Best rewards checking accounts

Best rewards checking accounts

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Aspiration Spend & Save Account

Earn unlimited cash back and do good at the same time.

• Monthly fee: $0
• Minimum opening deposit: $10
• Reward: Unlimited cash back on debit card purchases; Up to 1% APY on balances over $0

Aspiration donates 10% of its profit to charity every year. If you want to earn cash back and support socially conscious businesses, then this Spend & Save account is for you. You’ll earn rewards on debit card purchases, up to 1% APY on your account balance and play a large role in charity donations.

Pros

• Unlimited cash back. You’ll earn cash back on purchases and extra cash back when you shop at “businesses with a conscience.”
• Earns interest. Earn up to 1% APY on the money in your Save account.
• Digital debit card. Use your digital debit card while you wait for your physical one to arrive in the mail.

Cons

• Interest requirements. You’ll need to maintain a minimum $0 balance or make a $1,000 monthly deposit into an Aspiration investment account to earn 1% APY.
• Limited ATM withdrawals. Aspiration used to offer unlimited ATM reimbursements, but now you only get five refunds a month.
• Cashback percentages aren’t disclosed. Aspiration doesn’t list its cashback percentages on its website, so you’ll have to call the bank for today’s rates.

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Radius Bank Rewards Checking

Earn 1% cash back and up to 0.15% APY on your account balance.

• Monthly fee: $0
• Minimum opening deposit: $100
• Reward: 1% cash back on debit card purchases; Up to 0.15% APY

The Radius Bank Rewards Checking account earns double the rewards with 1% cash back on debit card purchases and up to 0.15% APY on your account balance. But you’ll only get these benefits if you keep a $2,500 minimum daily balance or make at least $2,500 in monthly direct deposits.

Pros

• Cashback debit card. You’ll get 1% cash back for every online or signature-based debit card purchase you make.
• Earn up to 0.15% APY. Earn 0.1% APY on balances of $2,500 to $99,999.99 and 0.15% on balances over $100,000.
• Free ATMs. Radius Bank reimburses all ATM fees worldwide at the end of each month.

Cons

• Cashback requirements. Maintain a $2,500 daily balance or make at least $2,500 in monthly direct deposits to earn cash back and the advertised APY.
• $100 opening deposit. You’ll need at least $100 to get started.
• One branch. Radius is a digital bank with one branch location in Boston, Massachusetts, so you’re limited to phone, live chat and email support if you live outside this area.

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Consumers Credit Union Rewards Checking

Get rewarded with up to 4.09% APY.

• Monthly fee: $0
• Minimum opening deposit: $0
• Reward: Up to 4.09% APY on balances under $10,000

The Consumers Credit Union Rewards Checking account doesn’t come with a cashback debit card, but it rewards you with one of the highest APYs we’ve seen advertised at any bank. But you’ll only earn the highest tier if you meet certain requirements.

Pros

• Tiered APYs. Depending on which criteria you meet, you’ll earn 3.09%, 4.09% or 4.09% APY on balances up to $10,000.
• No monthly fees. You won’t have to worry about monthly fees with this account.
• Large ATM network. Use your debit card for free at over 30,000 ATMs nationwide.

Cons

• Open to members only. Establish membership by joining the Consumers Cooperative Association and opening a Share Savings account with at least $5.
• Low APY for balances over $10,000. If your balance is more than $10,000 your APY drops to a meager 0.2%.
• APY requirements. You’ll need to meet these criteria to earn a high APY:
  • • 3.09%: Enroll in eDocuments, complete at least 12 debit card purchases totaling at least $100 and post a minimum of $500 direct deposit or ACH credits a month.
    • 4.09%: Meet the 3.09% APY conditions and spend at least $500 in CCU Visa credit card purchases a month.
    • 4.09%: Meet the 3.09% APY conditions and spend at least $1,000 in CCU Visa credit card purchases a month.

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Discover Cashback Debit

Earn up to $30 a month in cash back.

• Monthly fee: $0
• Minimum opening deposit: $0
• Reward: 1% cash back on debit card purchases

This cashback checking account has no minimum fees and free access to over 60,000 ATMs. Plus, you can earn up to 1% cash back on everyday purchases.

Pros

• Earn rewards. Get 1% cash back on up to $3,000 in eligible debit card purchases each month.
• First-fee forgiveness. Each year, Discover reimburses one non-sufficient fund or stop payment fee.
• Minimal fees. This account lacks most of the fees charged by other banks such as monthly maintenance, incoming wire transfers or debit card replacement fees.

