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Best rewards checking accounts for 2023

Explore cashback checking accounts that give you rewards on every dollar you spend.

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By

Cassidy Horton

&

Bethany Hickey

Edited by

Holly Jennings

Reviewed by

Alexa Serrano Cruz

Updated

Fact checked

The best rewards checking accounts give you fun perks like cash back or discount points when you use your debit card for everyday purchases. And unlike a cashback credit card, there’s no interest or monthly balance to pay back.

10 best rewards checking accounts

Explore the best rewards checking accounts by comparing their features, pros and cons.

Best overall for earning cash back

Varo

Finder Rating: 4.8 / 5 ★★★★★

Varo is running a Referral Bonus Promotion through October 5, 2023 that gets both existing and new customers $30 when signing up for a Varo Bank account.
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on Varo's secure site
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Coming in hot with a high 6% cashback rate, the online bank Varo allows you to earn up to $50 per month in cashback rewards. And with the high cashback rate, you only have to spend around $830 per month to make the most of the cashback limit. The Varo checking account doesn't charge any monthly fees, requires no minimum opening deposit and offers overdraft protection. Varo also has a savings account that offers up to 5% APY on balances under $5,000 that you can apply for when you open a Varo checking account and sign up for e-statements. However, you can't do wire transfers, and there are no checking writing privileges.

Best hybrid account

SoFi Checking and Savings

Finder Rating: 4.5 / 5 ★★★★★

Get up to $250 with qualifying direct deposit. Terms apply. This offer is available until December 31, 2023.
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SoFi is an online, FDIC-insured bank offering a top hybrid checking and savings account. You can earn up to 4.50% APY on your savings balance, and 0.50% APY on your checking. To earn those high rates, you either need to set up direct deposits, or just deposit at least $5,000 per month. SoFi is known for its lack of fees on many of its products, and that includes its Checking and Saving account — there are no monthly fees, no overdraft or nonsufficent fees, and no opening deposit requirement. You can also enjoy up to $2 million in additional FDIC insurance coverage. However, like some online bank accounts, cash deposits come with a $4.95 fee, and there are no physical branches, so customer support is limited.

Best for big spenders

Discover® Cashback Debit

Finder Rating: 4.8 / 5 ★★★★★

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This Cashback Debit account offers 1% cash back on up to $3,000 in debit card purchases each month. But most won't have the funds to take advantage of its cashback limit. To earn the full $3,000 cash back, you'd have to spend a whopping $300,000 per month — making it a solid account for affluent big spenders that often exceed the earned rewards limit on other accounts. There are also no monthly fees, no balance requirements, no insufficient funds fees, and there's free overdraft protection. Discover also works with Zelle for easy peer-to-peer transactions. The only fee is a $30 service charge for outgoing wire transfers, and there are no ATM reimbursements for using an ATM outside of Disover's network.

Partner terms and conditions
Earn 1% cash back on up to $3,000 in debit card purchases each month. See website for details.

Best for ATM reimbursements

Axos Bank CashBack Checking

Finder Rating: 4.5 / 5 ★★★★★

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on Axos Bank's secure site
An online bank, Axos' CashBack Checking account comes with unlimited domestic ATM reimbursements and no monthly fees. You can also earn 1% cash back on signature-based transaction purchases, up to $2,000 earned per month. To qualify for the cash back, you must maintain a $1,500 average daily collected balance. If you fall below that threshold, you can still earn 0.50% in cash back for the month. You can also enjoy unlimited check writing and send peer-to-peer payments from your account. To get started, you'll need to make a $50 deposit. On the downside, Axos customer support information is difficult to locate — the customer support page leads to a blog, and there's no phone number or email address listed.

Best for businesses

Grasshopper Business Checking

Finder Rating: 4.6 / 5 ★★★★★

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Grasshopper is an online business bank account that offers 2.25% APY on balances between $25,000 and $250,000, and balances under $25,000 earn 1.51% APY. You can also enjoy unlimited transactions, no monthly fees, and 1% unlimited cashback rewards. To qualify for the cash back, you must maintain an average balance of $10,000, and the account must be in good standing. But it requires an opening deposit of $100, and like most online accounts, it doesn't accept cash deposits.

