When I first started blogging about banks over ten years ago, there used to be a bank called “Bank of Internet USA.” I thought that was the most generic name for a bank, like calling it the Bank of the World Wide Web or something like that.
As I would quickly learn, Bank of the Internet USA was a real bank founded in 1999 during the dot com boom. Whereas other tech startups just opted to add .com to their names and spend their money on ridiculously expensive Super Bowl ads, Bank of the Internet USA planted their flag as one of the first online banks of the world.
They would change their name to BofI Federal Bank in 2011 and then in 2018 they went with a rebrand to be officially known as Axos Bank.
This all to say that while you may not be super familiar with the name Axos Bank, they’ve been around quite some time. They are FDIC insured under certificate 35546, headquartered in San Diego, California and chartered as a Federal Savings Bank.
As for promotions, they have some active welcome cash bonus offers:
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Axos Self-Directed Trading or Managed Portfolio – $150
If you need a new brokerage account, Axos Bank is offering a brokerage account called Axos Invest – it’s a Self-Directed Trading account with no annual fees, no inactivity fees, and commission free trading on eligible stocks and ETFs.
They also offer a Managed Portfolio – which is their robo-advisor service. Both are eligible for this offer.
It’s a simple promotion offer – open an account, make a qualifying deposit of $1,000 and make one trade – get $150. Keep your account balance over $1,000 for 90 days and you keep the full bonus amount.
As a brokerage, they have no annual fees and no inactivity fees, commission-free trading on eligible stocks and ETFs. You also get 12 months of Axos Elite Membership, which includes margin trading, extended market hours, and more.
Get $150 from Axos Invest
(Offer expires 9/30/2022)
Axos Reward Checking – up to $300 [EXPIRED]
Axos Bank is running a great promotion where you can get a up to $300 bonus when you open an Axos Bank Rewards Checking account with the promotion code RC300.
Then, set up qualifying direct deposits totaling at least $1,000 within a single calendar month during the first 30 days to get the bonus.
The bonus is based on the total qualifying direct deposit amount in the 30 day evaluation period:
| Total Qualifying Direct Deposits | Cash Bonus |
|---|---|
| $1,000 – $1,999 | $50 |
| $2,000 – $6,999 | $100 |
| $7,000 or more | $300 |
The account has a $50 minimum opening deposit but the high yield savings account has no minimum balance requirements, pays interest, and there are zero monthly maintenance fees.
Get up to $300 from Axos Bank
(Offer expires 11/7/2022)
Axos Bank Prior Promotion Codes
Axos Bank has been running these promotions for a while and here is a list of the prior promotion codes they’ve used for this offer.
- for the period ending 3/31/2022 – the promotion code was LUCKY
- for the period ending 4/30/2022 – the promotion code was RC50
- for the period ending 5/31/2022 – the promotion code was MAY150
- for the period ending 6/30/2022 – the promotion code was RC100
- for the period ending 9/30/2022 – the promotion code was SUMMER
- for the period ending 11/7/2022 – the promotion code was RC300
Axos Bank High Yield Savings – up to $200 [EXPIRED]
Axos Bank will give you up to $200 cash bonus for a High Yield Savings account with the promotion code NEW200.
The bonus is based on your average daily balance in the 6 month period after opening the account:
- If you maintain an average daily balance between $10,000 to $24,999.99 – you get $25 every single month up to a maximum of 4 times ($100)
- If you maintain an average daily balance over $25,000 – you get $50 every single month up to a maximum of 4 times ($200)
The only other thing to remember is that the account must remain open for 180 days or there is an early closure fee of $100 or $200, depending on which bonus you qualified for.
If you have an existing Axos Bank or Axos Bank for Nationwide Savings account as of 3/31/22, you can’t get this bonus. Be sure to check the terms and conditions on this offer for any other restrictions that might affect your eligibility.
(Offer expires 4/30/2022)
Axos Bank Basic Business Checking – $200
Axos also offers a Basic Business Checking bonus of $200 if you open a new account with the promotion code NEWBIZ200. (It’s $100 if you use NEWAXOSBIZ, not sure why you’d use the lower bonus code though)
The account is a fairly straightforward business account but your business must have been incorporated after 6/1/2020.
You need a minimum $1,000 opening deposit and you need to get the average daily balance of the account up above $5,000 in the first three months after you open the account. Bonus will be deposited into your new account within 5 business days of your third statement cycle date.
Then, keep the account open for 180 days or you face an early closure fee of $50.
How Does This Offer Compare?
The Business Checking account offer is an OK offer because the amount is average – a lot of offers clock in at around $200 or $300 for a new account. The advantage is that if you can meet all the requirements for a higher interest rate, you get the minor benefit of that. Arguably, the hoops are a bit much to jump through though.
Here are a few of our favorite bonuses available right now:
⭐Citi Priority Account – up to $2000
Citi Priority is offering up to $2000 bonus when you open an account by 1/9/2023. Then, within 20 days of opening your account, deposit at least $10,000 in New-to-Citi® funds and keep it there for 60 days after the 21st day. The bonus amount is based on how much you can transfer but the lowest tier starts at $10,000.
Discover Online Savings Account – $150 or $200
Discover Bank is offering a $150 or $200 bonus when you open your first Discover Online Savings Account with the promotion code WH922 and deposit at least $15,000 into the account within 30 days. You get $150 if you deposit $15,000 or more and $200 if you deposit $25,000.
Bank of America – $100 Bonus Offer
Bank of America offers a $100 Bonus Offer cash bonus if you open a new account and set up and receive qualifying direct deposits totaling $1,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $200
Chase Bank will give you $200 when you open a Total Checking account and set up direct deposit within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!
Huntington Bank – up to $300
If you are a resident of Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia, or Wisconsin then you could get up to $300 from Huntington Bank for opening a new checking account. There are several checking accounts that qualify but they’re great offers if you live in their geographic region.
Suz says
Hi Jim! How many people open these account to get the $$$ bonus and close after the trial period of getting the the money?
I don’t like that I must change my SS direct deposit in my bank in order to get the bonus!
Hi Suz- I don’t know how many people do that but I know that it’s not uncommon for people to do it. It happens because they’re lucrative offers so you have to balance out your time vs. the money.
Also, sometimes people are looking for a new bank or brokerage and the cash is a nice bonus. 🙂