The Best Rewards Checking Accounts: Making Your Money Work Harder
Top Rewards Checking Accounts for November 2023
November 2023’s Top Rewards Checking Accounts
Our experts are here to answer all your burning banking questions and provide unbiased product reviews with a touch of humor. We may receive a commission from our partners, but rest assured, our opinions are our own. So, let’s dive into the world of rewards checking accounts and find out how they can make your money work overtime.
When you think of bank accounts that offer the best bang for your buck, your mind might jump to a savings account. But guess what? A rewards checking account can be just as powerful as a savings account when it comes to maximizing your earnings.
Rewards checking accounts are designed to reward you for your banking activities. From earning cash back to receiving bonuses and enjoying high interest rates, these accounts offer a plethora of benefits if you meet certain qualifications.
Best Rewards Checking Accounts
Now, let’s take a look at our top picks for the best rewards checking accounts. Each account has unique features that make it stand out in its own way:
-
SoFi Checking and Savings: Best overall – Get ready for an all-in-one banking experience with impressive interest rates, generous cash back rewards, and a tempting cash bonus. SoFi has your back!
-
Upgrade Rewards Checking Plus: Best for cash-back rewards – Earn up to 2% cash back on a wide range of debit card purchases. And if you’re craving even more rewards, Upgrade has got you covered.
-
Chase Total Checking®: Best for a welcome bonus – Chase knows how to make a grand entrance with a simple and straightforward path to a $200 cash bonus. Start your banking journey with a bang!
-
Redneck Bank Rewards Checkin’ Account: Best for a high interest rate – Don’t let the name fool you. Redneck Bank offers an impressive 5.30% APY on balances up to $15,000. Yee-haw!
-
Consumers Credit Union Free Rewards Checking Account: Best for credit unions – Join the credit union revolution and earn up to 5.00% APY on your first $10,000. Plus, unlimited refunds on pesky ATM fees.
Now that we’ve unveiled our top picks, it’s time to dive deeper into each account and discover the key features that make them shine.
Rewards Checking Account Reviews
Before we go any further, let us assure you that all the financial institutions on our list are protected by FDIC or NCUA insurance. Your hard-earned money is safe and secure!
SoFi Checking and Savings
Imagine a checking account that offers the perfect blend of interest, cash back, and a sweet cash bonus. Well, that’s exactly what SoFi Checking and Savings brings to the table. Earn up to 4.60% APY on savings balances, 0.50% APY on checking balances, and enjoy up to 15% cash back at select retailers. With SoFi, you’ll never settle for less.
Upgrade Rewards Checking Plus
Upgrade Rewards Checking Plus is the ultimate cash-back champion. Earn a whopping 2% cash back on debit card purchases at your favorite places, from convenience stores to restaurants and everything in between. Plus, you’ll get a $500 annual limit on your cash back rewards. Let Upgrade take your cash back game to the next level.
Chase Total Checking®
Looking for a generous welcome bonus without jumping through hoops? Chase Total Checking® has got you covered. Simply open an account with a coupon code, set up direct deposit within 90 days, and voila! You’ll have $200 in your pocket. It’s that easy!
Redneck Bank Rewards Checkin’ Account
Don’t let the name scare you away. Redneck Bank is here to offer a high interest rate that’ll make your money smile. Earn a fantastic 5.30% APY on balances up to $15,000 by meeting a few simple monthly requirements. Get that southern charm while maximizing your earnings.
Consumers Credit Union Free Rewards Checking Account
If credit unions are your thing, look no further than Consumers Credit Union Free Rewards Checking Account. Earn up to 5.00% APY on the first $10,000 in your account, and enjoy unlimited refunds on ATM fees. It’s time to let your money work harder.
Now that you’ve had a taste of the top rewards checking accounts, it’s time to choose the one that suits your needs best. Remember to consider factors such as monthly fees, minimum balance requirements, and ATM accessibility before making your decision. Want more options? Check out our honorable mentions, where we reveal the rewards checking accounts that didn’t quite make the cut but are still worth your attention.
Other Rewards Checking Accounts We Considered
We scoured the financial landscape to find the cream of the crop, but not every fruit can be a winner. Here are some other rewards checking accounts that deserve an honorable mention:
-
LendingClub Rewards Checking Account: With a lower interest rate but a $2,500 balance requirement, LendingClub offers a different approach. Read our LendingClub Review to explore this option further.
-
Wealthfront Cash Account: At 4.80% APY, Wealthfront knows how to catch your attention. However, our top pick offers an even higher rate. Take a look at our Wealthfront Cash Account Review for more details.
-
Quontic Cash Rewards Checking Account: Quontic steps up its game by offering 1% cash back on eligible debit card purchases. While it falls short compared to our top pick, Upgrade, it’s still a great option. Dive into our Quontic Bank Review for more information.
-
Discover Cashback Debit Account: Discover wants to give you 1% cash back on your debit card purchases, up to $3,000 per month. Although tempting, our top choice, Upgrade, may offer more cash back opportunities. Discover more in our Discover Bank Review.
-
Bank of America Advantage SafeBalance Banking® Account: Bank of America isn’t holding back with a tempting $100 cash bonus for new customers. However, our top pick offers the potential for an even greater bonus. Check out our Bank of America Review for the full scoop.
-
Axos Bank Rewards Checking: Axos is here to entice you with a high-yield checking account. While it’s a solid option, Wealthfront might offer an even higher rate. Let our Axos Bank Review guide you.
