Axos Bank's $300 Checking Bonus: Easy Money, But Read the Fine Print

Another day, another bank bonus. This time it's Axos Bank dangling up to $300 to open a checking account. On the surface, it looks like a straightforward payday, but there are a couple of hoops to jump through — and one big catch that might make you think twice. Let's break it down.

How the $300 breaks down

The bonus is paid out in monthly chunks, not all at once. According to the offer details, you can earn up to $300 over your first few statement cycles, with each qualifying month adding to your total. To qualify, you need to open an Axos Checking account with promo code AX300 and set up direct deposits of at least $1,500 per month.

But here's the kicker: you also need to maintain an average daily balance of $5,000 each statement cycle. That's a hefty sum to park in a checking account, especially when savings accounts are paying more. The bank's own page lists the offer as ending December 1, 2026, so there's time — but the balance requirement is the real hurdle.

• Use promo code AX300 when applying.
• Set up direct deposit of $1,500+ per month.
• Keep an average daily balance of $5,000 each month.
• Bonus is paid in installments over several months.

The 120-day lock-up (and why it matters)

Axos requires you to keep the account open for at least 120 days. Close it sooner and you could be hit with an early closure fee of up to $300 — essentially clawing back whatever bonus you've earned. That's a common tactic among banks, but it's worth repeating: don't touch that account until the clock runs out.

The good news? There's no monthly maintenance fee, so as long as you meet the balance requirement, the account won't cost you anything to keep open.

• Account must stay open for 120 days.
• Early closure fee can equal the bonus you received.
• No monthly fee, so no ongoing cost if you meet the balance.

Is it worth the effort?

Honestly, it depends on how you value your time and capital. The direct deposit part is easy for most people with a regular paycheck. But tying up $5,000 in a checking account earning just 1.00% APY (per Axos's site) isn't exactly thrilling. You could earn more in a high-yield savings account elsewhere.

That said, if you already have the cash sitting idle and can meet the direct deposit requirement, the $300 bonus is a decent return. Just don't expect to get rich quick — and definitely don't close the account early.

• Bonus is taxable as income.
• Soft pull only, so no hard hit to your credit.
• Consider opportunity cost of the $5,000 balance.

Bottom Line

• Axos Bank offers up to $300 with promo code AX300.
• Requires $1,500+ monthly direct deposit and $5,000 average daily balance.
• Account must stay open 120 days or you may forfeit the bonus.
• Offer ends December 1, 2026.
• No monthly fees, but the balance requirement ties up cash.

Common Questions