Unlock Your Savings: Top 10 Rewards Checking Accounts for December 2024!
Bank account bonuses and rewards programs are constantly shifting, with a plethora of online banks, traditional banks, and credit unions rolling out enticing offers for both new and loyal customers. It’s like a game of musical chairs—exciting and ever-changing!
The same applies when it comes to earning those high yields and generous rewards on various account types like high-yield savings accounts, money market accounts, and CDs. The opportunities are vast!
If you’re on the hunt for a fresh bank account or planning to open one soon, consider this a golden opportunity. Navigating through the maze of rewards checking accounts can be daunting, but fear not—I’ve done the legwork for you! Dive into the list below to find the account that fits your financial lifestyle.
Top 10 Best Rewards Checking Accounts
Here’s a lineup of the best rewards checking accounts you can open right now:
1. SoFi Checking and Savings
- Best Overall
- APY: 0.5% (with at least $5,000 in monthly direct deposits)
- Monthly Fee: $0
- Minimum Deposit: $0
SoFi offers a whopping 7x the national average APY for those who maintain a monthly direct deposit of at least $5,000. And guess what? You can also snag a savings account on the same application, earning a phenomenal 4.6% APY for your future savings. No fees or minimum balance requirements? Yes, please!
Plus, new members can pocket up to $300 in bonuses based on their direct deposit amounts—$50 for deposits under $4,999 and $500 for $5,000 or more!
Additional Features:
- Direct deposit access up to 2 days early
- Automatic roundups on debit card purchases that funnel into savings
- Up to 15% cashback on local purchases with your debit card
- A user-friendly mobile app with remote deposit capabilities and money transfer options
Explore our full review of SoFi Checking & Savings for more details.
2. Chase Total Checking®
- Best for In-Person Banking
- APY: 0%
- Monthly Fee: $12 (waivable)
- Minimum Deposit: $0
Chase Total Checking® is perfect for those who enjoy the personal touch of in-person banking, backed by one of the largest networks of branches and ATMs. It’s a fantastic option for those who appreciate a more traditional banking experience.
On top of that, Chase offers an attractive $200 account opening bonus, making it a top contender for those who prefer brick-and-mortar banking. Simply open your account, set up a direct deposit of $500 or more within 90 days, and watch the bonus roll in!
Additional Features:
- Zelle for fast payments
- Online bill pay
- Account alerts
- Chase Overdraft Assist℠—no fees if less than $500
Read our full review of Chase Total Checking® for more insights.
3. Rewards Checking Plus via Upgrade
- Best for Everyday Spending
- APY: 0%
- Monthly Fee: $0
- Minimum Deposit: $0
Rewards Checking Plus via Upgrade boasts an unbeatable cash-back program, allowing you to earn 2% cash back2 on everyday purchases and 1%2 on everything else. Think convenience stores, restaurants, and monthly bills—it all adds up!
Pair this account with a Performance Savings account, and with a $1,000 minimum monthly deposit, you could enjoy up to a stellar 4.69% APY³ on your savings.
Additional Features:
- Early access⁴ to direct deposits
- No overdraft fees⁵
- ATM reimbursements for active accounts
Check out our full review of Rewards Checking Plus from Upgrade for all the details.
4. Axos Bank Basic Business Checking
- Best for Freelancers and Solopreneurs
- APY: 1.01%
- Monthly Fee: $10 (waivable)
- Minimum Deposit: $100
Axos Bank Basic Business Checking is the ultimate rewards checking account for self-employed individuals. If you keep your transactions under 50 a month, you’ll enjoy fee-free banking, plus up to 60 free remote deposit items!
The account offers tiered interest rates, rewarding you with higher rates on balances up to $49,999.99. New customers can also score up to a $400 bonus when funding their account within 30 days!
Additional Features:
- Unlimited ATM reimbursements in the U.S.
- Free debit card
- Remote deposit capabilities
- Online bill pay
Discover more in our Axos Bank Business Checking review.
