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Axos Bank Rewards Checking account review: How to earn the $300 checking bonus


The Axos Bank® Rewards Checking account is a top no fee checking account with unlimited reimbursements for domestic ATMs. It’s one of the best free checking accounts for rewards with no monthly fees and no minimum balance requirements.

Plus, there’s a limited time checking bonus right now of up to $300 and you can earn a high up to 3.30% APY. See how to earn in our Axos Bank Rewards Checking account review.

Checking accounts tend to be the backbone of your finances so our team takes our time evaluating them for readers of Money Under 30. We consider the incentives, both for a long-term banking relationship or a short-term benefit, like welcome bonuses and rewards. Factors for review include associated fees, ease of account opening, ATM access, any interest earned, account perks, whether the account’s with a brick-and-mortar or an online bank and more.

Limited Time Bonus
Axos Bank Rewards Checking account

The Axos Bank Rewards Checking account is a free checking account with no monthly fees, no minimum balance requirements and reimbursements for ATM fees.

Earn a competitive APY and take advantage of a limited time checking bonus.

Special offer: Apply by 6/30/24 to earn a welcome bonus of up to $300! Open a new account and apply code AXOS300.
  • Up to 3.30% APY*
  • Lucrative welcome bonus
  • No monthly maintenance fee
  • Unlimited domestic ATM fee reimbursements
  • Multiple rate requirements to earn max APY
  • No physical branches
Use Code AXOS300

About Axos Bank

Axos Bank has a long history in digital banking being founded in 2000. Since then, it has grown substantially with approximately $21.6 billion in consolidated assets as of December 31, 2023. Offerings include both personal and business banking services, including checking accounts, savings accounts and certificates of deposit (CDs).

From Axos Bank’s offerings, we dive in deeper and take a look at the Axos Rewards Checking account for those looking to open a new checking account today.

What is the Axos Rewards Checking account?

The Axos Rewards Checking account is an all-around interest-bearing checking account from Axos Bank. It offers a notable welcome bonus of up to $300, a competitive APY and a number of useful everyday perks while skipping over many routine bank fees. There’s zero monthly maintenance fees, no overdraft fees and no minimum balance that needs to be maintained with the Axos Rewards Checking account.

Pros & cons


  • No fees — There’s no monthly, overdraft or non-sufficient funds (NSF) fees to worry about.
  • No minimum balance requirement — There’s no pressure to keep a minimum balance.
  • Lucrative checking bonus — Earn up to $300 from Axos Bank for a limited time.
  • APY of up to 3.30% — A very competitive headline rate for a checking account.
  • Unlimited domestic ATM fee reimbursements — Get ATM fees reimbursed on any ATM you use nationwide


  • Requirements for APY — Most people will not receive the highest APY unless they can meet all five requirements.
  • No physical branches — Axos Bank is an online-only bank if you would like a brick-and-mortar.

Features of Axos Rewards Checking account

Here are some top perks and features of going with this checking account.

No fees

There’s no monthly maintenance fees, no overdraft fees and no fees for a minimum balance requirement with this checking account. There’s only a $50 initial deposit to open your account.

Limited time $300 welcome bonus (expires 6/30/2024)

The Axos Bank Rewards Checking account is currently offering a limited time checking bonus for new account holders of up to $300 that expires on June 30th, 2024. Use promo code AXOS300 and have qualifying direct deposits to earn up to a $300 bonus.

woman standing with mobile device with $300 bonus for Axos Bank backdrop
Earn up to $300 with the Rewards Checking bonus (from

Qualifying direct deposits include a total of at least $5,000 each calendar month during your first seven calendar months on your new account. Your minimum average daily balance must be at least $7,000 during that time as well. These requirements qualify you for six payouts of $50 each month qualifications are made.

According to Axos, a direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability etc. Other deposits (like online banking transfers and ATM deposits) or person-to-person payments are not considered a direct deposit under this offer. Some other details to note: your account has to remain open for at least 210 days or any bonus earned may be applied as an early closure fee and you’re limited to one checking account promotional offer per year.

Earn up to 3.30% APY

Axos Rewards Checking offers an impressive APY of up to 3.30%. That, however, comes with a number of tiered requirements to earn the highest levels of interest. You essentially build your own rate with direct deposit required to unlock your other interest-earning options. Here’s how that works:

  • Direct Deposit (0.40% APY): Receive monthly direct deposits totaling $1,500 or more.
  • Debit Card Spending or Personal Finance Manager (0.30% APY): Use your Axos debit card for a total of 10 transactions per month (minimum of $3 per transaction) or link an account to activate Personal Finance Manager (PFM).
  • Managed Portfolios (0.99% APY): Maintain an average daily balance of $2,500 per month in an Axos Invest Managed Portfolios Account.
  • Self Directed Trading (0.99% APY): Maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account.
  • Loan Payment (0.60% APY): Use your Rewards Checking account to make your full monthly Axos Bank consumer loan payment. This includes mortgage, personal, and auto loans.

