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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.
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.
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.
Pros
No monthly fees and $0 opening deposit
High 6% cash back
Up to 5% APY with optional savings
$30 referral program bonuses
Cons
No physical checks
No wire transfers
APY
5.00% on balances of $0 to $5,000 (with direct deposits of $1,000+) 3.00% on balances of $5,000+
Intro or bonus offer
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.
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.
Pros
No monthly fee or opening deposit
Earn up to 4.50% APY on savings
Earn up to 0.50% APY on checking
Up to 15% cash back at select merchants
Up to $250 signup bonus
Cons
No international wire transfers
$4.95 fee for cash deposits
Deposit requirements to earn highest APYs
APY
4.50% on balances of $0+ 0.50% on balances of $0 to 1.20% on balances of $0+
Intro or bonus offer
Get up to $250 with qualifying direct deposit. Terms apply. This offer is available until December 31, 2023.
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.
Pros
1% cash back up to $3,000 per month
$0 opening deposit
No monthly fees
Cons
$30 outgoing wire transfer fee
APY
N/A
Rewards
Earn 1% cash back on up to $3,000 in debit card purchases each month. .
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.
Pros
Unlimited domestic ATM reimbursements
1% cash back on signature purchases
Unlimited check writing privileges
Cons
Cash back requires $1,500 average collected balance
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.
Pros
Up to 2.25% APY
Unlimited 1% cashback rewards
Unlimited free ACH and incoming wire transfers
No monthly fee or overdraft charges
Cons
No cash deposits
$100 opening deposit
Limited customer support
APY
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+
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.
Pros
Up to 2% cash back on everyday spending
No monthly fees or opening deposit
Unlocks benefits with Upgrade's Performance Savings account
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.
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.
Pros
Up to $0.10 cash back on eligible purchases
Up to $300 signup bonus
ATM reimbursements
Cons
Low APY compared to top accounts
Must qualify for membership
APY
0.20%
Intro or bonus offer
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.
Rewards
Up to $0.10 cash back on eligible purchases and up to $300 signup bonus
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.
Pros
5% yearly bonus on balances up to $50,000
5% cashback rewards at eligible retailers
Option to receive direct deposits in crypto
Cons
No joint accounts
Doesn't support wire transfers
APY
5.00% on balances of $0 to $50,000 4.00% on balances of $50,001 to $250,000
Intro or bonus offer
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.
Rewards
5% cashback when you pay with cash or crypto, on total annual spends of $500 with the basic plan or $6000 of the total spend with the Metal plan
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.
Pros
No monthly fee or minimum deposits
Up to 5% APY with direct deposit requirements
Savings roundups and up to 3 sub-accounts
3% cash back on eligible purchases
Cons
No joint accounts
No automated bill pay
APY
5.00% on balances of to $100,000 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 1.00% on balances of +
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.
Pros
Up to 10% cash back for Conscience Coalition purchases
Round-up purchases to plant trees
Paid plan has more eco-friendly perks
Cons
Strict requirements to earn APY requirements
APY
3.00% on balances of $0 to $10,000 1.00% on balances of $0 to $10,000
Rewards
Unlimited cash back rewards on debit card transactions, plus extra cash back at businesses with high AIM scores
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:
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.
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.
Earning potential. Depending on the cashback rate and eligible purchases, you may find some rewards accounts offer a better payoff for you than others.
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.
Accessibility. This includes ATM availability, branch access and online access. Keep in mind that digital banks are less likely to offer in-person access.
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.
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
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.
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.
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.
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.
Referral bonuses. Many banks offer some form of bonus when you refer a friend, and they sign up and open an account.
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.
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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.
Cassidy Horton is a freelance personal finance copywriter and past contributing writer for Finder. Her writing and banking expertise have been featured in Forbes Advisor, Money, The Balance, Money Under 30, Insure.com, and other top digital publishers. She holds a BS in public relations and an MBA from Georgia Southern University.
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