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Best rewards checking accounts

Earn miles or cash back on your everyday purchases.

Updated

Fact checked

Aspiration Spend & Save Account

Aspiration Spend & Save Account logo

Up to 1%

APY

  • Unlimited cash back rewards
  • Fee-free ATM withdrawals at Allpoint ATMs
  • 10% of the company's earnings committed to support charities
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A rewards checking account lets you earn cash back, miles or points when you spend money without having to open a line of credit. We’ve researched the five best rewards checking accounts available today, so you can quickly find the one that’s right for you.

How did we choose the best rewards checking accounts?

Rewards checking accounts go beyond just giving you easy access to your money. They give you fun perks when you use your debit card for everyday purchases. To find the best rewards checking accounts, we collected a list of nationally-available accounts, then picked our top five based on factors like no monthly fees, additional account features and minimum opening deposit requirements.

What’s changed in 2020?

For 2020, we added a list of the best rewards checking accounts — along with their fees, minimum deposit requirements, pros and cons — so you can quickly compare your options.

Best rewards checking accounts

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.

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.

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.

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.

Axos Logo

Axos CashBack Checking

Earn 0.5% to 1% cash back when you use your debit card.

  • Monthly fee: $0
  • Minimum opening deposit: $0
  • Reward: 0.5% to 1% cash back on debit card purchases

This cash back checking account rewards you for everyday purchases. The higher your account balance, the higher your cashback reward. But you’ll only earn cash back on signature-based purchases, which usually don’t require a PIN.

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.
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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.
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Compare rewards checking accounts

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.
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.
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.
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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.

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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

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