August 2023’s Top 5 Rewards Checking Accounts

August 2023's Top 5 Rewards Checking Accounts

The Best Rewards Checking Accounts for Your Money

When it comes to finding a bank account that offers the best value for your money, many people immediately think of a savings account. However, there is another option that can work just as hard for you – a rewards checking account. These accounts allow you to earn cash back, bonuses, or high interest rates when you meet certain requirements.

In this article, we will explore some of the best rewards checking accounts available, providing you with valuable background information and insights to help you make an informed decision.

Our Top Picks for the Best Rewards Checking Accounts

1. SoFi Checking and Savings: Best overall
2. Upgrade Rewards Checking: Best for cash-back rewards
3. Chase Total Checking®: Best for a sign-up bonus
4. Redneck Bank Rewards Checkin’ Account: Best for a high interest rate
5. Consumers Credit Union Free Rewards Checking Account: Best for credit unions

These accounts offer different benefits and features, catering to a variety of financial needs and preferences. Whether you’re looking for high interest rates, cash back, or sign-up bonuses, there is a rewards checking account that suits your requirements.

What to Consider when Choosing a Checking Account

To help you navigate the decision-making process, we reached out to banking and financial planning experts for their insights. Here’s what they had to say:

1. ATM/Branch Locations and Minimum Balance Requirements

Roger Ma, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life,” suggests considering the availability of ATM and branch locations. He also advises paying attention to minimum balance requirements to avoid monthly fees. Additionally, he highlights the importance of features like free checks, online bill pay, and participation in the Zelle network.

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2. Monthly Service Fees and Customer Support

Sophia Acevedo, certified educator in personal finance and banking reporter for Personal Finance Insider, recommends looking for a checking account with no monthly service fees or multiple ways to waive the fee. She also suggests considering customer support availability and mobile app ratings.

3. Banking Experience and Personal Preferences

Tania Brown, certified financial planner at SaverLife, emphasizes the significance of your overall banking experience. Factors such as whether you prefer in-person banking, your check-writing habits, and your comfort with online banking should all be taken into account when choosing a bank.

4. Compatibility and Acceptance

Mykail James, MBA, certified financial education instructor at BoujieBudgets.com, advises considering the provider of the debit card associated with the checking account. It’s important to ensure that the debit card is widely accepted at the places you frequently shop.

Choosing the Right Rewards Checking Account

Tania Brown, the certified financial planner at SaverLife, recommends tailoring your choice of rewards checking account to your specific needs. For example, if you have a checking account strictly for bills and rarely use the associated debit card, focusing on interest rates might be more beneficial. On the other hand, if you have an account dedicated to spending, attaching a cash reward feature could be advantageous. Additionally, if you have a separate account for travel, consider opting for a travel reward attached to that account.

Roger Ma, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life,” suggests that individuals who are responsible with credit should focus on using credit cards to earn rewards instead of prioritizing rewards checking accounts. Building credit should be a priority, and credit cards can provide more substantial rewards in areas where you spend money.

Our Methodology for Selecting the Best Rewards Checking Accounts

To determine our top picks, we reviewed more than two dozen rewards checking accounts, considering various factors such as rewards offered, ease of earning those rewards, opening deposits, monthly fees, and ATM accessibility. We aimed to provide comprehensive information and insights to help you make an informed decision.

Other Rewards Checking Accounts Worth Considering

While our top picks offer excellent features and benefits, there are other rewards checking accounts that may better suit your needs. Here are a few other options to consider:

• LendingClub Rewards Checking Account
• Wealthfront Cash Account
• Quontic Cash Rewards Checking Account
• Discover Cashback Debit Account
• Bank of America Advantage SafeBalance Banking® Account
• Axos Bank Rewards Checking
• Quontic Bitcoin Rewards Checking
• Quontic High Interest Checking Account
• Juno Metal
• Axos Bank™ CashBack Checking
• Bethpage FCU Free Checking
• Connexus Xtraordinary Checking
• PenFed Access America Checking
• Wings Financial High-Yield Checking
• Kasasa checking accounts
• Lake Michigan Credit Union Max Checking
• HSBC Premier Checking
• Associated Bank Personal Checking Account
• City Gold Checking Account
• Suncoast Credit Union Smartly Checking Account
• First Tech Rewards Checking®

Trustworthiness of Banks

It’s essential to consider the trustworthiness of a financial institution before opening an account. The Better Business Bureau (BBB) rates businesses based on their business practices, advertising honesty, and response to customer complaints. Among our top picks, Upgrade holds an A+ rating from the BBB. However, its partner bank, Cross River Bank, has a D rating due to a high volume of customer complaints.

Chase, another top pick, has faced controversies in the past, including involvement in wrongful trading and underpayment of women. SoFi has also recently faced scrutiny for failing to disclose a conflict of interest in its asset management practices.

When choosing a bank, it’s crucial to conduct thorough research, read reviews, and consider multiple perspectives to evaluate its overall trustworthiness.

In Conclusion

Rewards checking accounts offer a great way to earn additional benefits and maximize the value of your money. By carefully considering your financial needs, preferences, and the features offered by different accounts, you can find the one that best suits your requirements.

Remember to evaluate factors such as monthly service fees, ATM accessibility, customer support, and compatibility with your spending habits. By doing so, you can confidently choose the rewards checking account that provides the most significant financial advantages for you.

(Note: The original content contains information about additional rewards checking accounts not included in this article. Please refer to the original content if you want more options and details about these other accounts.)

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