Axos Bank 1.25% APY Rewards Checking On Balances Up To $150,000 [Negative Changes October 1]

A number of negative changes are coming into effect on October 1, 2021.

• Maximum balance reduced from $150,000 to $50,000
• Maximum APY reduced from 1.5% APY to 1% APY
• Requirements now as follows:
  • Use your Axos Visa® Debit Card for a total of 10 transactions per month (min $3 per transaction) or sign up for Account Aggregation/Personal Finance Manager (PFM) in Online Banking: 0.30% APY
  • Maintain an average daily balance of $2,500 per month in an Axos Managed Portfolios Invest Account: 0.10% APY
  • Maintain an average daily balance of $2,500 per month in an Axos Self Directed Trading Invest Account: 0.10% APY
  • Use your Rewards Checking account to make your full monthly Axos consumer loan payment: 0.10% APY

Probably worth moving money across to other high interest checking accounts for a lot of people. Full list of those that can be found here.

The Offer

Direct Link to offer

• Axos bank offers a rewards checking account with interest rate of 1.50% APY on balances up to $150,000 when you complete the following requirements:
  • Use the debit card at least 15 times each month, minimum $3 per transaction.
  • Get $1,000 direct deposit.

Our Verdict

Not sure how picky they are about the direct deposit, but assuming you can get that out of the way, it’s a pretty sweet interest rate for someone who is cash heavy. If you spend $45 each month on a debit card, you’ll end up losing maybe $1 or-so in credit card rewards, but should make back much more from the increased interest rate. There are other accounts with higher rates, but usually much lower limits. We’ll add this to our list of Best High Yield Savings Accounts with requirements. 

Hat tip to reader Jamie Martin