Cons

• Cash back limitations. There’s a $3,000 monthly cap on eligible purchases, and you can’t earn rewards for ATM transactions, money orders, peer-to-peer payments or when you get cash back at retailers.
• Daily withdrawal limit. You can’t use your debit card to withdraw more than $510 a day from ATMs.
• No cash deposits. As with most online banks, you can’t easily deposit cash or traveler’s checks.

What are the benefits of using a rewards checking account?

Rewards checking accounts offer:

• Savings. Free plane tickets and cash back on purchases lets you spend less and save more.
• Flexible rewards. Some accounts offer multiple ways to earn rewards. For example, you might earn extra points or rewards for referring a friend or making purchases in a specific category.
• Accessibility. Rewards checking accounts come with debit cards so you can make purchases online, over the counter and over the phone.
• Guaranteed. If you use an FDIC-insured bank, your money is backed by the federal government up to $250,000.

What are the downsides of a rewards checking account?

Negative aspects of rewards checking accounts can include:

• Fees. Rewards checking accounts often come with monthly fees, though you may be able to have them waived by meeting certain requirements.
• Overspending. Avoid making purchases in order to gain points. With the right rewards account, you should be able to build your point balance with your normal banking activities.

How do I compare rewards checking accounts?

If you’re considering opening a rewards checking account, factor in:

• What types of rewards are offered. Would you prefer frequent flyer points or cash back? If the account offers points that can be redeemed another way, are the rewards useful?
• The terms and conditions of the rewards. Do you have to meet any requirements to get rewards, such as maintaining a minimum account balance or having a certain amount direct deposited each month? There may also be conditions on which purchases are eligible for points or cash back.
• How points are earned. What percent cash back do you get, or for miles, how much do you need to spend to earn a mile?
• Fees. Check to see if there are any monthly fees and, if so, if there’s a way to have them waived. You’ll also want to check ATM fees and international transaction fees.
• Accessibility. This includes ATM availability, branch access and online/app access.

Compare rewards checking accounts

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Name	Product	APY	Rewards	Fee
Radius Bank Rewards Checking		0.15% on balances of $100,000+ 0.10% on balances of $2,500 to $99,999.99	Get 1% cash back on everyday purchases. Conditions apply.	$0	Earn cash back with this high-interest checking account, plus get free ATM access worldwide.	Go to site More Info	Compare	loading Fetching your data...
Aspiration Spend & Save Account		1.00% on balances of $0 to $10,000 0.01% on balances of $10,000 to	Unlimited cash back rewards on debit card transactions, plus extra cash back at businesses with high AIM scores	$0	A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.	Go to site More Info	Compare	loading Fetching your data...
Discover Cashback Debit			Earn 1% cash back on up to $3,000 in debit card purchases each month.	$0	Earn 1% cash back on up to $3,000 in debit card purchases each month.	More Info	Compare	loading Fetching your data...

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How does a rewards checking account work?

Depending on which one you choose, there are a number of ways to earn rewards with your checking account. For example, you can be rewarded for maintaining your daily balance, for the purchases you make using the issued debit card, or both.

Depending on your banking habits, you could end up with a substantial number of points. These points can then be used toward airfare or selected purchases and vouchers. Some allow you to redeem your points in the form of cash that gets put back into your account. Think about how you use your checking account and the types of rewards you’d use to compare accounts.

How do cashback offers work?

A cashback offer is a type of rewards program where you earn a percentage of your total purchases back. This can be paid toward the balance on your card or as a discount at checkout with certain partners or on a store-sponsored card.

Bottom line

Rewards checking accounts can help you save money and earn rewards with your everyday purchases. But don’t let the promise of extra miles or cash back convince you to sign up for an account that isn’t the right fit. Compare other checking accounts to make sure you’re getting the one that’s right for you.

Frequently asked questions

• What types of rewards are offered with this type of account?

  The most common rewards are cash back and miles that can go toward plane tickets. Some accounts will also let you accumulate points that you can use to buy gift cards or get discounts at partner retailers.

• Will I be issued a checkbook?

  Most checking accounts will allow you to have a checkbook, but you may have to order it from the bank when you sign up. Depending on your bank, your checks may be free or you may have to pay for a new checkbook.

• Can I use the account for direct debits?

  Yes. You will have all of the banking features of a typical checking account, including direct deposit of your paycheck and automatic debit to pay recurring bills.