Axos Bank Is Paying New Checking Account Customers up to $500 Until July 31. Here's How to Claim Your Bonus

Checking account bonuses are everywhere. They've become a popular tool in banks' increasingly competitive game of drawing in new customers. But some bonuses -- and bank accounts -- are much better than others.

The Axos Bank Rewards Checking account is already pretty impressive, and thanks to a current promotion, customers who open a new account by July 31 and complete qualifying activities could earn a sweet bonus worth up to $500. Here's what you have to do to qualify.

How to claim the Axos Bank Rewards Checking $500 bonus

The Axos Bank Rewards Checking account bonus is a series of bonuses. You can earn up to $100 per month for up to five months straight. To do this, you must:

• Open a new Axos Bank Rewards Checking account using the promo code RC500 by July 31, 2024.
• Fund your account within 60 days of opening it.
• Receive direct deposits of at least $1,500 into your account for each month you hope to claim the bonus.
• Maintain an average daily balance of at least $3,000 for each month you hope to claim the bonus.

You aren't eligible for a bonus in the first 30 days after opening the account. The eligibility period starts in the second billing cycle. You could potentially claim $100 bonuses in each of the second, third, fourth, fifth, and sixth months after account opening.

Failing to claim a bonus in one month doesn't render you ineligible to claim the bonus in another month. However, you cannot earn bonuses after the sixth billing cycle.

When you successfully claim a bonus, Axos Bank will deposit $100 into your account within 15 business days of the end of the statement cycle.

Should you go for the bonus?

You need to consider two factors when deciding whether to pursue the Axos Bank Rewards Checking $500 bonus. The first and most important is what you think of the account. Even if you earn the bonus, you'll still have the account afterward, so you want to be sure you're happy with its features.

That said, the Axos Bank Rewards Checking account has a lot to like, including:

• No maintenance fees
• An APY of 0.40% (up to 3.30%) -- where the maximum possible APY is as high as what the best high-yield savings accounts offer
• Unlimited domestic ATM fee reimbursements

If these things appeal to you, opening one of these accounts could be a smart move. However, it's still a good idea to compare it to other top checking accounts to see if there's another one you like better.

The other factor to consider is whether you think the bonus is achievable. If you don't believe you can meet the criteria, then you probably won't be able to claim the bonus. That doesn't mean you shouldn't open the account. But it could make it slightly less appealing for you.

In that case, check to see if there are other checking accounts with similar features you like that are running more achievable bonuses.

If you have any questions about the account's features or the $500 bonus, reach out to Axos Bank directly for information. It's important to be clear about what you're getting into before you make a big decision like opening a new bank account. You can always undo it later if you decide you no longer want the account, but it's much better to wait to apply until you're confident that it's right for you.