Axos Bank is offering a bonus of up to $500 when you open a new Rewards Checking Account — here's how to get it

Axos Bank Rewards Checking is no longer available for new applications.

If the Axos Bank® Rewards Checking Account has been on your radar, now's the time to get it. From now through July 31, Axos is offering an increased cash bonus of up to $500 (up from $300) and up to 3.30% APY when you sign up for a new account and use promo code RC500, provided you meet some requirements. Here's what you need to know.

From now until July 31, 2024, Axos Bank is offering new Axos Rewards Checking account holders the opportunity to earn $500 in bonus cash. This is one of the better bonus offers we've seen for a checking account, and it's even more enticing when you consider the up to 3.30% APY this account potentially earns. Most checking accounts don't typically offer a sign-up bonus or rewards, but with this account, you get both.

To earn the $500 welcome bonus, you'll need to do the following:

• Use promo code RC500 when opening the account by July 31.
• Starting in the statement cycle 30 days after your account is opened, receive qualifying direct deposits of at least $1,500 each calendar month.
• Maintain an average daily balance of at least $3,000 each month

Each month you meet the requirements, you'll earn $100, which will be credited to your checking account within 15 business days after the statement cycle ends. Over six statement cycles, you'll earn a maximum of five $100 payouts. To earn the bonus, you must meet these requirements during the first six calendar months after opening the account.

How to qualify for the Rewards Checking Account's highest APY

By receiving the qualifying direct deposits of $1,500 or more each month, you'll also qualify to earn 0.40% APY on the account. But to earn the account's highest APY offer of 3.30% APY, you'll need to meet the following requirements:

• Make 10 debit card transactions per month (minimum $3 per transaction) or sign up for Personal Finance Manager (PFM) "Account Aggregation" = earn an additional 0.30% APY
• Maintain an average daily balance of $2,500 per month in an Axos Invest Managed Portfolios account = earn an additional 0.99% APY
• Maintain an average daily balance of $2,500 per month in an Axos Invest Self-Directed Trading account = earn an additional 0.99% APY
• Add a monthly loan payment (mortgage, personal or auto loans) using your Rewards Checking account = earn an additional 0.60% APY

If Axos Bank's Rewards Checking Account bonus isn't right for you, there are plenty of other offers to choose from.

For example, the *Chase Total Checking® currently has a bonus of up to $300 until October 15, 2025. To qualify, you need to be a new Chase checking customer, open a Total Checking account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.

The SoFi Checking and Savings also offers of $50 or $400 welcome bonus when you direct at least $5,000 Direct Deposit Bonus Period. If that's not feasible, you can also get a $50 welcome bonus with a direct deposit between $1,000 and $4,999.99 within the same timeframe. There's a .50% APY on your checking balances. You'll earn up to *4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.90% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Collect cash bonus of $50 or $400 depending on direct deposit amount.

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* New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/ *SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn up to 3.10% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.10% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. *SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC's regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks. *Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#4. SoFi Bank, N.A. Member FDIC. *Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

* Information about Chase Total Checking® has been collected independently by CNBC Select and has not been reviewed or provided by the issuer of the card prior to publication.