5. TD Bank Beyond Checking
- Best Account Opening Bonus
- APY: 0.01%
- Monthly Fee: $25 (waivable)
- Minimum Deposit: $0
TD Bank Beyond Checking boasts 1,100 branches and offers numerous perks, including an overdraft grace period that gives you until 11 P.M. the next business day to cover the overdraft. Waive the monthly fee easily with $5,000 in direct deposits or a $25,000 combined balance across all your TD accounts.
Not to mention, there’s a whopping $300 opening bonus for new customers who apply online and receive direct deposits of $2,500 or more within 60 days.
Additional Features:
- Reimbursed non-TD Bank ATM fees with a $2,500 daily balance
- Mobile deposit options
- Instant-issue debit card for lost or stolen cards
- Live customer support available 24/7
- Online bill pay
- Ability to reverse up to two overdraft fees annually
6. Juno
- Best for Cash Back
- APY: 0%
- Monthly Fee: $12 (waivable)
- Minimum Deposit: $0
The Juno Save and Spend account is designed to maximize your paycheck’s potential. With direct deposit set up, you can either save your funds to earn up to a 5% bonus or use your debit card for purchases to earn 5% cash back. Talk about a win-win!
Bonuses vary based on your balance, allowing you to earn 5% on balances up to $250,000 and 3% on balances below $20,000 as long as your account stays on track.
Additional Features:
- Real-time chat support
- Automated tax reporting to simplify tax time
- Enhanced security with 2-step verification and card controls
7. Aspiration Debit
- Best for Helping the Planet
- APY: 1% – 3%
- Monthly Fee: Pay what is fair (even $0)
- Minimum Deposit: $10
Aspiration delivers a rewards checking account that helps you make a positive impact while earning substantial rewards on day-to-day purchases. With Aspiration Plus ($7.99/month), you can earn up to 10% back from eco-friendly partners committed to making a difference.
If you prefer to stick with a standard account, you can still enjoy 3% to 5% back on eligible purchases. 🌍
Conscience Coalition partners include:
- Allbirds
- Imperfect Foods
- Blue Apron
- Warby Parker
- Toms
- And many more!
Additionally, you can earn 3% on the first $10,000 with Aspiration Plus or 1% with a standard account.
Additional Features:
- Your deposits never fund fossil fuels
- Option to plant a tree with each swipe of your card
- Access to more than 55,000 ATMs without fees
- Early access to direct deposits
- One monthly reimbursement for a non-network ATM
- Your personal impact score helps align your spending with your values
Read our full review of Aspiration Spend & Save Account for more information.
8. LendingClub Rewards Checking
- Best for Faster Loan Payoff
- APY: Up to 0.15%
- Monthly Fee: $0
- Minimum Deposit: $0
If you’re already a Lending Club customer, consider their Rewards Checking account to earn 1% cash back on every debit card purchase—perfect for paying down your loans quickly! You can also deposit cash back directly into your checking account.
This account offers 0.10% APY on balances between $2,500 and $99,999.99, and 0.15% on balances over that threshold. Plus, your deposits are FDIC-insured up to $250,000.
Additional Features:
- Unlimited ATM rebates
- Early access to direct deposits
- Mobile deposit capabilities
- Online bill pay
- Tools for budgeting and expense tracking
9. Quontic Cash Rewards Checking
- Best for No Fees
- APY: 0%
- Monthly Fee: $0
- Minimum Deposit: $100
Earn 1% cash back on most purchases up to $50 per month, with rewards credited at the start of each new cycle. While Quontic operates exclusively online, you can access fee-free ATMs through Allpoint®, Moneypass®, or SUM® networks, including Citibank ATMs in major stores.
Additional Features:
- FDIC-insured
- Zelle for easy payments
- Mobile wallet capabilities
- Remote check deposit
- Online bill pay
- Financial tools to monitor spending and credit scores
10. Consumers Credit Union Rewards Checking
- Best for High Interest
- APY: Up to 5%
- Monthly Fee: $0
- Minimum Deposit: $5
When it comes to high-interest checking accounts, Consumers Credit Union Rewards Checking stands out, offering up to 5% interest based on your balance and banking behavior.
