When you think of bank accounts that offer the best bang for your buck, your mind might jump to a free checking account. However, minimal fees isn't the only thing to look for you. The best checking account for you can also have perks, like cash bonuses, interest, or cash-back rewards.
Business Insider's personal finance team looked at over 200 checking accounts to find the best banks for rewards checking accounts. Learn more about our top picks, below.
Best Rewards Checking Accounts
Here are our top picks for the best checking accounts with rewards.
- Best overall for rewards perks: SoFi® Checking and Savings (Member FDIC)
- Best for cash-back rewards:Discover® Cashback Debit Account
- Best for a high interest rate: Axos Bank Rewards Checking
- Best for a welcome bonus: Chase Total Checking®
- Best for credit unions: Consumers Credit Union Free Rewards Checking Account
Rewards Checking Account Reviews
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 3.80% 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 checking account bonus of up to $300 with qualifying direct deposit for eligible customers (offer expires 01/31/26, terms apply). You may qualify for the bonus as long as you're a new SoFi® Checking and Savings (Member FDIC)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.
Monthly fee: no monthly service fee
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 protection 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
Best for a High Interest Rate: Axos Bank Rewards Checking
Axos Bank Rewards Checking offers a competitive interest rate. You can earn up to 3.30% APYon balances up to $50,000. Balances above this amount do not earn interest, though.
To qualify for the highest APY, you must complete the following:
- Earn 0.40% APY (Annual Percentage Yield) when you receive at least $1,500 in direct deposits in a month. You have to meet this requirement to be able to earn any additional interest.
- Earn 0.30% APY when you make 10 debit card transactions in a month (minimum $3 per transaction) or you need to sign up for Account Aggregation/Personal Finance Manager.
- Earn 0.99% APY if you keep at least a daily average of $2,500 in an Axos Invest Managed PortfoliosAccount monthly.
- Earn 0.99% APY if you keep at least a daily average of $2,500 in an Axos Self-Directed Trading Account monthly.
- Earn 0.60% APY if you make a monthly Axos consumer loan payment with your Reward Checking account
Monthly fee: no monthly service fee
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 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
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:
| Institution | BBB grade |
| Chase | A- |
| SoFi | A+ |
| Axos | A+ |
| Discover Bank | A+ |
| Consumers Credit Union | A+ |
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.
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.
- 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?
- 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. Some banks allow immigrants and non-U.S. citizens to open an account with a Matricula Consular or foreign passport, so make sure to check with the bank to see what kinds of IDs you can use to open a bank account.
Best Rewards Checking Accounts FAQs
A rewards checking account is a type of checking account that offers perks such as cash back, a high APY, or a bank account bonus. Typically, you have to meet certain qualifications to receive a reward.
To earn rewards on a rewards checking account, you'll need to fufill a list of monthly requirements. You might need to make a certain amount of debit card transactions, maintain a daily average balance, or receive a qualifying amount of direct deposits to get a reward.
Rewards checking accounts can still have common bank fees. Some fees to look out for include monthly service fees, overdraft fees, and out-of-network ATM fees.
A cash-back checking account will allow you to earn cash back on debit card purchases.
Yes, interest-earning checking accounts have variable interest rates. The annual percentage yield (APY) of a high-interest checking account can change at any time.
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.
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 200 checking accounts to find the best ones that offered rewards. First, we looked through our list to see which ones had special perks, like cash-back rewards, bonuses, and interest. Then, 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.
