Deal has expired, view the best current business checking bonuses by clicking here.
Offer at a glance
- Maximum bonus amount: $100
- Availability: Nationwide
- Direct deposit required: None
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: Yes, not sensitive
- Credit card funding: None
- Monthly fees: None
- Early account termination fee: $50, 180 days
- Household limit: None
- Expiration date: February 28th, 2020
Contents
The Offer
- Axos Bank is offering a bonus of $100 when you open a new business checking account and complete the following requirements:
- Use promo code 100MBA
- In the third month after account opening the average daily balance must be at least $5,000
The Fine Print
- In the third month after account opening, the average daily balance of the account must be at least $5,000 in order to qualify for the $100 bonus.
- Offer valid through 02/28/2020.
- Bonus will be deposited into your new account within 5 business days of your statement cycle date.
- Bonus may be taxable and reported on IRS Form 1099-MISC.
- Consult your tax advisor.
- Bank reserves the right to limit each customer to one new account-related gift incentive per calendar year.
- Account must remain open for 180 days or an early closure fee of $50 may apply.
- NOTE: “New Funds” is defined as funds that did not originate from another Axos Bank account.
- 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 fee of $50 applies
Our Verdict
Seems like another relatively easy bonus, basically just need the $5,000 in there for a month. We do need to know if it’s a hard/soft pull, list of documents required are here (unfortunately can’t just use SSN). As always share your experiences in the comment.
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?
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View Comments (18)
Received $100 bonus.
There is a special biz login. If you use the personal, it will not show your account, just a blank profile. https://www.axosbank.com/Business -> Sign in -> Business Banking.
According to my banker, the third month from January would be March 1-31. She checked with the promotions dept. It looks like statements are monthly anyways so the only question is whether it means March or April. Regardless, you'd have a strong argument for either one.
I received a call from the bank today to confirm my identity and it looks like they are not sure how the promo works. According to them, the average balance of $5000 needs to be for 90 days and not for 30 days. He even let me waiting while he confirmed the info. I will still fund it but $5k for 90 days is quite a lot. He also said I need to fund the account with the $5k as soon as possible in order to qualify for the bonus and I was like Geez do I need to transfer you the money right now?
I just opened the account with them. I was told exactly the same thing as you. It's either the reps are clueless or this is a terrible offer.
Emailed customer service - they said soft pull only. Did not specify if they use Chex
Here's the list of documents required:
https://www.axosbank.com/-/media/Axos/Documents/Forms/business/Axos-Getting-Ready-to-Apply-SBB-Commercial-1.pdf
So based on this document, you can't just use your SSN as a sole prop. You'll need an EIN.
Is there a list anywhere of current business bank bonuses that doesn't require a EIN or any 'extra' documents? @will
No, but most of the best bonuses don't require an EIN AFAIK
Thanks. You posted the most important thing.
Pass for me.
Average daily balance in the third month needs to be $5k. Weird promo. Is there somewhere in the literature where they define “average daily balance” anyone sees...
Because fees and such are calculated off that it’s gotta be monthly. Need more coffee this morning lol!
Even more coffee, maybe
Wait what? There's no monthly fees or minimum.
The question was is the average daily balance calculated over the 3 months you had the account open or only the third month. Stick around for bank bonuses long enough and you learn the damn details like that matter. Because the bank uses the same terminology on other accounts to calculate monthly fees it leads me to believe they mean the average daily balance of only the 3rd month.
No, it doesn't say that.
"In the third month after account opening, the average daily balance of the account must be at least $5,000 in order to qualify for the $100 bonus."
Hate when they don't specify whether the first month you opened the account in counts or does it start with the following month.
i.e. If opened today, is the third month March (counting January) or April (not counting January)?
M&T Business bonus had similar language until they later specified that it's the "third full month after account opening."
$1,000 minimum to open. No credit card funding option. Enter promo code on final review page.
So that means I don’t need to have 5k there until the 3rd month?