Members earn 3% APY on balances up to $10,000 by opting into eDocuments, maintaining at least $500 in direct deposits, and making 12 debit card transactions monthly. Boost your rate to 4% by spending at least $500 on a CCU credit card, or hit 5% by spending $1,000 monthly.
Additional Features:
- Unlimited ATM reimbursements
- Online bill pay
- Early access to direct deposits
- Unlimited check writing privileges
Our Methodology
To compile our list of the best rewards checking accounts, we considered several critical factors that assess the overall cost, value, and user experience of each account.
Account Opening Bonuses
Some of the most appealing rewards checking accounts offer significant bonuses upon opening. Generally, to qualify, you might need to:
- Maintain a minimum monthly or total direct deposit during the qualification period (usually 2-4 months)
- Achieve a minimum monthly spending or transaction count
- Keep a minimum daily balance
To receive the bonus, you’ll need to keep your account in good standing for a specified duration.
Rewards on Debit Card Spending
Cash back on debit card transactions is often at the forefront of rewards checking accounts. Most options on this list provide some form of rewards for everyday spending, whether through straightforward cash back or a points system.
Account Yield
“Rewards” and “yield” usually go hand in hand. We prefer accounts that provide yields significantly above the national average for savings accounts. While a lack of yield isn’t a dealbreaker, higher interest rates are definitely a plus!
Additional Account Benefits
Beyond rewards and yields, the best accounts offer a range of other benefits, such as:
- Early payday for eligible account holders
- Mobile check deposit options
- A wide network of fee-free ATMs
- Overdraft protection, free or otherwise
- Fast funds transfer capabilities
- Zero fraud liability on debit card transactions
- Visa or Mastercard travel and purchase protections
Other Available Account Types
Many banks offer various options beyond rewards checking, including:
- High-yield savings accounts
- Money market accounts
- Certificates of deposit (CDs)
- Investment accounts
- Specialized types like HSAs
Comprehensive institutions are often preferred, but there are also standouts that excel in specific areas.
Monthly Maintenance Fees
No one enjoys monthly maintenance fees. We prioritize rewards checking accounts that are free from them or make avoidance simple.
Other Possible Fees
Most accounts here are designed to be fee-light because nobody likes getting nickeled and dimed.
FAQs
Got more questions about rewards checking accounts? We’ve got the answers!
What Is Rewards Checking?
“Rewards checking” refers to any checking account that provides a direct return on your investment, whether from your balance, your spending, or both. This means these accounts can offer cash or points bonuses to new account holders, pay interest, and reward debit card transactions. The top rewards checking accounts typically provide a combination of all three.
How Much Does Rewards Checking Cost?
The ideal cost? Absolutely nothing! Many rewards checking accounts carry no monthly maintenance fees and facilitate the avoidance of other charges like overdraft and ATM fees.
Before signing up, always review the fee disclosure to avoid unpleasant surprises.
How Do You Get Checking Account Rewards?
To earn new account bonuses, you generally need to set up direct deposits or maintain a certain spending level during the qualification period.
What Are the Best Banks for Rewards Checking Accounts?
The answer is simple: check out the banks featured on this list! We continually seek out top-tier rewards checking accounts and aren’t afraid to remove those that fall short.
How to Choose the Best Rewards Checking Account
These accounts represent the crème de la crème from U.S.-based financial institutions, be they banks, credit unions, or online brokers. As you sift through options, consider:
- Your priority: high yield, spending rewards, or both?
- The importance of an account opening bonus to you
- Whether the account has an annual fee and how to avoid it
- Additional fees and how to dodge them
- Perks such as fee-free ATM access and substantial deposit insurance
When you find an account that checks as many boxes as possible, be ready to take action!
Keep in mind that promotions, yields, and rewards programs can change rapidly, so check back frequently for the latest information. And remember to confirm specifics directly with the banks or credit unions!