This alone as reason for signing up may not be the sole decider if you believe you’ll only earn the APY for direct deposit without any of the other options to earn.

Reimbursed domestic ATM fees

Axos Bank reimburses all domestic ATM fees. That’s right — all ATMs nationwide. If you live outside some networks (like MoneyPass) or make frequent withdrawals, then the unlimited domestic ATM fee reimbursements comes in handy avoiding the usual hassle.

Unlimited free mobile deposits

A big benefit of going with an online bank is that you don’t have to run to a bank every time you need to deposit a check. Whether at home or on the go, mobile check deposits are fast, secure and free with Axos Bank. Just sign the back of your check, take front and back photos, and upload your check into the mobile app.

Digital tools

With digital banking comes digital tools. Axos Bank has a number of digital tools for its account holders to utilize.

  • Transaction and spending history access.
  • Synched financial accounts.
  • 24/7 virtual assistance via a virtual assistant.
  • Automated bill payments.
  • Use the app to move money to other accounts or sending money to friends.
  • Set up auto alerts to notify you of any strange activity.
  • Security measures to keep your account and information safe.

FDIC insured account

All deposit accounts through Axos Bank, including the Rewards Checking account, are FDIC insured through Axos Bank. Your account will be FDIC-insured up to $250,000 per depositor (up to $500,000 for joint accounts).

» Open an Axos Bank Rewards Checking account today

Who is Axos Rewards Checking for?

Those looking for a nice welcome bonus

The welcome bonus with the Axos Rewards Checking account isn’t the easiest to get but ranks among the best checking account bonuses out there currently for most new account holders. If you can earn the full $300, signing up and meeting the requirements may seem like a no-brainer.

Those looking for no minimum checking

If you’re looking for a free no minimum balance checking account, then the Axos Rewards Checking account is right up your alley and tops many lists. You skip over some of the usual bank fees without many of the drawbacks.

Students, young adults, budget-conscious individuals and those opening up a new checking account for the first time can learn the ropes without some of the hassles.

Those who have trouble finding an ATM

Axos Bank reimburses unlimited domestic ATM fees, so there’s less worry about ATM networks or trying to locate one that won’t subject you to fees. You can use any ATM nationwide with the Rewards Checking account and be reimbursed for all domestic ATM fees.

Those who already use or will use more with Axos Bank

If you use or plan to use other Axos Bank products and services, including their investment accounts or loan offerings, then you may have a step up on building the tiered APY. There’s a lot of hoops to jump through, so if you’re jumping through them anyway, that’s a big plus.

Who should consider an alternative?

Those who prefer in-person banking

Axos Bank is an online bank that won’t work well for those who require or prefer frequent in-person banking at a physical location. If you think you’ll need in-person assistance or banking, perhaps for frequent cash transactions, you should consider going with a more traditional banking option with brick-and-mortar locations (like Chase Bank).

Those concerned about the earning requirements

If you’re unable to meet multiple APY requirements to earn above the base rate provided for direct deposits or feel you won’t be able to qualify for the full welcome bonus, then the account loses some of the appeal. The “up to” is nice but may not be a reality for many. Consider another checking account that provides valuable rewards you can meet with no to low requirements.

My personal experience researching Axos Rewards Checking

The high APY and welcome bonus immediately impressed me until I started to dig into the fine print. Earning the full interest with this account will be unlikely for most people and there’s easier welcome bonuses out there for similar amounts. The lack of fees, including no monthly maintenance fees, and the accessibility of ATMs because of reimbursements over a network are a big plus in comparison.

I came away feeling this was a solid overall checking account that many may consider a top option. It won’t be that for everyone though, which is why proper evaluation through review and reading the fine print can be important.

Individual consideration comes into play. Ultimately, a new Rewards Checking account with Axos is heavy on the positives as long as you make sure it’s right for you.

The competition: Alternatives to Axos Bank

Popular alternatives to Axos Bank include Ally Bank, Chase Bank and Discover® Bank. There’s also some outside alternatives like SoFi and the cash management account, Wealthfront Cash. Here are some top alternatives to Rewards Checking right now:

Axos Rewards Checking vs. Chase Total Checking® account

Those looking for a checking account relationship with a large brick-and-mortar bank can consider the Chase Total Checking® account. There’s access to over 15,000 ATMs, over 4,700 physical branches and yet also one of the best mobile apps for banking.

