Update 7/13/24: $150 bonus no longer available via Swagbucks but is available via bankbonus.com.
Offer at a glance
Maximum bonus amount: $500
Availability: Nationwide
Direct deposit required: Yes, $1,500+ per month
Additional requirements: See below
Hard/soft pull: Soft pull
ChexSystems: Unknown
Credit card funding: No
Monthly fees: None
Early account termination fee: Unsure
Household limit: None
Expiration date: 07/31/24
The Offer
Axos Bank is offering a bonus of up to $500 when you open a new rewards checking account and complete the following requirements:
Use promo code RC500
An incentive of up to $500 can be earned during the first six (6) statement cycles. You can earn $100 each statement cycle, up to $500 when the following requirements are both met:
your Rewards Checking account receives qualifying direct deposits at least $1,500.00 in total
the average daily balance in your Rewards Checking account is at least $3,000
The Fine Print
To be eligible to earn all or a portion of the cash incentive as part of the promotional offer “RC500,” an application for a Rewards Checking account must be submitted between 06/20/2024 at 12:00 am PT and 07/31/24 at 11:59 pm PT.
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. 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:
Rewards Checking bonus up to $500: You must be approved for your new Rewards Checking account and fund it within 60 days of account opening. An incentive of up to $500 can be earned 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 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.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
No monthly fee to worry about
Early Account Termination Fee
Our Verdict
You can try to stack this with another $150 via Swagbucks but the terms do state it can’t be stacked with other promotions (in the past it has worked though and the terms on those sites specifically mention this code now so it should definitely work). Even better than the $300 bonus recently offered. Annoying that you have to do the direct deposit and minimum balance for so long, but worth it for the $500 bonus. We will add this to our list of the best bank account bonuses.
Hat tip to reader Bockrr
Useful posts regarding bank bonuses:
A Beginners Guide To Bank Account Bonuses
Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
PSA: Don’t Call The Bank
Introduction To ChexSystems
Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
What Banks & Credit Unions Do/Don’t Pull ChexSystems?
How To Use Our Direct Deposit Page For Bank Bonuses Page
Common Bank Bonus Misconceptions + Why You Should Give Them A Go
How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
Affiliate Links & Bank Bonuses – We Won’t Be Using Them
Complete List Of Ways To Close Bank Accounts At Each Bank
Banks That Allow/Don’t Allow Out Of State Checking Applications
Bank Bonus Posting Times