Best for everyday spending

Upgrade Rewards Checking Plus

Finder Rating: 4.3 / 5 ★★★★★

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If you need an everyday checking account, Upgrade's rewards checking is worth considering. You can earn 2% cash back on everyday expenses such as utilities, subscriptions, bars, restaurants, gas stations, drug stores, convenience stores, food deliveries and more — and you get up to 1% cash back on all other purchases. The 2% cashback rewards are limited to $500 annually or around $41 per month. And to qualify for the highest cash back rates, you must be an 'active' account member, which requires at least $1,000 of direct deposits per month. With an Upgrade account, you'll also enjoy no monthly fees, and you'll get ATM reimbursements if you're an active account member. You can also get one free domestic wire transfer per month, and each transfer costs $20 after that. But like most online accounts, it doesn't accept cash deposits, and there are no check writing privileges.

Partner terms and conditions
Upgrade is a financial technology company, not a bank.  Rewards Checking services provided by Cross River Bank, Member FDIC.  Upgrade VISA ® Debit Cards issued by Cross River Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.

Best for credit unions

PSECU checking account

Finder Rating: 4.4 / 5 ★★★★★

Earn up to $300: $100 when you get a savings and checking account and activate your debit card with digital banking within 30 days. $100 with monthly payroll direct deposit of $200+ within 90 days. $100 when you maintain direct deposits for an additional 90 days.
PSECU's checking account features cashback rewards up to $0.10 on purchases over $10, or up to $0.50 on purchases over $10. To qualify for the higher cashback earnings, you'll need to set up monthly direct deposits totaling at least $500. PSECU also offers ATM reimbursements, up to $20 per month with direct deposits or up to $8 per month without deposits. You may also qualify for the signup bonus between $100 to $300, with simple requirements like setting up direct deposit and entering a promo code. However, as a credit union, you'll have to become a member, and the account's APY is lower than others on this list, sitting at 0.2% APY. If you don't qualify for membership, you can become a member of the Pennsylvania Recreation and Park Society (PRPS), and PSECU will cover the one-time $10 fee required to join.

Best for earning interest

Juno

Finder Rating: 4.8 / 5 ★★★★★

Spend with the Juno® debit card and earn 5% back on your favorite brands. Be it shopping on Amazon or ordering with Doordash, you decide.
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Juno's digital account earns a high annual bonus rate of 5% on balances up to $50,000. For balances between $50,001 to $250,000, you'll still earn a high rate of 4%. Plus, you can earn 5% cash back from five eligible merchants of your choice, up to $500 a year for Basic plan members or $3,000 a year for Metal plan members. Juno also donates 2.15% of its company profits to charities in India. As an online banking service, Juno's customer service is limited, and it doesn't offer any other accounts.

Best for building a savings

One Finance

Finder Rating: 4.7 / 5 ★★★★★

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A spend and save account, One Finance offers fair APYs, cashback rewards and saving features. One of its main perks is the savings roundups, you can opt to have your purchases rounded to the nearest dollar, and the rounded-up amount is automatically deposited into your savings account. You can also create an unlimited number of savings 'pockets', each with its own account number, and you can dedicate specific pockets for certain expenses. You can also earn up to 5% APY on balances up to $100,000 when you receive at least $500 in monthly direct deposits or keep a total balance of at least $5,000. Otherwise you'll earn 1% APY on all balances. Cashback rewards aren't the best-of-the-best, but One Finance offers 3% cash back on up to $50 earned total on Walmart purchases, drugstore purchases and gas purchases. However, this account is better-suited for a singleton, as it doesn't accept joint accounts, and there are no bill autopay features.

