Best Rewards Checking Accounts of September 2024

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When you think of bank accounts that offer the best bang for your buck, your mind might jump to a savings account. However, a rewards checking account can work just as hard for you as a savings account can.

Business Insider’s personal finance team looked at over three dozen financial institutions to find the best banks for rewards checking accounts. Learn more about our top picks, below.

Best Rewards Checking Accounts

Compare the Top Rewards Checking Accounts

Our top rewards checking accounts come from online banks, credit unions, and brick-and-mortar banks, so you have different types of institutions to explore.

These accounts are also strong options for general banking because they have low minimum opening requirements and are widely accessible regardless of where you live in the United States. All of our top picks, with the exception of Chase Total Checking®, have no monthly service fees.

Best Overall: SoFi Checking and Savings

SoFi Checking and Savings is an excellent option if you’re for a well-rounded checking account that offers interest and a cash bonus.

SoFi lets you earn up to 4.50% APY on savings balances if you set up a direct deposit or deposit minimum $5,000 per month and 0.50% APY on checking balances.

The bank is also offering a bank account bonus of up to $300 with qualifying direct deposit for eligible customers (offer expires 12/31/24, terms apply). You may qualify for the bonus as long as you’re a new SoFi Checking and Savings customer, or an existing SoFi Checking and Savings customer who hasn’t set up direct deposit yet.

The account works best if you set up a direct deposit or deposit minimum $5,000 per month. That way, you’ll qualify for a $300 cash bonus and the highest-tier interest rate. If you don’t set up direct deposit or deposit minimum $5,000 per month, you’ll only get 1.20% APY on checking balances.

Monthly fee: no monthly service fee

SoFi Checking Review

Best for Cash-Back Rewards: Discover Cashback Debit Account

The Discover® Cashback Debit Account is our top pick for earning cash back on debit card purchases. You can earn 1% cash back on up to $3,000 in debit card purchases per month.

This account also stands out from other cash-back checking accounts because it’s well-rounded. For instance, you won’t have to worry about monthly service fees or overdrafts. There are multiple overdraft services so that transactions can be processed instead of declined. You can also make free cash deposits at Walmart stores by using a debit card.

You might prefer a different rewards checking account if you often use ATMs. You can use MoneyPass or AllPoint ATMs without being charged fees, but the bank doesn’t reimburse out-of-network ATM fees like some of our other top picks.

Monthly fee: no monthly service fee

Discover Bank Review

Best for a Welcome Bonus: Chase Total Checking®

Chase Total Checking is a great option if you’re looking for a cash bonus on a checking account that’s easy to qualify for. While other bank account bonuses require minimum balance requirements or multiple steps, has simple and straightforward criteria to get a Chase Total Checking® cash bonus.

Here are the steps required to earn the cash bonus:

• Open Chase Total Checking® account with a coupon code (you can apply directly through website or have a code sent to your email)
• Set up direct deposit within the first 90 days of enrolling for the coupon

Chase Total Checking has a $12 monthly service fee that you’ll need to be mindful of. To waive the monthly service fee, you’ll need to meet one of the following requirements each month: receive a direct deposit of $500 or more; have a daily account balance of $1,500 or more; or have an average daily balance of $5,000 or more across your Chase accounts.

Chase also has other checking accounts with higher cash bonuses, although they aren’t as easy to qualify for. Our best bank account bonuses guide explains the requirements needed to earn each bonus.

Monthly fee: $12 monthly service fee

Chase Checking Accounts Review

Best for a High Interest Rate: Primis Novus Checking

Primis Novus Checking offers a competitive tiered interest rate. You can earn an interest rate boost of 6.00% APY on balances up to $100,000 for up to six months if you meet certain requirements and a base rate of 4.50% APY.

To qualify for the APY boost, you must set up a direct deposit of $1,200 or more within the first 60 days of opening an account at Primis Bank. The deposit must be new to Primis Bank.

Primis will apply the interest rate boost for balances up to $100,000 in the next statement cycle, and you’ll have to maintain direct deposits to continue earning the rate boost. Otherwise, you’ll earn 4.50% APY.

Primis Premium Checking may be more suitable because it pays 5.07% APY on all account balances if you can’t get the APY boost. Bear in mind that these two accounts are available online only.

Monthly fee:no monthly service fee

Primis Bank Review

Best for Credit Unions: Consumers Credit Union Free Rewards Checking Account

The Consumers Credit Union Free Rewards Checking Account lets you earn up to 5.00% APY on the first $10,000 in your account. Consumers Credit Union (federally insured by NCUA) also pays unlimited refunds on fees charged by out-of-network ATM providers.

