You Only Have a Few Weeks Left to Claim This Bank Account Bonus Worth up to $500

Switching bank accounts can be a hassle, even when there are long-term benefits. Banks know this, and so they've devised bank account bonuses to help lure in new customers. These are cash bonuses you get after you open a new account and complete qualifying activities.

But banks can't afford to give away hundreds of dollars to every customer, which is why there's usually a time limit on these offers. One of the best bonuses right now -- the Axos Bank Rewards Checking account's bonus worth up to $500 -- is set to expire on July 31, 2024. Here's what you need to know if you're thinking about going for it.

How do you get theAxos Bank Rewards Checkingaccount bonus?

There are several steps you must complete to receive the Axos Bank Rewards Checking account bonus worth up to $500, including:

• You must open a new account by July 31, 2024 using the promo code RC500.
• You must fund your account within 60 days of account opening.

If you take these steps, you become eligible to earn a $100 monthly bonus, up to a maximum of five times, beginning in your second month of account ownership. This starts 30 days after you open your account. To earn the bonus, you must:

• Receive qualifying direct deposits of at least $1,500 per month and
• Maintain an average daily balance of at least $3,000 per month.

It's possible to earn this bonus in some months, but not others. For example, if you miss it in the second month, you can still earn it in the third month. However, the bonus-earning period ends after the sixth month. So if you're ineligible in one month, your maximum bonus will be $400.

You'll get your cash bonuses via direct deposit to your checking account. Axos Bank will pay them within 15 business days of the end of the statement cycle.

Should you go for it?

There are two general rules of thumb for deciding whether to pursue a bank account bonus:

• Don't go for a bonus you don't think is achievable.
• Don't go for a bonus if you don't like the bank account's regular features.

The first one is pretty self-explanatory. There's no sense in pursuing a bonus you know is out of reach for you. But even if you can claim the bonus, it might not be your best move if you don't like the bank account. You'll still be stuck with it even after earning the cash. If you decide to close the account, you'll have to go through the hassle of moving all your money again.

Fortunately, there is a lot to like about the Axos Bank Rewards Checking account, including:

• No monthly maintenance fees or balance requirements
• Unlimited domestic ATM fee reimbursements
• The opportunity to earn a competitive APY on your balance

The maximum interest rate on this account isn't too far off from what the best savings accounts offer. Its APY of 0.40% (up to 3.30%) is well above most other checking account rates. But it's broken down into pieces. Having monthly direct deposits of at least $1,500, for example, earns you the base APY. To earn a higher rate, you must make a certain number of monthly debit card transactions or have a loan or investment account with Axos Bank.

But even if you don't qualify to earn the maximum APY, you can still come out quite a bit ahead compared to most other high-yield checking accounts. If you routinely keep a large checking account balance, this account could prove lucrative for you.

Only you can answer the question of whether the Axos Bank Rewards Checking account bonus is worth it. But if you think it might be right for you, act promptly before the eligibility period ends. And if you have any questions about the offer, reach out to Axos Bank directly for details.