Best for eco-friendly checking

Aspiration Spend & Save Account

Finder Rating: 4.2 / 5 ★★★★★

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Aspiration has a heavy focus on eco-friendly practices, since they won't use any money made to fund fossil fuel productions. Aspiration's Spend and Save account offers to plant a tree through Plant Your Change, an opt-in feature that allows your debit card purchases to be rounded up to the nearest dollar. Its free plan earns up to 1% APY and up to 5% cash back on purchases made through the Conscience Coalition. There's also a paid plan for $7.99 per month called Aspiration Plus that offers additional bonuses such as Planet Protection, in which Aspiration purchases carbon offsets every time you gas up your car. Plus, your debit card is made from recycled ocean plastic. The paid plan earns up to 10% in cash back and up to 3% APY when you meet spending requirements. But both plans require a $10 opening deposit.

Methodology

Finder’s banking experts research over 155 checking accounts to narrow down and find the best 10 reward checking accounts. When choosing accounts we consider the average American’s spending — which is reported to be around $5,000 per month — to calculate the best value for cashback rewards. We also factor in these account requirements:

  • No monthly fees
  • Minimum opening deposits under $100
  • Existence of a rewards program
  • High cashback cap of at least $40 per month
  • At least 1% in cashback rewards
  • Few or simple requirements to qualify for the rewards program, such as:
    • Setting up direct deposits
    • No required number of transactions
    • Low average balance requirement under $1,500

How to choose a rewards checking account

Consider these five factors when choosing an account:

  1. Type of rewards. Most rewards programs offer either cash back or points. You’ll get cash back automatically, but points often take more work to gain value and require you to redeem it through partners.
  2. Terms and conditions. Some rewards programs carry terms and conditions for eligibility. You may need to maintain a certain balance in your account or make a certain amount of purchases to earn rewards. The Consumer Finance Protection Bureau requires banks to list these terms and conditions.
  3. Earning potential. Depending on the cashback rate and eligible purchases, you may find some rewards accounts offer a better payoff for you than others.
  4. Account fees. Check to see if there are any monthly fees and, if so, if there’s a way to have them waived. These fees automatically cut into any cashback rewards you might earn.
  5. Accessibility. This includes ATM availability, branch access and online access. Keep in mind that digital banks are less likely to offer in-person access.
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A photo of stevendashiell

Expert tip: Don't let rewards change your spending habits.

Don't get caught up in the allure of an account's ability to earn points or cash back through spending. It's easy to get carried away and overspend under the idea that you're earning that spending back. Rewards take a long time to accrue — think of the account as a long-term investment rather than a quick way to easy cash.

— Steven Dashiell, Senior writer

How does a rewards checking account work?

Rewards checking accounts offer perks or incentives when you meet specific requirements. For example, users may earn interest for maintaining a daily balance or earn cash back after making a number of debit card purchases a month.

5 types of checking account rewards

  1. Cashback rewards. You’ll earn this reward as cash or as points that you later redeem toward select products or at participating stores. Most cashback rewards accounts require you to spend a certain amount to earn a specific percentage back. For example, Axos Bank’s Cashback Checking earns up to 1% cashback for every purchase you have to sign for, up to $2,000 a month.
  2. Signup bonus rewards. Earn this one-time cash bonus reward after fulfilling certain account opening requirements. You’ll find signup bonuses are offered to most types of bank accounts, but checking accounts are the most common.
  3. APY. Some checking accounts reward you with interest after meeting certain requirements, such as signing up for direct deposits or making a certain number of transactions. For example, Quontic’s High Interest Checking account earns 1.1% APY as long as you make 10 transactions of at least $10.
  4. Crypto rewards. Newer digital bank accounts, such as Quontic, may offer a way to earn rewards back in cryptocurrency like Bitcoin instead of or in addition to cash back on your debit card purchases.
  5. Referral bonuses. Many banks offer some form of bonus when you refer a friend, and they sign up and open an account.
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Compare rewards checking accounts

Narrow down rewards checking accounts by fees, APY and the amount of cash back to find one that suits your needs. Select Compare on up to four accounts to see their features side by side.