Here are the APY tiers:

• Earn 3.00%APY on balances up to $10,000 when you sign up to receive eDocuments, make 12 debit card purchases per month, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks.
• Earn 4.00% APY on balances up to $10,000 when you meet the qualifications to earn 2.09% and spend $500 per month with your Consumers Credit Union credit card.
• Earn 5.00% APY on balances up to $10,000 when you meet the qualifications to earn 3.09% and spend $1,000 per month with your Consumers Credit Union credit card.
• Earn 0.20% APY on balances between $10,000.01 and $25,000 when you receive eDocuments, make 12 debit card purchases per month, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks.
• Earn 0.10% APY on balances of $25,000.01 and more when you receive eDocuments, make 12 debit card purchases per month, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks.

You need a Consumers Credit Union credit card to earn the maximum interest rate, and if you don’t meet any of the qualifications listed, you’ll only earn 0.01% APY.

One of the main differences between banks and credit unions is that you must meet certain qualifications to join a credit union, such as living in specific US states, working for a given company, or having a family member who is already a member. At Consumers Credit Union, you have to pay a one-time fee of $5 to the Consumers Cooperative Association and open a savings account.

Monthly fee: no monthly service fee

Consumers Credit Union Review

Criteria for Ranking the Top Rewards Checking Accounts

Many of the best checking accounts earn rewards features. Below we’ve listed our picks for the best rewards checking accounts. For example, we have top picks for earning cash back, a sign-up bonus, and interest.

All of the financial institutions on our list are protected by FDIC or NCUA insurance. Money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.

Which Rewards Checking Account is the Most Trustworthy?

We review the ethics of each company so you can get a better understanding of the bank’s trustworthiness.

We also include the settlement history of the last three years so you’re aware of any recent public controversies involving the bank.

The Better Business Bureau rates businesses to see if they handle business practices well, have honest advertising, and respond effectively to customer complaints.

Here are the BBB ratings for all of our other top picks:

A good BBB grade won’t guarantee that your relationship with the bank will be great. Make sure to also get other people’s perspectives and reviews.

Chase has been involved in a few public controversies.

In 2023, JP Morgan Chase was required to pay$75 million in a settlement with the U.S. Virgin Islands that accused the financial institution of failing to report suspicious activity regarding Jeffrey Epstein’s sex trafficking operation.

In 2021, JP Morgan Chase & Co. paid the SEC $125 million in a settlement that stated the company did not have proper record-keeping for certain documents. JP Morgan Chase also paid the Commodity Futures Trading Commission$75 million in a settlement when accused of permitting unapproved communication, such as text messages and WhatsApp messages.

SoFi has also been involved in a recent public controversy. In 2021, the Security and Exchange Commission required SoFi Wealth to pay $300,000 in a settlement that stated the bank failed to tell SoFi customers of a conflict of interest when it put account holders’ assets into SoFi ETFs instead of third-party ETFs.

Discover Bank has had one recent lawsuit, too. In 2024,Discover settled a class action lawsuit from DACA recipients. The lawsuit said that Discover unlawfully denied DACA recipients loans because of their immigration status. Discover will pay $979,500 as part of the settlement. Discover does not admit wrongdoing by settling, and it maintains that it complied with the law.

How Rewards Checking Accounts Work

Selecting the right type of checking account can make a difference in your overall banking experience. If you want to earn cash back, a competitive interest rate, or a cash bonus, you might like a rewards checking account.

For example, if you have a high-interest checking account, you may need to maintain a certain amount of money in your account to get the highest APY. Meanwhile, if you open a checking account with a bonus, you might have to set up a direct deposit or make a specific amount of debit card transactions. Usually, if you don’t meet the requirements for a specific month, you won’t be able to get the reward.

Benefits of Using Rewards Checking

The primary benefit of using a rewards checking account is that you get to earn rewards for things that you may already be doing. For example, if you already use your debit card regularly or maintain a certain average daily balance, you can find many rewards checking accounts that offer perks for regularly performing these tasks.

Furthermore, if your rewards checking account requires you to keep a certain amount of money in your account at all times, that could be a good habit for your overall money management. You won’t likely overdraw from your account, so overdraft fees and non-sufficient funds fees won’t be an issue.