$300 New Account Bonus
Chase Total Checking® account

Offering one of the largest branch networks in the country, the Chase Total Checking® account gives customer easy access to managing their funds.

Plus, there's responsive customer support, a versatile mobile app and customer-friendly features like Chase Overdraft Assist℠. There is a monthly service fee but there's multiple waiver options to avoid it.

Special offer: New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities. Offer expires 7/24/2024.
  • 15,000 ATMs and more than 4,700 branches
  • Easy to earn welcome bonus
  • Powerful Chase Mobile® app
  • Monthly service fee applies if qualifications not met to waive
  • No interest on balance
Learn More
JPMorgan Chase Bank, N.A. Member FDIC.

Unlike some other popular options, there is a monthly service fee of $12 with this account, but it can be waived. Waiver requirements include direct deposits of $500 or more, a balance at the beginning of each day of $1,500 or more in this account, or an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances.

Chase’s online and mobile banking services are truly top-notch with strong features from a top bank. It’s strong alternative to consider and one most new account holders may be more comfortable with.

Axos Rewards Checking vs. Discover® Cashback Debit Checking

Discover Bank Logo member FDIC

The Discover® Cashback Debit Checking doesn’t offer any interest earned but does offer 1% cash back on up to $3,000 in eligible debit card purchases every month, capping out at $30 in cash back rewards.

This a no-fee checking account with no minimum balance requirements. Plus, you get access to 60,000 no-fee ATMs in the U.S. and may get your paycheck up to two days early when you set up direct deposit. Again, the drawback is no interest earned here but the give and take on certain features may work well for you.

Axos Rewards Checking vs. SoFi Checking and Savings

SoFi Logo

SoFi is another popular online banking option that offers a combo checking+savings account in one seamless sign-up. The interest earned depends on which side your funds sit — checking earns a 0.50% APY while savings with qualifying direct deposits earn up to a 4.60% APY.

As far as fees go with SoFi, tere’s no account fees and no-fee overdraft coverage (with qualifications). You’re not reimbursed for ATM fees as you are with Axos Bank but SoFi partners with Allpoint for ATM access at 55,000+ ATMs without fees.


The Axos Rewards Checking account is a rewarding checking account option if you can take advantage of the up to $300 welcome bonus and up to 3.30% APY. The heights are certainly some of the best out there, especially for a checking account. And even if you can’t reach them, you may still appreciate the unlimited domestic ATM fee reimbursements on any ATM across the nation, mobile check deposit perk and other features.

There is a drawback to all the fine print, so alternatives with lesser strings attached come into play depending on your personal financial situation and banking habits. The Axos Rewards Checking account may still fit your needs for the best new checking account to open after considering all the options.

» Open an Axos Bank Rewards Checking account today

FAQs about Axos Rewards Checking account

How do you earn the Axos Bank $300 Rewards Checking bonus?

To earn the Axos Bank $300 bonus, use the AXOS300 promo code to open an account before June 30th, 2024 and meet the minimum qualifying direct deposit and balance qualifications.

Who’s eligible for the Axos Bank checking bonus?

To apply and be eligible for the Axos Rewards $300 checking bonus you must be at least 18 years old and and not have held an Axos Bank checking account in the past 12 months. Axos Bank includes they may limit checking promotional offers to once per year for primary account holders.

Do you pay taxes on the Axos Bank $300 checking bonus?

The bonus cash through the Axos Rewards Checking offer may be taxable and reported on IRS Form 1099-MISC. This form is typically used to report certain types of miscellaneous income.

What’s a direct deposit with Axos Bank?

A direct deposit with Axos Bank is an electronic deposit of your paycheck or government benefits. That includes Social Security and disability. Other deposits like mobile check deposits or person-to-person payments (PayPal, Zelle) are not considered a direct deposit by Axos Bank.

How many fee-free ATMs does Axos Bank have?

Axos Bank Rewards Checking customers can use any ATM nationwide and be reimbursed for all domestic ATM fees. The same stands for customers of Axos Bank CashBack Checking and Essential Checking.

Other accounts are offered free ATM withdrawals at 91,000 ATMs that can be located with the Axos Bank ATM locator.

Is Axos Bank legitimate?

Axos Bank is a legitimate bank option and is safe to use. Accounts are FDIC insured and include various security tools, like SSL encryption, firewalls and automatic logouts for inactive sessions, to protect your account and personal information. The Axos Rewards Checking account comes with auto alerts to highlight any strange activity.

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