1 - 8 of 8
Name Product Annual Percentage Yield (APY) Rewards Fee Offer
BMO Relationship Checking
Finder Rating: 3.4 / 5: ★★★★★
Bonus
BMO Relationship Checking
0.01% on balances of $0.01+
$25 per month
Earn a $600 cash bonus when you have a total of at least $7,500 in qualifying direct deposits within the first 120 days
Make your money work for you with a Relationship Checking account from BMO, which offers interest earnings, quarterly credit card spend bonuses, ATM surcharge rebates and lending benefits such as a closing cost credit and home equity interest rate discount. FDIC insured.
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View details
Current
Finder Rating: 4.6 / 5: ★★★★★
Bonus
Current
4.00% on balances of $0.01 to $2,000
Earn up to 15x the points when you use your debit card at one of 14,000+ participating merchants
$0 per month
Get a $50 referral bonus by inviting your friends to join Current. Once the person receives the invite link and makes qualifying deposits of at least $200 within 45 days of opening the account, you and the referred friend each earn $50.
Earn 4% APY on the first $2,000 in each savings pods. Also get budgeting tools, early direct deposit and up to 15x cashback points. All with no monthly fee or opening deposit requirement. Member FDIC.
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View details
SoFi Checking and Savings
Finder Rating: 4.5 / 5: ★★★★★
Bonus
SoFi Checking and Savings
4.50% on balances of $0+
0.50% on balances of $0+
1.20% on balances of $0+
Up to 15% cash back at select merchants
$0 per month
Get up to $250 with qualifying direct deposit. Terms apply. This offer is available until December 31, 2023.
Earn up to 4.50% APY on savings by meeting deposit requirements, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.
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Discover® Cashback Debit
Finder Rating: 4.8 / 5: ★★★★★
Discover® Cashback Debit
N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month. .
$0 per month
The Discover® Cashback Debit account earns 1% cash back on up to $3,000 in debit card purchases each month.
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Axos Bank CashBack Checking
Finder Rating: 4.5 / 5: ★★★★★
Axos Bank CashBack Checking
N/A
1% cash back on signature purchases
$0 per month
Earn up to 1.00% cash back on all transactions that require a signature. FDIC insured.
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Step
Finder Rating: 4.4 / 5: ★★★★★
Exclusive
Step
5.00% on balances of $0 to $250,000
Cash back on select offers
$0 per month
Use code FINDER5 on your savings to earn 5% without direct deposit for 3 months.
Teens can build credit safely without overspending or paying interest. Earn 5% savings rewards with qualifying direct deposits, earn cashback rewards, learn about investing and more – all with $0 monthly fees. FDIC insured.
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Varo
Finder Rating: 4.8 / 5: ★★★★★
Bonus
Varo
5.00% on balances of $0 to $5,000
3.00% on balances of $5,000+
Earn up to $50 per month in cashback rewards
$0 per month
Varo is running a Referral Bonus Promotion through October 5, 2023 that gets both existing and new customers $30 when signing up for a Varo Bank account.
A digital account with a $0 monthly fee, access to 55,000+ free Allpoint ATMs and no minimum balance required. This account gives you access to an optional savings account with yields as high as 5% APY. FDIC insured.
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Grasshopper Business Checking
Finder Rating: 4.6 / 5: ★★★★★
Grasshopper Business Checking
2.25% on balances of $25,000 to $250,000
1.51% on balances of $0.01 to $25,000
1.51% on balances of $250,000+
Unlimited 1% cash back rewards
$0 per month
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Alternatives to rewards checking accounts

If checking accounts with rewards programs aren’t for you, here are some alternatives to consider:

  • High interest checking accounts. Instead of being rewarded with cash back, points or airline miles, you’re rewarded with an APY that puts cold hard cash into your account each month.
  • Digital bank accounts. A digital bank account is like a checking and savings account combo offering automated savings tools, a competitive APY, early direct deposits and sometimes even travel perks.

Bottom line

Rewards checking accounts can help you save money or earn rewards with everyday purchases. But don’t let the promise of extra cash convince you to sign up for an account that isn’t the right fit. Make sure to compare other checking accounts to find one that’s right for you.

  1. CFPB Bank accounts basics
  2. “The Average Household Spends Over $5,000 a Month. How Do You Compare?,” Nasdaq, March 27, 2022

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