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Cheese Rewards Checking review

A digital bank dedicated to helping Asian-Americans rake in the cheddar through rewards and up to 10% cash back.

finder.com’s rating: 4.1 / 5.0

★★★★★

The Cheese Rewards Checking account is a digital bank account and social cause platform designed for Asian-Americans and immigrants in the US. The account earns up to 10% cash back on purchases and up to 3% on your account balance. Plus, Cheese has pledged to donate $100,000 to Asian-owned businesses and communities.

$0 per month

Fee

3.00%

APY

$0

Minimum deposit to open

Details

APY3.00% for 30 days when you refer someone and they fund the account, otherwise 0.3%
Fee$0 per month
Minimum deposit to open$0
ATMsover 33,000 MoneyPass ATMs
ATM transaction fee$0
Out-of-network ATM fee$0 ATM Operator might charge a fee
International ATM Withdrawal Fee is $5.00
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Review by


Cassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office.

Expert review

Cheese banking is best for those looking to earn cashback rewards for banking and use their dollars to support Asian and immigrant communities. The account has a long list of interesting perks, including no fees, up to 10% cash back on over 10,000 brands and up to 3% APY on account balances. Cheese’s customer service team is fluent in both English and Chinese and the company has pledged to donate $100,000 to Asian businesses and communities.

But the account is mobile-only and there’s no Android app yet. And if you need to speak with customer support, your only option is to contact them through email.

How do I open a Cheese banking account?

Open a Cheese Rewards Checking account in minutes using these steps.

  1. Click Apply now.
  2. From the provider website, enter your mobile number and select Join Now & Get $5.
  3. Open the text on your phone and download the Cheese app.
  4. Launch the app and choose Get Started.
  5. Enter your phone number and hit Text Me.
  6. Enter your name and email address and select Next.
  7. Follow the prompts to finish creating your account.

You’ll get access to a virtual debit card as soon as Cheese approves your account. Your physical card will come in the mail within 10 business days.

Eligibility

Open an account when you meet these requirements.

  • At least 18 years old
  • Valid Social Security number
  • US residential address

Required information

Cheese will ask for this information when you open your account.

  • Full name
  • Valid US residential street address
  • Phone number
  • Email
  • Social Security number
  • Date of birth

What are the benefits of a Cheese banking account?

Cheese banking is FDIC insured up to $250,000 through Coastal Community Bank and receives paychecks up to two days earlier than traditional banks. It also has these benefits.
  • Cheese Giveback Fund. Cheese has pledged to donate $100,000 to Asian charities and nonprofit organizations.
  • Cashback rewards. Earn a flat 0.25% cash back on all purchases, up to $10 in rewards per day, plus up to 10% cash back at over 10,000 stores, including DoorDash, Chewy, Nike and more. View a complete list of offers in the app.
  • Competitive interest. Earn a base rate of 0.3% APY on your total balance, plus a boosted rate of 3% APY for 30 days when you refer someone to Cheese and they join and fund the account with $50.
  • No fees. This Cheese Rewards Checking account has no monthly fees and no minimum balance requirements.
  • Bilingual support. Cheese‘s customer support team speaks fluent English and Chinese, with other languages coming soon.

What should I look out for?

As with most digital accounts, Cheese banking doesn’t accept cash deposits or come with check-writing privileges. It also has these potential drawbacks.

  • Not available on Android. Cheese banking is only available to iOS and iPhone users. But will become available to Android users by May 2021.
  • No joint accounts. You can’t open a Cheese Rewards Checking account with a partner or family member.
  • No foreign deposits. Cheese doesn’t accept deposits in foreign funds or checks from banks outside the US, but you can still send and receive international wires.
  • Limited support options. Reach customer support only by emailing support@earncheese.com.

If you don’t have an iPhone, explore other rewards checking accounts to find the one that’s right for you.

Cheese‘s ATM network and fees

Use your Cheese Mastercard debit card at over 33,000 MoneyPass ATMs nationwide for free. Use the mobile app to find the ATM nearest to you. Cheese doesn’t charge fees for out-of-network ATMs, but the operator might.

Compare Cheese banking with other checking accounts

See how Cheese‘s features and fees compare to other digital checking accounts.

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00% on balances of $0 to $10,000
$10
55,000 free in-network ATMs
$0
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Chase Secure Banking℠
Chase Secure Banking℠
N/A
$0
Access to 16,000 ATMs and more than 4,700 branches nationwide
$2.50
Chase Secure Banking offers no overdraft services and $100 signup bonus to new Chase customers
Douugh
Finder Rating: 4 / 5: ★★★★★
Douugh
N/A
$0
more than 38,000 ATMs in the MoneyPass ATM network
The Douugh app is an AI assistant focused on your finances.
OnJuno
Finder Rating: 4.8 / 5: ★★★★★
OnJuno
1.20% on balances of $0 to $50,000
0.25% on balances of $50,000.01+
$0
more than 85,000 ATMs nationwide
$0
OnJuno embraces an open banking system for everyone, regardless of their age, location, or income.
Lili
Finder Rating: 4.7 / 5: ★★★★★
Lili
1.00%
$0
32,000 fee-free ATMs nationwide
$2.50
Freelancers get paid up to two days early and can automatically set aside money for taxes with the Lili digital bank account. Get up to 10 referral rewards, or $1000.
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Compare up to 4 providers

How do I deposit or withdraw my money?

Access money in your Cheese Rewards Checking account using these methods.

Deposits

  • Direct deposit
  • Check deposit in the mobile app
  • Transfer from a linked account
  • Domestic or international wire transfer

Withdrawals

  • At an ATM
  • Transfer to a linked account
  • Domestic or international wire transfer

How to contact Cheese Rewards Checking customer service?

Cheese’s customer support is fluent in both English and Chinese. Contact them by email at support@earncheese.com.

Checking account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

Read the full methodology of how we rate checking accounts.

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