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 Bank High Yield Savings – up to $200
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 Reward Checking – $150
Axos Bank is running a great promotion where you can get a $150 bonus when you open an Axos Bank Rewards Checking account with the promotion code MAY150.
Then, set up qualifying direct deposits totaling at least $1,500 within a single calendar month during the first three calendar months to get the bonus.
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.
(Offer expires 5/31/2022)
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
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.
Axos Invest – $150
If you need a new brokerage account, Axos Bank is offering a new 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.
There’s a promotional offer too – open an account with $1,500 and maintain that balance for 90 days – get $150.
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.
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 – $300, $700, or $1,500
Citi Priority is offering $300, $700, or $1,500 bonus when you open an account by 7/17/2022. Then, within 20 days of opening your account, deposit at least $15,000 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 $15,000.
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 WH222 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.
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!
SoFi Money – up to $300
SoFi Money will give you up to $300 if you open an account and make direct deposits of at least $1,000. The bonus will be based on the total amount of those direct deposits in a 30-day evaluation period.
HSBC Premier Checking – $450
HSBC has an offer where you can get $450 for eligible new customers who open an HSBC Premier checking account and make recurring monthly qualifying direct deposits of at least $5,000 for 3 consecutive months.
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.
TD Bank – $300 or $150
TD bank has two bank offers for checking accounts and both are fairly easy to attain. For example, get $300 when you open a TD Beyond Checking account and receive direct deposits of $2,500 or more within 60 days of opening your account.
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. 🙂