[Expired] Axos Bank $500 Checking Bonus + $125

Update 7/28/24: offer now ends on 08/31/2024

Update 7/14/24: Extra $150 bonus no longer available. But $125 via Rakuten still available.

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

Direct link to 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:
    William Charles
  • On July 13, 2024, 18:59
Tags: direct deposit requirednationwide bank bonusesno credit card fundingsoft pull

View Comments (1363)

  • I signed up for this account end of August 2024 through Rebatesme. It appears as a shopping trip in my history. I successfully completed the Axos requirements for x5 months and collected $500. I was also invited to take 30 minute survey about the bank and received another $75 from Axos. I was never credited with the $80 rebatesme offer. I opened a ticket last week with online support and provided them statements to prove I met requirements. They said it would take 45-60 days for a missing cash back request. My $40 signup credit expired too since I was hoping to collect the $80 from Axos to unlock $40 signup credit. Axos also never gave me early paychecks. Don’t know if it’s because I split my employer DD.

    • No you can still login, however if you decided to open account again, they will pull Chex again so it is best to not to close it.

      • Have there been Axos promos not requiring a new account? Seems like that's the only scenario where someone wanting to close the account could have a downside?

  • Got my 5 x $100.
    Easy money like dad giving me an allowance (though he gave me $2 / week)
    Simple to close the account via secure message at the 7 month mark after zeroing the balance.

    • Because Axos chose to report it as misc. income. Just because the threshold for mandatory reporting on misc. income is over $599, some banks go above and beyond.

      Just like 1099-INT threshold is $10... I have received them before with just pennies on there. They are superstars and keeping everyone honest. @guest_2010048 (at less than 50 cents, I cannot even put it on my taxes... so I find that hilarious that they printed & mailed it)

  • I opened 6/30/24. I tried a couple fake DDs from Ally and Ontap that didn't work for July or August. I started using Wise, first deposit 9/24. I kept using in and got 5 $100 deposits, the last one on 2/02/25.

  • I opened my account in mid July and started completing the terms in September. I received $400 for (Sept-Dec) but they are refusing to pay the final $100 for January. First they said I was only eligible to receive it from July-Dec, instead of Aug-Jan as it should be according to the terms. Then they said I needed a $3000 minimum balance which I did not have but the terms say average balance which I did have. Completely clueless customer service. The CFPB website is still accepting complaints so I filed one today. I'm not sure if it will be acted on or if they have already shutdown. Is there any other entity I can use to start a dispute?

  • Data point: Ally did not work as DD for me. They haven't paid me one single bonus. I messaged them, and they said I did not do DD.

    • Don't take DP's as gospel. Sometimes things stop working. The linked DD page says a lot of the new Ally DP's didn't work. @guest_1996619

  • I already got $500 bonus and zeroed out the account early December.
    I just noticed that the account was closed without me asking to do so.

    I see December statement ending 12/31/2024, but don't see January statement as. of now.
    I don't when the account was closed.

    Do they close an account with zero balance for a certain time period?

  • I just got the fifth $100 bonus but will roll the dice and do one more simulated Direct Deposit and keep the $3k in for another month before closing hoping for an extra bonus. Lose $10 in interest for a low chance of another $100?!?

    • I think the one person that got the 6th $100 had one of their bonuses manually applied. But, go for it if you want. @guest_1914651

      • Yeah I read that comment too, thanks. I had extra bonus payments made by TD so I know it happens on occasion. Also did a transfer to Fidelity Bloom Save account last month hoping for the match. Read about it expiring here but don’t think they ever notified me directly and see it’s still up on the Bloom Q&A page. That move however didn’t cost anything as it’s only $300 and the Bloom account pays high interest

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