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Axos Bank offers several rewards banking accounts that can increase your savings potential. You can also easily access your deposits and won’t pay any bank fees. Opening an Axos Bank Rewards Checking account lets you pay for expenses quickly and earn up to 3.30% APY interest.
Up to $500 Bonus: Axos Bank Rewards Checking
What is Axos Bank Rewards Checking?
Axos Bank Rewards Checking is one of several online checking accounts offered through Axos Bank. It’s a personal account with no monthly maintenance fees or ongoing account minimums. Plus, no initial deposit fee is required.
Several of its featured benefits include:
- Unlimited domestic ATM fee reimbursements
- Zero maintenance fees or balance requirements
- No overdraft fees or non-sufficient funds (NSF) fees
- Online bill pay
You will also receive an Axos Visa® Debit Card for in-person and online purchases. Using your card for at least 10 purchases per month ($3 minimum) will help you earn a higher interest rate.
Related: Best Checking Account Bonuses
Earn Up to 3.30% APY Interest
In addition to the upfront bonus, you can earn monthly interest on your account balance. Most checking accounts don’t award interest, and this benefit helps put money back into your pocket.
It’s possible to earn up to 3.30% APY by completing these monthly activities:
- 0.40% by receiving at least $1,500 in monthly direct deposits
- 0.30% by completing at least 10 monthly transactions ($3 minimum per order) through your Axos debit card or Personal Finance Manager online bill pay service
- 0.20% by maintaining an average $2,500 average daily balance in your Axos Invest Managed Portfolios Account
- 0.20% by maintaining an average $2,500 average daily balance in your Axos Invest Self-Directed Trading Account
- 0.15% by using your Rewards Checking account to pay a full monthly Axos Bank consumer loan payment (mortgage, personal, and auto loans).
At a minimum, you must receive qualifying direct deposits to earn interest on the other options, such as debit card payments, investment accounts, or loan payments.
Realistically, 0.70% APY is the most likely interest rate.
Welcome Bonus: Up To $500!
Beginning 06/20/2024, you can cash in on up to a $500 bonus and up to 3.30% APY with a new Axos Bank Rewards Checking account. Just use promo code RC500 before July 31, 2024.
To be eligible to earn all or a portion of the cash incentive as part of the promotional offer “RC500,” an application for a Axos Bank Rewards Checking account must be submitted between 06/20/2024 (at 12:00 am PST) and 07/31/2024 (at 11:59 pm PST).
Note that Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year. Promotional terms and conditions are subject to change or removal without notice. Additionally, this incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After initial requirements above are met, the amount of incentive earned will depend on meeting the additional requirements outlined below:
- Be approved for a new Axos Bank Rewards Checking account
- Fund it within 60 days of account opening
- Earn an incentive of up to $500, beginning during the first six (6) statement cycles, starting in the statement cycle thirty (30) days after the account is opened (a statement cycle is a calendar month consisting of at least one day your account was open during that month). You can earn a maximum of five (5) payouts during the six (6) statement cycles, and the incentive will be deposited into the qualifying account within 15 business days following the end of the statement cycle in which the requirements were met.
- $100 will be earned for each statement cycle, up to $500, when you meet two requirements during that statement cycle: 1) your Rewards Checking account receives qualifying direct deposits of at least $1,500.00 in total, and 2) the average daily balance in your Rewards Checking account is at least $3,000.
Your Rewards Checking account must remain open and in good standing at the time the incentive is paid to be eligible.
A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. Account transactions may take one or more business days from the transaction date to post to the account.
Banking Fees
This is a fee-free checking account in many situations as you will avoid these charges:
- Monthly maintenance fees
- Low balance charges
- Overdraft charges
- Non-sufficient funds
- Domestic ATM withdrawals
- Inactivity fees
Incoming wire transfers, electronic account statements, and overdraft account transfers are also free.
There is no initial deposit fee. Thankfully, there also isn’t an ongoing minimum balance requirement.
These optional services incur fees:
- Outgoing wire transfers: $35 domestic/$45 international
- Paper account statements: $5
- Paper check orders: At a cost
- Official checks: $10 (per item)
You can view a full list of deposit account fee disclosures here.
Overseas ATM withdrawal fees will also incur service charges. Additionally, a 1% foreign transaction fee applies to international debit card purchases making credit cards without foreign transaction fees a better option.
Axos Rewards Checking Pros & Cons
Here are the positives and negatives of using the Axos Bank Rewards Checking account.
Pros
- No monthly fees or required balances
- Can earn interest on deposits
- Debit card and bill payment service
- Unlimited domestic ATM fee reimbursements
Cons
- Difficult to earn the maximum interest rate
- Foreign transaction fees apply
- No physical branches
Other Axos Bank Products
Axos can be your all-in-one online banking solution. Here is a look at some of the other account options:
- CashBack Checking: Up to 1% back on debit card purchases, unlimited check-writing privileges, and unlimited domestic ATM fee reimbursement ($50 minimum deposit).
- Essential Checking: No fees, receive direct deposits up to two days early, unlimited domestic ATM fee reimbursements ($0 minimum opening deposit).
- High-Yield Savings: Earn interest on your deposits without service fees or balance requirements ($20 minimum opening deposit).
If you’re self-employed or run a small business, you may also consider opening a business checking account through Axos.
How to Join Axos Rewards Checking
Here is a step-by-step look at opening an Axos Bank Rewards Checking account within a few minutes.
Beginning 06/20/2024, you can cash in on up to a $500 bonus and up to 3.30% APY with a new Axos Bank Rewards Checking account. Just use promo code RC500 before July 31, 2024.
Open a New Customer Account
If you’re a new customer, you will tap the “Get Started” button from the Reward Checking product page. You will be asked if you want to open a fee-free high-yield savings account simultaneously.
This secondary account is optional, but you may appreciate it to separate your savings and spending funds.
After deciding whether or not to open the account, Axos will ask if you’re a new customer, an existing customer, or a returning applicant.
Verify Identity
You will need to provide these details during the account opening process:
- Social Security Number
- Government-issued ID: U.S. driver’s license or a state ID
- Valid U.S. street address (not a P.O. box)
- U.S. cell phone
- Valid email
You will also need to be at least 18 years old and a U.S. citizen or resident alien.
You will also receive the banking details that you can provide to your employer or benefits provider to start routing your direct deposits to your Axos checking account to qualify for the signup bonus and earn monthly interest.
Summary of Axos Banking Rewards
Rewards checking accounts are relatively uncommon as most banks provide this account as an easy way to deposit your paycheck and pay your monthly bills without monthly withdrawal limits. An Axos Bank Rewards Checking account is worth pursuing if you receive at least $1,500 in monthly direct deposits, as you can earn interest on your balance and won’t pay any annoying bank fees.
Up to $500 Bonus: Axos Bank Rewards Checking
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