Update: As the comments point out, not worth it as you need a $70,000 balance to get the $375 bonus. Otherwise it’s only $225.
Offer at a glance
- Maximum bonus amount:Â $375
- Availability:Â Nationwide
- Deposit required: $30,000
- APY: 4% APY
- Hard/soft pull:Â Soft pull
- ChexSystems:Â Yes
- Credit card funding:Â No
- Monthly fees:Â None
- Early account termination fee:Â $50, 180 days
- Household limit:Â None listed
- Expiration date:
Contents
The Offer
- Axos Bank is offering a business savings bonus of up to $375. Earn a $75 monthly bonus when you have an average daily balance of $30,000+ or have an average balance of $75,000 to earn $125. Must use promo code BPS375
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fees to worry about.
Early Account Termination Fee
Account must be kept open for 180 days otherwise a $50 fee will apply.
Our Verdict
Update: As the comments point out, not worth it as you need a $70,000 balance to get the $375 bonus. Otherwise it’s only $225.
If you have exactly $30,000 in the account this works out to be 7% APY with the 4% base rate and the $75 monthly bonus. Worth considering especially with rates falling if you have a large balance that you’d like to tie up for a few months.
Hat tip to Dane
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
this is a strong no go. Chex is pulled too btw. If it was 30k then yes, however read the fine print.
*edit: just saw DoC’s update, indicating this..other comments confirm my suspicions
If I had that kind of money I wouldn’t need bank bonuses
I have this kind of money because of bank bonuses ¯\_(ツ)_/¯
Then what am I doing wrong
The big issue here is opportunity cost. Unless you have unlimited cash locking up 30k may mean missing out for larger bonuses that require cash deposit. The yield just isn’t high enough for me.
Too rich for my blood. Good luck to all who attempt.
In other words, a $30k 90 day CD at 7%, not terrible if you have extra cash laying around. Beats 90 day t-bill rates, SPAXX, and any kind of short term CD, but with the risk of the 4% base being subject to change. 4% seems like a rate they could hold for the next several months, although of course not a guarantee(If it was 5%, not so much)
Best bet seems to be open middle or towards end of month(immediately, or Oct/Nov/Dec), and move $30k over at end of month so you are good to go to earn the bonus for the next month since you have 4 periods to complete the 3 payouts. Last payout would be close to the 120 day mark(which is required to avoid bonus clawback as per the terms. Open, not fully funded)
the terms is very different (much worse) than the post indicates – actually it’s $75×3 for bal of 30k; 125×3 for bal of 75k
You can only make withdrawals via wire; that’s an extra fee every time – wire out and wire in.
I opened an account with the last bonus and got hit paying large fees every time I withdraw. To deposit into the account, there are no charges.
Look in the legal disclosures for small business accounts and you’ll see that online and automated telephone transfers are free. As are incoming wires(possible fee from outgoing institution).
Next time do a little digging first
Before I made a transfer, I called the bank and they said it’s a savings business account and there is a wire charge.
Interesting… did you ask how to get your money out then without incurring a fee? Were you able to set up a pull from another bank? Usually that’s the best way, via ACH not wires(which are usually subject to fees)
Please initiate the ACH transfer from other banks to pull the funds out of Axos.
Step: add the routing number and account number in external bank.
I tried doing that, but was unsuccessful.
Pass. With $30k, it’s only $75/mo. Need to deposit $75k to earn $125/mo according to terms. Also, the terms indicate only 3 bonus months max, so it’s not too enticing.
Good catch, fixed.