-
Quontic Bitcoin Rewards Checking: Who wants cash back when you can earn Bitcoin? If that’s your style, Quontic is here for you. Just think of the cryptocurrency possibilities!
-
Quontic High Interest Checking Account: Looking for high interest? Look no further than Quontic. Although Wealthfront offers more, Quontic still holds its own.
-
Juno Metal Checking Account: Get ready to rock with Juno’s metal checking account. Earn a high APY on balances up to $10,000. See what Juno has to offer in our Juno Review.
-
Axos Bank™ CashBack Checking: A solid 1% cash back is on the table, but you’ll need a minimum balance of $1,500. Are you up for the challenge?
-
Bethpage Federal Credit Union Free Checking Account: Credit unions offer a unique banking experience, and Bethpage knows how to deliver. Although Consumers Credit Union may offer more, Bethpage is still worth exploring. Our Bethpage Credit Union Review has all the details.
-
Connexus Xtraordinary Checking Account: Connexus is ready to take your banking experience to the next level. While it may not offer as high of a rate as Consumers Credit Union, it still has a lot to offer. Dive into our Connexus Credit Union Review for more information.
-
Pentagon Federal Credit Union Access America Checking Account: PenFed is a respected credit union, but their checking account doesn’t offer the same high rate as most of our top picks. Discover more in our Pentagon Federal Credit Union Review.
-
Wings Financial Credit Union High-Yield Checking Account: Wings Financial Credit Union aims high with its high-yield checking account. However, Wealthfront still beats it in terms of APY. Read our Wings Financial Credit Union Review to see if it’s the right fit for you.
-
Kasasa checking accounts: Kasasa partners with various banks across the US, offering a range of rewards checking accounts. You might find a great option if there’s a partner bank near you. Rewards vary, so explore your options.
-
Lake Michigan Credit Union Max Checking: LMCU offers a high APY on balances under $15,000, but only residents of certain states can join. Take a deeper dive in our LMCU Review.
-
HSBC Premier Checking: If you’re looking for an exclusive banking experience, HSBC has a few requirements. It’s certainly not for everyone, so check out our HSBC Bank Review to see if it’s the right fit for you.
-
Associated Bank Personal Checking Account: Associated Bank sweetens the deal with a $200, $300, or $500 sign-up bonus. However, it has limited branch locations. Discover more in our Associated Bank Review.
-
City Gold Checking Account: City wants to give you a $100 bonus, but other banks offer even better incentives. Don’t settle for less!
-
Suncoast Credit Union Smartly Checking Account: US Bank takes center stage with an enticing bank account bonus. However, keep in mind the monthly service fee unless you qualify for a waiver. Explore our U.S. Bank Review for all the details.
-
First Tech Rewards Checking®: Looking for a high interest rate? First Tech has you covered, although it may not beat our top picks.
So, there you have it! While these accounts didn’t make it into our top picks, they still offer valuable rewards and features. Explore each option and find the one that aligns with your financial goals.
Rewards Checking Accounts FAQs
Now, let’s dive into some frequently asked questions about rewards checking accounts. Our expert panel is here to provide their insights and shed some light on the subject.
What should you look for in a checking account?
Roger Ma, certified financial planner and author of “Work Your Money, Not Your Life,” suggests looking at ATM and branch locations, minimum balance requirements, and additional services like free checks and online bill pay. Sophia Acevedo, a certified educator in personal finance, recommends considering customer support availability and mobile app ratings. Find the account that suits your needs and makes your financial life easier.
How can someone determine if a bank is a good match?
Tania Brown, certified financial planner at SaverLife, advises considering FDIC insurance, preferred banking experience (local vs. online), and the bank’s acceptance network. Mykail James, an MBA and certified financial education instructor, highlights the importance of knowing the provider behind your debit card. Make sure the bank meets your specific needs before making a final decision.
How should someone decide between a high APY, cash sign-up bonus, or cash back?
Tania Brown suggests considering how you plan to use the account. If you’re focused on interest, go for a high APY account. If you’re a frequent spender, a cash back account might be the right fit. Roger Ma recommends looking beyond rewards checking accounts and considering credit cards that offer rewards for your spending habits. Before making a decision, assess your personal financial goals and choose accordingly.
Why You Should Trust Us: Our Expert Panel for the Best Rewards Checking Accounts
You can trust our expertise because we’ve consulted banking and financial planning experts to lay the groundwork for our top picks. Rest assured, their advice is here to guide you on your quest for the perfect rewards checking account.
Which Bank is the Most Trustworthy?
We understand that trust is a crucial factor when choosing where to place your hard-earned money. While Redneck Bank hasn’t received a BBB rating yet, all our other top picks have been rated by the Better Business Bureau (BBB). Upgrade has earned an impressive A+ rating, while its partner bank, Cross River Bank, has a C- rating due to some customer complaints. Chase has faced its fair share of controversies, including settlements with government authorities. SoFi has also encountered a public controversy related to conflict of interest. It’s crucial to get a comprehensive understanding of a bank’s reputation before making your decision.
Compare Rewards Checking Accounts
Now that you have a solid grasp of the best rewards checking accounts on the market, it’s time to compare their features, benefits, and potential drawbacks. Our goal is to equip you with all the information you need to make an informed choice. So go ahead and dive into the world of rewards checking accounts, where your money can work harder than ever before.
Remember, our experts are always here with a touch of humor and a helping hand. So, don’t hesitate to reach out with any questions or concerns. Happy banking!
Readers, we’d love to hear from you! Are you considering a rewards checking account? What features or rewards are most important to you? Share your thoughts in the comments below.
