This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. For an explanation of our Advertising Disclosure, visit this page.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, earn up to 3.30% APY interest, and you also have the opportunity to receive a $100 welcome bonus.Bonus: Earn $100 bonus cash by using promo code RC100 when you open an Axos Bank Rewards Checking by March 31, 2023. You will need to receive at least $1,500 in qualifying direct deposits in a single calendar month during the first three months from account opening.Screenshot of the Axos Bank Rewards Checking page.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 reimbursementsEarn up to 3.30% APY on depositsZero maintenance fees or balance requirementsNo overdraft fees or non-sufficient funds (NSF) feesOnline bill payYou 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.$100 Welcome OfferOne of the most exciting reasons to consider opening an Axos Rewards Checking account is to receive a $100 signup bonus.You’re eligible for the bonus by using promotional code RC100 and opening an Axos Bank Rewards Checking account on or before March 31, 2023.This bonus is relatively easy to earn compared to other checking account offers as you only need to receive at least $1,500 in direct deposits in a single calendar month. The qualification period is the first 3 months from the account opening.After satisfying the deposit requirements, you will receive your reward after a 90-day waiting period. Additionally, your account must remain open for at least 180 days, or you will forfeit the bonus income.Like any promotion, there are a few terms and conditions. In general, you’re eligible if you haven’t earned an Axos Bank bonus within the past 12 months or have had primary ownership in an Axos Bank or Axos Bank for Nationwide checking account in the past 12 months.Related: Best Checking Account Bonuses for 2023Earn Up to 3.30% APY InterestIn 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 up to 3.30% APY by completing these monthly activities:0.40% by receiving at least $1,500 in monthly direct deposits0.30% by completing at least 10 monthly transactions ($3 minimum per order) through your Axos debit card or Personal Finance Manager online bill pay service0.20% by maintaining an average $2,500 average daily balance in your Axos Invest Managed Portfolios Account0.20% by maintaining an average $2,500 average daily balance in your Axos Invest Self-Directed Trading Account0.15% 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.Banking FeesThis is a fee-free checking account in many situations as you will avoid these charges:Monthly maintenance feesLow balance chargesOverdraft chargesNon-sufficient fundsDomestic ATM withdrawalsInactivity feesIncoming 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 internationalPaper account statements: $5Paper check orders: At a costOfficial 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 & ConsHere are the positives and negatives of using the Axos Bank Rewards Checking account.ProsNo monthly fees or required balancesCan earn interest on depositsDebit card and bill payment serviceUnlimited domestic ATM fee reimbursementsAs a reminder, new Axos Bank customers can get a $100 signup bonus by using promo code RC100 and receiving qualifying direct deposits (expires 3/31/2023).ConsDifficult to earn the maximum interest rateForeign transaction fees applyNo physical branchesOther Axos Bank ProductsAxos 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 CheckingHere is a step-by-step look at opening an Axos Bank Rewards Checking account within a few minutes.Open a New Customer AccountIf 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 IdentityYou will need to provide these details during the account opening process:Social Security NumberGovernment-issued ID: U.S. driver’s license or a state IDValid U.S. street address (not a P.O. box)U.S. cell phoneValid emailYou will also need to be at least 18 years old and a U.S. citizen or resident alien.Fund AccountAs you progress through the screens, you can enter promo code RC100 to enroll in the $100 welcome bonus (must enroll by 3/31/2023).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.SummaryRewards 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.Related Articles:The comments on this page are not provided, reviewed, or otherwise approved by the bank advertiser. 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