Earn up to a $500 bonus on a checking bonus: Axos Bank enhances offer on Axos Rewards Checking

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• Axos Bank Rewards Checking offers a cash bonus of up to $500. The account also pays up to 3.30% APY.
• To get the bonus, you must open a new checking account using the promo code RC500 by July 31, 2024, and meet certain criteria.
• Other national banks also have checking account bonuses of $500 or more.

Axos Bank is increasing its checking account bonus this summer.

If you open a new Axos Rewards Checking Account by July 31, 2024, and meet certain requirements, you can get a cash bonus up to a $500. Previously, the bank offered up to $300 for a checking account bonus.

Find out how to qualify for the maximum $500 Axos checking bonus, and see how it compares to the best checking account bonuses.

How to qualify for a $500 Axos Bank checking bonus

First, you'll need to apply for a new Axos Bank Rewards Checking online using the promotional code "RC500."

Then, you'll need to meet the following requirements during the first six calendar months, starting in the statement cycle 30 days after your account is opened:

• Receive qualifying direct deposits of $1,500 or more each month (Qualifying direct deposits include electronic deposits of paychecks or government benefits)
• Maintain an average daily balance of $3,000 or more

Each month that you fulfill the criteria, you'll earn $100. The bonus will be deposited into your checking account within 15 business days following the end of the statement cycle in which the requirements are completed. There's a maximum of five payouts of $100 during the six statement cycles.

By receiving qualifying direct deposits of $1,500 or more each month, you also qualify to earn 0.40% APY on the account.

Axos Rewards Checking pays up to 3.30% APY. If you want to earn the highest APY, you have to do the following each month in addition to receiving qualifying direct deposits:

• Make 10 debit card transactions (minimum $3 per transaction) or sign up for Account Aggregation/Personal Finance Manager
• Keep at least a daily average of $2,500 in an Axos Invest Managed Portfolios Account
• Keep at least a daily average of $2,500 in an Axos Invest Self Directed Trading Account
• Make a monthly Axos consumer loan payment with your account

Also, keep in mind that Axos Rewards Checking has no monthly service fee, no overdraft fees, and no minimum balance requirements.

How the Axos checking bonus compares to other high bonuses

Other national banks also have checking account bonuses of $500 or more. You might prefer one of these bonuses if you find the requirements are easier to meet.

Keep in mind that all of these accounts have monthly service fees. To maximize your savings, make sure you qualify to waive monthly service fees and other common bank fees. Otherwise, Axos or another online bank will be a better fit for you, since their accounts don't have typical bank fees.

Huntington Bank Platinum Perks Checking: Earn $600

New Huntington Bank Platinum Perks Checking customers can get a $600 when they open an account with a promotional code by October 7, 2024, make a new money deposit of $25,000 or more in the first 90 days, and keep it open for 90 days.

To be eligible for the $600 bonus at Huntington Bank, you must live in Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, West Virginia, or Wisconsin.

U.S. Bank Smartly Checking: Earn up to $500 (earn up to $700 total if you qualify for both Smartly Checking and Standard Savings account offers)

At U.S. Bank, you can get a up to a $500 checking account bonus until June 27, 2024.

To qualify, you'll need to open U.S. Bank Smartly® Checking with a promo code and $25 minimum opening deposit.

After that, you have to enroll in mobile banking or online banking and make two or more direct deposits. This will need to be completed in the first 90 days of account opening.

To earn $100, your direct deposits must total $3,000 to $4,999.99. To earn $300, your direct deposits must total $5,000 to $9,999.99. To earn $500, your direct deposits must total $10,000 or more.

You won't be eligible for this bonus if you live outside of the U.S. Bank footprint or are an existing customer of U.S. Bank or State Farm.

U.S. Bank has locations in Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin, and Wyoming.

U.S. Bank also offers one of the best savings account bonuses, so it could be a good choice if you'd like to open a savings account at the same bank.

BMO Relationship Checking: Earn $500

If you're interested in banking with BMO Bank, there's a $500 checking bonus available for new customers.

To qualify, you must open a BMO Relationship Checking account with a promo code by September 9, 2024, and make qualifying direct deposits of $7,500 or more within the first 90 days.