Update 10/26/23: Bonus was $200 in the past but only required a $2,500 deposit vs $25,000 or $50,000. Given how high savings rates are currently this offer isn’t worth considering.
Offer at a glance
Maximum bonus amount: $400
Availability: Nationwide
Direct deposit required: No
Additional requirements: Use promo code and $2,500 average balance for first two months $5,000 average balance for three months
Hard/soft pull: Soft pull
ChexSystems: Yes
Credit card funding: No
Monthly fees: None
Early account termination fee: $50, 180 days
Household limit: None listed
Expiration date: March 31, 2021 June 30, 2021 3/31/2022 6/30/2022 12/31/2023
The Offer
Axos Bank is offering new business owners a $400 bonus when they open a new business checking account and complete the following requirements:
Use promo code NEW400
$100 will be earned for each statement cycle, up to $400 when you meet three requirements (over the first five statement cycles):
the average daily balance in your Basic Business Checking account or Business Interest Checking Account is greater than $50,000
you have completed ten (10) point-of-sale transactions per month using your Small Business Checking Visa® Debit Card for signature-based purchases with a minimum of $3 per transaction,
You must also have bill pay set up and connected to your Basic Business Checking account or Business Interest Checking account.
Alternatively a $300 bonus can be earned. $75 will be earned for each statement cycle, up to $300 when you meet three requirements
the average daily balance in your Basic Business Checking account or Business Interest Checking Account is between $25,000 and $49,999.99,
you have completed ten (10) point-of-sale transactions per month using your Small Business Checking Visa® Debit Card for signature-based purchases with a minimum of $3 per transaction,
You must also have bill pay set up and connected to your Basic Business Checking account or Business Interest Checking account. The bill pay transaction minimum is $10.
The Fine Print
To be eligible to earn all or a portion of the cash incentive as part of the promotional offer “NEW400,” an application for a Basic Business Checking account or a Business Interest Checking account must be submitted between 09/30/2023 at 12:00 am PT and 12/31/2023 at 11:59 pm PT.
Axos Bank reserves the right to limit each primary account holder or business title to one (1) checking account promotional offer per year. Axos Bank or Axos Bank for Nationwide checking customers or Businesses that have held an Axos Bank or UFB or Axos Bank for Nationwide checking or savings account in the past 12 months under the same title are not eligible for this offer.
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:
Small Business Checking bonus up to $400: You must be approved for your new Basic Business Checking or Business Interest Checking account and fund it within 30 days of account opening. An incentive of up to $400 can be earned during the first five (5) statement cycles. 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 four (4) payouts during the five (5) statement cycles, and the incentive will be deposited into the qualifying account within 10 business days following the end of the statement cycle in which the balance requirement was met.
$75 will be earned for each statement cycle, up to $300 when you meet three requirements: 1) the average daily balance in your Basic Business Checking account or Business Interest Checking Account is between $25,000 and $49,999.99, 2) you have completed ten (10) point-of-sale transactions per month using your Small Business Checking Visa® Debit Card for signature-based purchases with a minimum of $3 per transaction, 3) You must also have bill pay set up and connected to your Basic Business Checking account or Business Interest Checking account. The bill pay transaction minimum is $10.
$100 will be earned for each statement cycle, up to $400 when you meet three requirements : 1) the average daily balance in your Basic Business Checking account or Business Interest Checking Account is greater than $50,000, 2) you have completed ten (10) point-of-sale transactions per month using your Small Business Checking Visa® Debit Card for signature-based purchases with a minimum of $3 per transaction, 3) You must also have bill pay set up and connected to your Basic Business Checking account or Business Interest Checking account.
The bill pay transaction minimum is $10.
Your Small Business Checking account must remain open and in good standing at the time the incentive is paid to be eligible. Furthermore, your Small Business Checking account must remain open for 150 days, or an early closure fee of up to $400 may apply.
Avoiding Fees
Monthly Fees
This checking account does not have any monthly fees.
Early Account Termination Fee
Account must be kept open for 180 days otherwise a $50 fee will apply.
Our Verdict
Axos has offered a bonus of up to $67.50 before via Swagbucks. This bonus is better but most people won’t be eligible due to it needing to be a newly incorporated business. Obviously not worth doing that for such a small bonus. We will still add it to the best business checking bonuses for those that are eligible as the requirements are easy to meet.
Hat tip to DDG
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
Post history:
Update 12/31/22: Extended through 3/31/2023.
Update 10/19/22: Extended through 12/31/2022 .
Update 7/4/22: Extended until 9/30/2022.
Update 6/25/22: Looks like you might be able to stack this with $50 via Rakuten.
Update 3/30/22: Bonus has been extended until 6/30/2022. Requires are now only $2,500 for two months instead of $5,000 for three.
Update 3/9/22: Bonus is now $200. Business must be incorporated after 6/01/2020, $100 if incorporated after that. Hat tip to Mawney
Update 2/19/22: Deal is back. Business must be incorporated after 6/01/2020
Update 11/28/21: Deal is back and good until 12/31/21. Hat tip to Bertha.
Update 4/29/21: Deal is back, available for sole props this time. Can also get a $100 personal checking account bonus at the same time.