Checking accounts are an essential part of your day-to-day spending, consuming and participating in capitalism. Cash has gone the way of the dinosaur, so if everyone has to use a checking account, why not find one with some perks?
By Caitlyn Moorhead
- Top 10 Rewards Checking Accounts
The good news is that many banks and financial institutions are now offering a high-yield or rewards checking option, which means a checking account with high-interest rates or cash back. Great rates and rewards are not just for credit cards anymore.
10 Best Rewards Checking Accounts
- American Express Rewards Checking
- Axos Bank Rewards Checking
- Connexus Credit Union Xtraordinary Checking
- Consumers Credit Union Free Rewards Checking
- Discover Cashback Debit Account
- Lake Michigan Credit Union Max Checking
- LendingClub Rewards Checking
- Quontic Cash Rewards Checking
- SoFi Checking and Savings
- Upgrade Reward Checking
1. American Express® Rewards Checking
American Express, Member FDIC, is known for rewards when it comes to credit cards. However, members can now apply for a checking account that has no monthly fees, a solid annual percentage yield and rewards on some purchases. Earned rewards can be redeemed as a deposit into your checking account, or you can redeem them in the same way you redeem points for any Membership Rewards cards you currently have.
More From Your Money: Choose a high-interest saving, checking, CD, or investing account from our list of top banks to start saving today.
2. Axos Bank Rewards Checking
To open an Axos Bank Rewards Checking account you just need $50. There is no requirement to keep a minimum balance, and there are no overdraft fees.
3. Connexus Credit Union Xtraordinary Checking
The Connexus Credit Union Xtraordinary Checking account comes with a free Visa debit card and free digital banking. To earn the yield, you must spend $400 on the debit card or have at least 15 debit card purchases per cycle.
4. Consumers Credit Union Free Rewards Checking
Consumers Credit Union Free Rewards Checking offers conveniences such as mobile banking and a large network of ATMs. There is also never a minimum balance requirement. Tiered rates increase with larger balances when you meet minimum account activity requirements.
5. Discover Cashback Debit Account
Discover’s Cashback Debit Account provides a free checking account with no-fee overdraft-protection transfers. In fact, it has no fees whatsoever. It is FDIC-insured and offers such security measures as fraud protection and online privacy protection.
Unfortunately, the Cashback Debit account is not currently accepting applications, but you can sign up to get an email when it becomes available again.
6. Lake Michigan Credit Union Max Checking
There are no monthly fees or minimum balance requirements for the Lake Michigan Credit Union Max Checking Account. It comes with a $10-per-month reimbursement for any non-Lake Credit Union or non-Allpoint ATM transactions.
7. LendingClub Rewards Checking
LendingClub Rewards Checking has no overdraft fees and no minimum balance or transaction requirements. The account provides unlimited ATM fee rebates and early access to direct deposited paychecks.
8. Quontic Cash Rewards Checking
Quontic Cash Rewards Checking accounts are FDIC-insured and come with security monitoring. There are no overdraft fees and the exclusive Quontic Pay Ring also eliminates the need to carry a debit card.
9. SoFi Checking and Savings Account
The SoFi Checking and Savings account has overdraft protection and automatic saving features.
10. Upgrade Rewards Checking
Upgrade Rewards Checking accounts get up to 20% lower rates on loans and cards. It also has no overdraft fees, transfer fees or ATM fees.
Final Take
You use your checking account every day, so it may be time to switch to a high-yield or rewards checking account to make sure you are getting the most for your money. There are several banks and financial institutions that now offer a bit more incentive to bank with them, so be sure to take advantage of one of them.
Daria Uhlig contributed to the reporting for this article.
What is a rewards checking account?
A rewards checking account is a checking account that comes with added benefits, such as cash back or high interest rates.
Can you get rewards from a checking account?
Not all checking accounts come with a rewards program, but several do. Banks and financial institutions now try to entice future customers with such rewards as sign-up bonuses, cash back percentages on qualifying purchases, interest rates that are higher than the national average and reimbursements on ATM fees.
What is a free rewards checking account?
A free rewards checking account is typically a checking account that doesn’t charge monthly maintenance fees or other types of fees, such as overdraft fees, transaction fees or ATM fees.
Which bank offers the most rewards?
There are several banks and financial institutions that now offer rewards checking accounts. Examples of banks that offer rewards include:
– American Express Rewards Checking
– Axos Bank Rewards Checking
– Connexus Credit Union Xtraordinary Checking
– Consumers Credit Union Free Rewards Checking
– Discover Cashback Debit Account
– Lake Michigan Credit Union Max Checking
– LendingClub Rewards Checking
– Quontic Cash Rewards Checking
– SoFi Checking and Savings
– Upgrade Reward Checking
A rewards checking account is a checking account that comes with added benefits, such as cash back or high interest rates.
Not all checking accounts come with a rewards program, but several do. Banks and financial institutions now try to entice future customers with such rewards as sign-up bonuses, cash back percentages on qualifying purchases, interest rates that are higher than the national average and reimbursements on ATM fees.
A free rewards checking account is typically a checking account that doesn’t charge monthly maintenance fees or other types of fees, such as overdraft fees, transaction fees or ATM fees.
There are several banks and financial institutions that now offer rewards checking accounts. Examples of banks that offer rewards include:
– American Express Rewards Checking
– Axos Bank Rewards Checking
– Connexus Credit Union Xtraordinary Checking
– Consumers Credit Union Free Rewards Checking
– Discover Cashback Debit Account
– Lake Michigan Credit Union Max Checking
– LendingClub Rewards Checking
– Quontic Cash Rewards Checking
– SoFi Checking and Savings
– Upgrade Reward Checking
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 28, 2023.
1SoFi members with direct deposit can earn up to 3.75% annual percentage yield (APY) on savings balances (including Vaults) and 2.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 3.75% APY for savings and 2.50% APY for checking balances. Members without direct deposit will earn 1.20% APY on all account balances in checking and savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of Jan. 4, 2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
