,000. The bonus is paid out $50 a month for each month in which you satisfy the direct deposit and average daily balance conditions..
The account has a $50 minimum opening deposit but the high yield savings account has no minimum balance requirements, pays interest, and there are zero monthly maintenance fees.
Get $300 from Axos Bank
(Offer expires 6/30/2024)
Axos Bank Prior Promotion Codes
Axos Bank has been running these promotions for a while and here is a list of the prior promotion codes they’ve used for this offer.
- for the period ending 3/31/2022 – the promotion code was LUCKY
- for the period ending 4/30/2022 – the promotion code was RC50
- for the period ending 5/31/2022 – the promotion code was MAY150
- for the period ending 6/30/2022 – the promotion code was RC100
- for the period ending 9/30/2022 – the promotion code was SUMMER
- for the period ending 11/7/2022 – the promotion code was RC300
- for the period ending 1/11/2023 – the promotion code was HOLIDAY
- for the period ending 3/31/2023 – the promotion code was RC100
- for the period ending 12/31/2023 – the promotion code was SUNNYBONUS
- for the period ending 12/31/2023 – the promotion code was AXOS300
Axos Bank Basic Business Checking – $400
Axos also offers a Basic Business Checking bonus of $400 if you open a new account with the promotion code NEW400.
The account is a fairly straightforward business account but your business must have been incorporated after 6/1/2020.
You need a minimum $1,000 opening deposit and you need to get the average daily balance of the account up above $50,000 in the first four months after you open the account – this gets you $100 a month. You must also complete 10 point-of-sale transactions using your debit card and have bill pay set up. If your balance is between $25,000 and $49,999.99 then you only get $75 per month.
Bonus will be deposited into your new account each month. Then, keep the account open for 150 days or you face an early closure fee of up to $400.
Axos Bank High Yield Savings – up to $200 [EXPIRED]
Axos Bank will give you up to $200 cash bonus for a High Yield Savings account with the promotion code NEW200.
The bonus is based on your average daily balance in the 6 month period after opening the account:
- If you maintain an average daily balance between $10,000 to $24,999.99 – you get $25 every single month up to a maximum of 4 times ($100)
- If you maintain an average daily balance over $25,000 – you get $50 every single month up to a maximum of 4 times ($200)
The only other thing to remember is that the account must remain open for 180 days or there is an early closure fee of $100 or $200, depending on which bonus you qualified for.
If you have an existing Axos Bank or Axos Bank for Nationwide Savings account as of 3/31/22, you can’t get this bonus. Be sure to check the terms and conditions on this offer for any other restrictions that might affect your eligibility.
(Offer expires 4/30/2022)
How Does This Offer Compare?
The Business 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:
Barclays – $200
Barclays Bank will give you a $200 if you open a new savings account and deposit $25,000 or more within 30 days and maintain at least $25,000 for the next 120 days. The savings account also pays a competitive interest rate of 4.35% APY while you wait.
BMO Relationship Checking – $400
BMO Bank is offering a $400 bonus* when you open a BMO Relationship Checking and when you have at least $7,500 in qualifying direct deposits within the first 90 days. It is a very straightforward offer that is available nationwide.
*Conditions apply
Bank of America – $200 Bonus Offer
Bank of America offers a $200 Bonus Offer cash bonus if you open a new account and Set up and receive qualifying direct deposits totaling $2,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $300
Chase Bank will give you $300 when you open a Total Checking account and set up and receive direct deposits totaling $500 or more 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 – up to $4,000
HSBC has an offer where you can get up to $4,000 for eligible new customers who open an HSBC Premier checking account, make a sizable deposit, and make recurring monthly qualifying direct deposits of at least $5,000 for 3 consecutive months.
Suz says
Hi Jim! How many people open these account to get the $$$ bonus and close after the trial period of getting the the money?
I don’t like that I must change my SS direct deposit in my bank in order to get the bonus!
Hi Suz- I don’t know how many people do that but I know that it’s not uncommon for people to do it. It happens because they’re lucrative offers so you have to balance out your time vs. the money.
Also, sometimes people are looking for a new bank or brokerage and the cash is a nice bonus. 🙂