Considerations and Potential Downsides of Rewards Checking

Before you open a rewards checking account, bear in mind that these accounts usually have limitations. Banks will often cap reward earnings so you can only earn a certain amount.

For example, if you have a cash-back checking account, banks often set a monthly or annual limit for the total amount you earn in cash back. Meanwhile, for high-interest checking accounts, you might see accounts with tiered interest rates, meaning the rate will be lower for specific account balances and higher for others.

You also have to ensure you can regularly meet the requirements for a rewards checking account. When you don’t meet certain monthly requirements, you usually won’t earn the reward.

How to Choose a Rewards Checking Account

Here are a few tips to help you choose a rewards checking account that fits your financial needs.

1. Determine the type of rewards checking account you want to open. Do you want to get a cash bonus? Are you looking for ways to earn interest on your account balance? Do you want to earn cash back on debit card purchases?
2. Once you’ve decided on what type of account you’re looking for, compare several banks. Narrow down your options by reviewing each bank’s requirements to earn rewards on the account. Also, check the rewards checking account for opening requirements and bank fees.

Best Rewards Checking Accounts FAQs

Why You Should Trust Us: Our Expert Panel for the Best Rewards Checking Accounts

We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best checking accounts for your needs.

BI

Here’s what they had to say about checking accounts. (Some text may be lightly edited for clarity.)

What should you look for in a checking account?

Roger Ma, CFP® professional and author of “Work Your Money, Not Your Life”:

“I would look at the ATM branch locations and then minimum balance amounts to not incur a monthly fee … I think there’s other stuff that could make life easier, whether it’s free checks, online bill pay, are they in the Zelle network?”

Sophia Acevedo, banking editor, Business Insider:

“I would for a checking account that either doesn’t have any monthly services fees or offers multiple ways to waive the fee. I would also look at customer support availability and mobile app ratings.”

How can someone determine if a bank is a good match?

Tania Brown, CFP® professional and vice president of coaching strategy at OfColor:

“Obviously, you want to make sure it’s FDIC insured. Also, your banking experience — do you like walking into a bank? Well, then you need someone local. Do you just not care if you ever see your bank? Then you’re okay online. Do you write checks? Do you not write checks? So it’s thinking through how your experience with it is going to be before you make that decision.”

Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:

“The No. 1 thing about a checking account is you should know what provider the debit card is coming from. And a lot of people don’t think about that, because there are places that don’t accept MasterCard or don’t accept an Amex.”

How should someone decide whether to choose a rewards checking account with a high APY, cash sign-up bonus, or cash back?

Tania Brown, CFP® professional:

“I have checking accounts with all the above, because I use checking accounts for different purposes. I would tell someone, think through the experience of how you’re going to use it. So I have my account strictly for bills and I don’t attach a debit card to that. Well, I’m not going to get a lot of cash rewards out of that, because I rarely use that debit card, but I keep a pretty decent balance. So that one I use in particular for interest. I have a spending checking account. That one, I don’t care if the balance is zero, the money that goes in there, I expect for it to go out. But because I use that often, that is the one I attached to a cash reward. And then I have another one that I use just for travel, and I actually have a travel reward attached to that one.”

Roger Ma, CFP® professional

“I think if you’re someone who is responsible with credit, then instead of focusing on a checking account that rewards you, look to a credit card that rewards you for the areas where you spend money. I wouldn’t recommend people waste their time with a rewards checking account. Get the fundamentals right with fewer checking or savings accounts, and then start to move toward using a credit card to build your credit.”

Our Methodology for the Best Rewards Checking Accounts

We reviewed over two dozen rewards checking accounts to identify the strongest options.

We looked at the reward offered by a checking account — such as a high APY or sign-up bonus — but we also considered how easy or difficult it is to receive a reward. And we considered other factors that make a checking account strong or weak, including opening deposits, monthly fees, and ATM accessibility.

See our full banking methodology to see how we rate checking accounts.

Sophia Acevedo

Banking Editor

Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics. ExperienceSophia leads Personal Finance Insider’s banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, budgeting, and general saving. Sophia was also a part of Business Insider’s 2024 series “My Financial Life,” which focused on telling stories that could help people live and spend better.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE Accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money.ExpertiseSophia’s expertise includes:

• Bank accounts
• Savings and CD rate trends
• Budgeting
• Saving
• How banks operate

EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.Sophia is a member of the National Association of Hispanic Journalists.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.

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Evelyn He

Compliance and Operations Associate