Axos Bank & Invest Bonus Promotions: $300 Checking, $200 Savings

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:

Table of Contents
  1. Axos Rewards Checking – $300
    1. Axos Bank Prior Promotion Codes
  2. Axos Bank Basic Business Checking – $400
  3. Axos Bank High Yield Savings – up to $200 [EXPIRED]
  4. How Does This Offer Compare?

🔃 Updated November 2023 – with the new promotion code for the Axos Rewards Checking Bonus – AXOS300. The only thing that changed was the promotion code.

Axos Rewards Checking – $300

Axos Bank is running a great promotion where you can get a $300 bonus when you open an Axos Bank Rewards Checking account with the promotion code AXOS300.

Then, fund your account within 30 days of opening. Then, receive qualifying direct deposits totaling at least $5,000 each calendar month during the first seven calendar months your account is open plus maintain a minimum average daily balance of $7,000. The bonus is paid out $50 a month for each month in which you satisfy the direct deposit and average daily balance conditions..

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 $300 from Axos Bank
(Offer expires 12/31/2023)

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
  • for the period ending 1/11/2023 – the promotion code was HOLIDAY
  • for the period ending 3/31/2023 – the promotion code was RC100
  • for the period ending 12/31/2023 – the promotion code was SUNNYBONUS
  • for the period ending 12/31/2023 – the promotion code was AXOS300

Axos Bank Basic Business Checking – $400

Axos also offers a Basic Business Checking bonus of $400 if you open a new account with the promotion code NEW400.

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 $50,000 in the first four months after you open the account – this gets you $100 a month. You must also complete 10 point-of-sale transactions using your debit card and have bill pay set up. If your balance is between $25,000 and $49,999.99 then you only get $75 per month.

Bonus will be deposited into your new account each month. Then, keep the account open for 150 days or you face an early closure fee of up to $400.

Learn more about this offer

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.

Get up to $200 from Axos Bank

(Offer expires 4/30/2022)

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:

⭐ BMO Smart Advantage Checking – $400

BMO Bank is offering a $400 bonus* when you open a BMO Smart Advantage Checking and when you have a total of $4,000 or more in qualifying direct deposits within the first 120 days. It is a very straightforward offer that is available nationwide.

*Conditions apply

👉 Click here to learn more

⭐Citi Priority Account – up to $2000

Citi Priority is offering up to $2000 bonus when you open an account by 1/9/2024. 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.

👉 Click here to learn more

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 WH923 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.

👉 Click here to learn more

Bank of America – $200 Bonus Offer

Bank of America offers a $200 Bonus Offer cash bonus if you open a new account and Set up and receive qualifying direct deposits totaling $2,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.

👉 Click here to learn more

Chase Total Checking® – $200

Chase Bank will give you $200 when you open a Total Checking account and set up and receive a 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!

👉 Click here to learn more

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About Jim Wang

Jim Wang is a forty-something father of four who is a frequent contributor to Forbes and Vanguard's Blog. He has also been fortunate to have appeared in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money.

Jim has a B.S. in Computer Science and Economics from Carnegie Mellon University, an M.S. in Information Technology - Software Engineering from Carnegie Mellon University, as well as a Masters in Business Administration from Johns Hopkins University. His approach to personal finance is that of an engineer, breaking down complex subjects into bite-sized easily understood concepts that you can use in your daily life.

One of his favorite tools (here's my treasure chest of tools,, everything I use) is Personal Capital, which enables him to manage his finances in just 15-minutes each month. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you're on track to retire when you want. It's free.

He is also diversifying his investment portfolio by adding a little bit of real estate. But not rental homes, because he doesn't want a second job, it's diversified small investments in a few commercial properties and farms in Illinois, Louisiana, and California through AcreTrader.

Recently, he's invested in a few pieces of art on Masterworks too.

>> Read more articles by Jim

Opinions expressed here are the author's alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.

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  1. 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!

    • Jim Wang says

      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. 🙂

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