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Axos Bank offers several rewards banking accounts that can increase your savings potential. You can also easily access your deposits and won’t pay any bank fees. Opening an Axos Bank Rewards Checking account lets you pay for expenses quickly and earn up to 3.30% APY interest.

$300 Bonus: Axos Bank Rewards Checking

LAX to Toronto on Air Canada Premium Economy April 7 2023. Credit: Johnny Jet

What is Axos Bank Rewards Checking?

Axos Bank Rewards Checking is one of several online checking accounts offered through Axos Bank. It’s a personal account with no monthly maintenance fees or ongoing account minimums, although a minimum $50 opening deposit is necessary.

Several of its featured benefits include:

  • Unlimited domestic ATM fee reimbursements
  • Earn up to 3.30% APY on deposits
  • Zero maintenance fees or balance requirements
  • No overdraft fees or non-sufficient funds (NSF) fees
  • Online bill pay

You will also receive an Axos Visa® Debit Card for in-person and online purchases. Using your card for at least 10 purchases per month ($3 minimum) will help you earn a higher interest rate.

Related: Best Checking Account Bonuses for 2023

Earn Up to 3.30% APY Interest

In addition to the upfront bonus, you can earn monthly interest on your account balance. Most checking accounts don’t award interest, and this benefit helps put money back into your pocket.

It’s possible to earn up to 3.30% APY by completing these monthly activities:

  • 0.40% by receiving at least $1,500 in monthly direct deposits
  • 0.30% by completing at least 10 monthly transactions ($3 minimum per order) through your Axos debit card or Personal Finance Manager online bill pay service
  • 0.20% by maintaining an average $2,500 average daily balance in your Axos Invest Managed Portfolios Account
  • 0.20% by maintaining an average $2,500 average daily balance in your Axos Invest Self-Directed Trading Account
  • 0.15% by using your Rewards Checking account to pay a full monthly Axos Bank consumer loan payment (mortgage, personal, and auto loans).

At a minimum, you must receive qualifying direct deposits to earn interest on the other options, such as debit card payments, investment accounts, or loan payments.

Realistically, 0.70% APY is the most likely interest rate.

Welcome Bonus: $300!

You can earn a $300 welcome bonus with Axos Bank Rewards Checking in a few minutes. Use promo code AXOS300 when applying for an Axos Bank Rewards Checking account by 11:59 PM PT on June 30th, 2024. Then have qualifying direct deposit(s) to earn a $300 bonus!

Here are the steps to getting the bonus:

  1. Open a new Axos Bank Rewards Checking account and use the promo code “AXOS300
  2. Deposit new bank funds into your account within 30 days of account opening. You must have qualifying direct deposits that total at least $5,000 each calendar month during the first 7 calendar months of account opening
  3. Maintain a minimum average daily balance of $7,000 in your account. The minimum average daily balance must be achieved and maintained for a few months to receive your new welcome bonus.

Banking Fees

This is a fee-free checking account in many situations as you will avoid these charges:

  • Monthly maintenance fees
  • Low balance charges
  • Overdraft charges
  • Non-sufficient funds
  • Domestic ATM withdrawals
  • Inactivity fees

Incoming wire transfers, electronic account statements, and overdraft account transfers are also free.

While it’s not exactly a fee, you will need to deposit at least $50 to open your account. Thankfully, there isn’t an ongoing minimum balance requirement.

These optional services incur fees:

  • Outgoing wire transfers: $35 domestic/$45 international
  • Paper account statements: $5
  • Paper check orders: At a cost
  • Official checks: $10 (per item)

You can view a full list of deposit account fee disclosures here.

Overseas ATM withdrawal fees will also incur service charges. Additionally, a 1% foreign transaction fee applies to international debit card purchases making credit cards without foreign transaction fees a better option.

Axos Rewards Checking Pros & Cons

Here are the positives and negatives of using the Axos Bank Rewards Checking account.


  • No monthly fees or required balances
  • Can earn interest on deposits
  • Debit card and bill payment service
  • Unlimited domestic ATM fee reimbursements


  • Difficult to earn the maximum interest rate
  • Foreign transaction fees apply
  • No physical branches

Other Axos Bank Products

Axos can be your all-in-one online banking solution. Here is a look at some of the other account options:

  • CashBack Checking: Up to 1% back on debit card purchases, unlimited check-writing privileges, and unlimited domestic ATM fee reimbursement ($50 minimum deposit).
  • Essential Checking: No fees, receive direct deposits up to two days early, unlimited domestic ATM fee reimbursements ($0 minimum opening deposit).
  • High-Yield Savings: Earn interest on your deposits without service fees or balance requirements ($20 minimum opening deposit).

If you’re self-employed or run a small business, you may also consider opening a business checking account through Axos.

How to Join Axos Rewards Checking

Here is a step-by-step look at opening an Axos Bank Rewards Checking account within a few minutes.

Remember, use promo code AXOS300 when applying for an Axos Bank Rewards Checking account by 11:59 PM PT on June 30th, 2024. Then have qualifying direct deposit(s) to earn a $300 bonus!

Open a New Customer Account

If you’re a new customer, you will tap the “Get Started” button from the Reward Checking product page. You will be asked if you want to open a fee-free high-yield savings account simultaneously.

This secondary account is optional, but you may appreciate it to separate your savings and spending funds.

After deciding whether or not to open the account, Axos will ask if you’re a new customer, an existing customer, or a returning applicant.

Verify Identity

You will need to provide these details during the account opening process:

  • Social Security Number
  • Government-issued ID: U.S. driver’s license or a state ID
  • Valid U.S. street address (not a P.O. box)
  • U.S. cell phone
  • Valid email

You will also need to be at least 18 years old and a U.S. citizen or resident alien.

Fund Account

Next, you can link an existing bank account to make an initial $50 opening deposit. You will also receive the banking details that you can provide to your employer or benefits provider to start routing your direct deposits to your Axos checking account to qualify for the signup bonus and earn monthly interest.

Summary of Axos Banking Rewards

Rewards checking accounts are relatively uncommon as most banks provide this account as an easy way to deposit your paycheck and pay your monthly bills without monthly withdrawal limits. An Axos Bank Rewards Checking account is worth pursuing if you receive at least $1,500 in monthly direct deposits, as you can earn interest on your balance and won’t pay any annoying bank fees.

$300 Bonus: Axos Bank Rewards Checking

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