[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 (1391)

  • Fyi, Capital One push into Axos did *not* work for me with this bonus. It coded as ACH transfer and when I chatted with a rep. they said it doesn't count. 

    Capital One shows up under Axos in the "List of Methods Banks Count as Direct Deposit" so thought this was worth mentioning.

  • I have some phrasing directly from them on how they code DDs

    The code they are coming to us as is "WEB." A qualifying direct deposit comes to as coded as a PPD.

    The code they are coming to us as is "WEB- Internet Initiated Entries." A qualifying direct deposit comes to as coded as a PPD

  • Really frustrating experience for me. I signed up using the promo code, and going through RebatesMe. RebatesMe did not track, and has been under "investigation" for 3 months now. The promo code also did not attach properly, and support was unwilling to honor the bonus despite me meeting all of the requirements for 5 months. I unknowingly did not realize that the bonuses had not been posting correctly.

    • Update: I messaged RebatesMe and mentioned how it's frustrating that the "investigation" has been going nowhere for months. They said that my case had actually timed out, and they pushed it through and now the cash is in my account.

  • Anyone playing the long game and trying to open a UFB account to (hopefully) avoid future Axos Chex pulls when churning?

    Submitted a UFB savings application yesterday with Chex frozen (savings/checking Axos accounts still open). Went pending. (no bonus, just a plain application; I know it hurts my heart a little.)

    Today I received an email from UFB stating they need me to upload docs... click the link, and asks me to upload the following:

    (nothing listed)

    Uploaded front of my ID. Back under review. Let's see where this goes! Have a feeling it will be "we need for you to unfreeze your Chex" next.

    • @guest_1862646 , what is the general policy Axos has if I want to do the churning here? thanks.

      • Axos is kind of muddy & not clear. Last offer I did said...

        "Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year. "

        Ok, so is that from last sign-up? From last bonus payout date? Offers from Axos in the distant past said 12 months from last account closing, which is probably the safest interpretation, just in case they only changed the wording of the terms and not the underlying system parameters.

        But, you could have found that info in this comment: #1995719

        Are you aware of some new offer, or just hoping? @guest_1863318

        • No @guest_1862646 , I didn't find any new promo. In fact, I am checking with you before I close my Axos account. I think I will close it today since it is churnable though the term is not clear. BTW, do I need to call them to close it? thanks again.

      • No, I let it go and didn't follow up. Not worth the Chex inquiry, and it appears they aren't going to approve it without getting my Chex, which was the whole point. @guest_2047784

    • I have very different experiences. Was a former Axos Bank but still has the account login. Me who opens Axos Bank and UFB Direct with 3 Chex pulls in less than 3 weeks of the following:

      Axos Bank Summit Savings: 3/6/2025

      Axos Bank checking and savings bundle: 2/24/2025

      UFB Direct checking and savings bundle: 2/18/2025

      All of them was instant approved without needing ID. And yes I did this very short amount of time the better. 😃

      Current Chex stats at the time of this reply:

      4/2, 7/12, 11/24, 20/36

      • With great stats like that (prior to your Axos/UFB applying spree) you could have gotten approved for some Chex-sensitive FIs!

          • I actually tried to apply CIT Bank back in 2022 but they denied me for opening account. They didn't mentioned Chex was used in the email nor identification can't be verified. Just gave me generic "We're sorry we can't open your account". Not gonna try to attempt to apply CIT Bank again and waste Chex on it.

          • I understand hour trepidation. However, if they declined you immediately, there's a good chance that they didn't pull your Chex.

            I've seen some DPs in the CIT post of people trying again after what happened to you occurred and then getting approved. However, do whatever you feel that you're comfortable with.

    • YMMV, but Axos pulled my Chex when I opened an account as a UFB account holder. Here is my DP. I did not freeze my Chex at the time though.

      • But I know I saw at least a DP or two of being able to escape Chex by being an existing UFB/Axos customer. I have a feeling I will be giving up soon and asking to rescind the application. Was just trying to be proactive for the next Axos promo, but might be a lost cause.

          • Thanks. Yeah, probably a waste of time but I started the journey, so I will play it out to see how it goes. False DP's due to Chex and their crappy sorting. I'm not a big Axos fan because I always seem to have issues getting signed up as a past UFB holder, so was hoping keeping their Savings over might be a lifeboat.

            I noticed when submitting the application there is no way to update my D/L info, which luckily hasn't changed, except the expiration. So, logically, I uploaded that doc for now.

          • Gave up on this journey & UFB. Will just take the Chex hit if/when the next offer comes around.

  • 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.

    • Rebatesme finally credited the $80 sign up bonus. I pestered them monthly for x3 months after placing ticket. They said that no shopping trip matched. They also said that apparently that offer doesn’t count towards the Rebatesme sign up bonus. Oh well, at least they paid out.

    • 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?

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