10 Best Rewards Checking Accounts for 2023
Checking accounts are an essential part of your day-to-day spending, consuming and participating in capitalism. Cash has gone the way of the dinosaur, so if everyone has to use a checking account, why not find one with some perks?
The good news is that many banks and financial institutions are now offering a high-yield or rewards checking option, which means a checking account with high-interest rates or cash back. Great rates and rewards are not just for credit cards anymore.
10 Best Rewards Checking Accounts
- American Express Rewards Checking
- Axos Bank Rewards Checking
- Connexus Credit Union Xtraordinary Checking
- Consumers Credit Union Free Rewards Checking
- Discover Cashback Debit Account
- Lake Michigan Credit Union Max Checking
- LendingClub Rewards Checking
- Quontic Cash Rewards Checking
- SoFi Checking and Savings
- Upgrade Reward Checking
1. American Express® Rewards Checking
American Express, Member FDIC, is known for rewards when it comes to credit cards. However, members can now apply for a checking account that has no monthly fees, a solid annual percentage yield and rewards on some purchases. Earned rewards can be redeemed as a deposit into your checking account, or you can redeem them in the same way you redeem points for any Membership Rewards cards you currently have.
|$0||1 Membership Rewards point for every $2 spent on eligible debit card purchase|
2. Axos Bank Rewards Checking
To open an Axos Bank Rewards Checking account you just need $50. There is no requirement to keep a minimum balance, and there are no overdraft fees.
|$0||Up to||$100 welcome bonus, plus unlimited fee reimbursements from any domestic ATM|
3. Connexus Credit Union Xtraordinary Checking
The Connexus Credit Union Xtraordinary Checking account comes with a free Visa debit card and free digital banking. To earn the yield, you must spend $400 on the debit card or have at least 15 debit card purchases per cycle.
|$0||Up to||Higher APY than the national average and $25 rebates on ATM provider surcharges per month|
4. Consumers Credit Union Free Rewards Checking
Consumers Credit Union Free Rewards Checking offers conveniences such as mobile banking and a large network of ATMs. There is also never a minimum balance requirement. Tiered rates increase with larger balances when you meet minimum account activity requirements.
|$0||Up to||Higher APY than the national average and get paid as much as two days early with early direct deposit|
5. Discover Cashback Debit Account
Discover’s Cashback Debit Account provides a free checking account with no-fee overdraft-protection transfers. In fact, it has no fees whatsoever. It is FDIC-insured and offers such security measures as fraud protection and online privacy protection.
Unfortunately, the Cashback Debit account is not currently accepting applications, but you can sign up to get an email when it becomes available again.
|$0||N/A||Earn 1% cash back on up to $3,000 of debit card purchases per month|
6. Lake Michigan Credit Union Max Checking
There are no monthly fees or minimum balance requirements for the Lake Michigan Credit Union Max Checking Account. It comes with a $10-per-month reimbursement for any non-Lake Credit Union or non-Allpoint ATM transactions.
|$0||$450 estimated interest earned per year — on a $15,000 balance — and ATM fee reimbursements|
7. LendingClub Rewards Checking
LendingClub Rewards Checking has no overdraft fees and no minimum balance or transaction requirements. The account provides unlimited ATM fee rebates and early access to direct deposited paychecks.
|$0||Up to||Earn unlimited 1% cash back on qualified purchases|
8. Quontic Cash Rewards Checking
Quontic Cash Rewards Checking accounts are FDIC-insured and come with security monitoring. There are no overdraft fees and the exclusive Quontic Pay Ring also eliminates the need to carry a debit card.
|$0||N/A||Earn unlimited 1.5% cash back on qualified purchases every statement cycle|
9. SoFi Checking and Savings Account
The SoFi Checking and Savings account has overdraft protection and automatic saving features.
|$0||1||$250 sign-up bonus when you set up direct deposit and up to 15% cash back at qualifying local businesses|
10. Upgrade Rewards Checking
Upgrade Rewards Checking accounts get up to 20% lower rates on loans and cards. It also has no overdraft fees, transfer fees or ATM fees.
|$0||N/A||2% cash back on common expenses and 1% back on all other debit card charges|
You use your checking account every day, so it may be time to switch to a high-yield or rewards checking account to make sure you are getting the most for your money. There are several banks and financial institutions that now offer a bit more incentive to bank with them, so be sure to take advantage of one of them.
FAQHere are the answers to some common questions about rewards checking accounts.
- What is a rewards checking account?
- A rewards checking account is a checking account that comes with added benefits, such as cash back or high interest rates.
- Can you get rewards from a checking account?
- Not all checking accounts come with a rewards program, but several do. Banks and financial institutions now try to entice future customers with such rewards as sign-up bonuses, cash back percentages on qualifying purchases, interest rates that are higher than the national average and reimbursements on ATM fees.
- What is a free rewards checking account?
- A free rewards checking account is typically a checking account that doesn't charge monthly maintenance fees or other types of fees, such as overdraft fees, transaction fees or ATM fees.
- Which bank offers the most rewards?
- There are several banks and financial institutions that now offer rewards checking accounts. Examples of banks that offer rewards include:
- – American Express Rewards Checking
- – Axos Bank Rewards Checking
- – Connexus Credit Union Xtraordinary Checking
- – Consumers Credit Union Free Rewards Checking
- – Discover Cashback Debit Account
- – Lake Michigan Credit Union Max Checking
- – LendingClub Rewards Checking
- – Quontic Cash Rewards Checking
- – SoFi Checking and Savings
- – Upgrade Reward Checking
Daria Uhlig contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 28, 2023.
1SoFi members with direct deposit can earn up to 3.75% annual percentage yield (APY) on savings balances (including Vaults) and 2.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 3.75% APY for savings and 2.50% APY for checking balances. Members without direct deposit will earn 1.20% APY on all account balances in checking and savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of Jan. 4, 2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
All information about American Express Rewards Checking has been collected independently by GOBankingRates. American Express Rewards Checking is not available through GOBankingRates.
GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack Inc., an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.
GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circumstances.
Editorial Note: This content is not provided by American Express. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by American Express. American Express credit card products are not available through GOBankingRates.com.
Lending Club: Rates from 5.99% to 35.96%* APR. Best APR is available to borrowers with excellent credit.