Axos Bank is offering a $500 bonus for new Rewards Checking accounts. You can earn an additional $150 if you sign up through Swagbucks.
The offer is available until July 31, 2024, and requires using the promo code RC500 when opening a new account.
To earn the bonus, you need to:
- Set up direct deposits totaling at least $1,500 per month.
- Maintain a minimum average daily balance of $3,000 in the account.
The bonus is $100 per statement cycle for up to five cycles, allowing you to earn a maximum of $500.
You only need to apply by the July 31st deadline. The bonus-earning period starts 30 days after account opening, and each $100 bonus is paid within 15 business days after the qualifying statement cycle.
To qualify:
- You must open and fund your account within 60 days of approval.
- Direct deposits must come from payroll, employer, or government benefits.
- You must not have qualified for another promotion this calendar year from Axos.
How to Stack Swagbucks for an Additional $150 Bonus
Swagbucks is offering 15,000 points (equivalent to $150) to open an Axos Bank Rewards Checking account.
To earn an extra $150 on top of the Axos Bank bonus, you’ll need to use Swagbucks.
Here’s how:
- Sign up for a Swagbucks account if you don’t already have one.
- Once logged in, go to the “Discover” section and click on “Finance.”
- Alternatively, use the search bar on Swagbucks to look for “Axos Bank.”
- Find the Axos Bank offer and click through to sign up for your new account.
Important terms:
- Only new Axos Bank users are eligible.
- Use the same email for your Swagbucks and Axos accounts.
- Keep the Axos account open for at least six months.
- This offer can only be redeemed once per user.
About Axos Bank
Axos Bank is an online-only bank that’s worth considering as a long-term option for a checking account.
Here’s what makes Axos stand out:
- It refunds all ATM fees in the U.S.
- It pays a high interest rate on checking account balances.
- It has no monthly fees or overdraft charges.
- It offers 24/7 customer support.
Overall, Axos is a solid choice for people who want modern banking features and don’t need a local branch. It’s especially appealing if you use ATMs often or want a checking account that can earn good interest.
How Interest Works on Axos Rewards Checking Account
Axos Bank’s Rewards Checking account offers a tiered interest rate structure, allowing you to earn up to 3.30% APY.
The interest rate is built by meeting various requirements, each contributing to the overall APY.
| Requirement | How to Earn | APY |
| Direct Deposit | Receive monthly direct deposits totaling $1,500 or more. | 0.40% |
| Debit Card or PFM | Use Axos Visa Debit Card for 10 transactions per month (min $3 each), or activate Personal Finance Manager. | 0.30% |
| Managed Portfolios | Maintain $2,500 average daily balance in Axos Invest Managed Portfolios Account. | 1.0% |
| Self-Directed Trading | Maintain $2,500 average daily balance in Axos Invest Self-Directed Trading Account. | 1.0% |
| Loan Payment | Make full monthly Axos Bank consumer loan payments from Rewards Checking | 0.60% |
| Total Possible APY | 3.30% |
Overall Thoughts
This is one of the better deals available right now. While the $3,000 balance requirement is higher than some competing offers, the potential $500 bonus stands out.
If you hold $3,000 in the account and earn the $500 bonus over six months, the equivalent APY is approximately 36.71%. This is an extremely effective APY, which is why bank account bonuses can be valuable.
However, remember that this rate only applies to the initial $3,000 for the bonus period.
The account offers a tiered interest rate structure with a maximum APY of 3.30%. However, this rate is complex and difficult to achieve. Unless you’re willing to move multiple financial services to Axos, including brokerage accounts and loans, you’re likely to earn a much lower rate.
Therefore, this account isn’t ideal for parking large sums.
If you’re bonus hunting and have cash available, consider combining this offer with other offers that don’t have direct deposit requirements, which may be more lucrative and easier to obtain.
The six-month period to earn the full bonus is longer than many listed immediate bank bonuses, which often pay out within 30 days or less.
However, the $500 total bonus sets it apart from those offers.
It’s comparable to earning $100 monthly, similar to what banks like Chime currently offer for direct deposit setups after 45 days without as much hassle.
This bonus is worth considering if you can meet the $1,500 monthly direct deposit requirement.
It offers a solid reward without demanding an unusually high initial deposit, making it a good option for those seeking a straightforward bank bonus for a new account they might use long-term.
