Rewards checking accounts are often overlooked by the average person, but they are a game-changer when it comes to your financial strategy. Not only can they help combat inflation, but they also offer substantial rewards and high annual percentage yields (APY). If you’re ready to stop burning dollar bills and start maximizing your money, here are our top picks for the best rewards checking accounts in January 2024.
Best Rewards Checking Accounts Compared 2024
| Bank | Bonus |
|---|---|
| SoFi | Up to $250 welcome bonus with direct deposits of $5,000+ within 25 days |
| Chase | $300 bonus for new customers with qualifying activities |
| Axos | Up to $300 bonus with promo code AXOS300 and application by June 30, 2024 |
| Upgrade | No specific bonus mentioned in the article |
| Quontic | Free pay ring (otherwise $29) upon account opening |
Best overall: SoFi Checking
The SoFi Checking account is more than just a regular checking account. It offers up to 4.5% APY on your savings account when you use direct deposit or add $5,000 to your account every 30 days. For your checking account balance, you can earn an impressive 4.60% APY. On top of that, you can receive up to $250 as a welcome bonus when you have direct deposits of $5,000+ within 25 days. SoFi also offers up to 15% cash back at select local merchants when you use your debit card.
Best for customer support: Chase Total Checking
Chase Total Checking is a well-known and trusted brand with a vast network of physical branches for in-person banking. They offer a $300 bonus for new customers who make direct deposits totaling $500 or more within 90 days of enrollment. Although it charges a $12 monthly service fee, you can waive it by meeting certain requirements, such as daily account balances or electronic deposits.
Best for free ATM use: Axos Rewards Checking
Axos Rewards Checking is perfect for those who frequently use ATMs. They reimburse all domestic ATM fees, regardless of how often you use them. Axos offers a $300 intro offer with the promo code AXOS300 and has a potential APY of up to 3.30% for balances up to $50,000. However, to earn the full interest rate, you need to fulfill several qualifying activities, such as direct deposits, point-of-sale transactions, and maintaining balances in specific investment accounts.
Best for budgeting: Ally Bank Spending Account
Ally Bank’s Checking Account allows you to create secondary accounts within your checking account, helping you manage your budget effectively. Although it doesn’t have the highest APY, with 4.25% APY for balances less than $15,000 and 0.25% APY for higher balances, it’s a great option for meticulous budgeters.
Best for debit card purchases: Upgrade Rewards Checking Plus
Upgrade Rewards Checking Plus offers a cashback rewards program for debit card spending. You can earn 2% cash back on various categories such as convenience/drug store purchases, gas stations, monthly subscriptions, restaurants, phone bills, and utilities. Other purchases earn you 1% cash back. The best part is that it has no monthly fees, allowing you to keep all the cash back you earn.
Best for a simple and reliable APY: Quontic High Interest Checking
If you’re looking for simplicity and reliability, Quontic High Interest Checking is the way to go. It offers a flat 1.10% APY on all balances, without any minimum balance requirements. However, you need to make at least 10 qualifying debit card transactions totaling $10+ each month to maintain this rate.
Our methodology
To determine the best rewards checking accounts, we considered factors such as welcome bonuses, APY rates, accessibility, customer service, and hidden fees. We also factored in any restrictions or requirements that may affect the average person’s ability to maximize the rewards.
Should you apply for a rewards checking account?
Absolutely! Applying for a rewards checking account is one of the easiest ways to put money back in your pocket without changing your daily routine. However, be aware that some accounts may have stricter requirements or monthly fees, so it’s essential to choose one that aligns with your financial habits.
How to choose a rewards checking account
When choosing a rewards checking account, consider factors such as the return rate (interest or cashback), requirements, restrictions, and fees. Make sure the account’s rewards align with your spending habits and that you can meet any criteria without incurring additional costs.
How to apply for a rewards checking account
The application process for a rewards checking account is similar to opening a regular checking account. You’ll need to provide personal information, such as proof of address, phone number, social security number, and photo ID. Most banks do not perform a credit inquiry but may review your banking history through ChexSystems. Funding options vary by bank.
Alternatives to rewards checking accounts
If rewards checking accounts don’t suit your needs, consider alternatives like rewards credit cards, high-yield savings accounts, or money market accounts. Each offers different benefits and returns, so choose the option that best fits your financial goals.
TIME Stamp: Rewards checking accounts are an easy financial win
Don’t miss out on the benefits of rewards checking accounts! As long as you’re aware of any potential fees and meet the account requirements, applying for a rewards checking account is a no-brainer. It’s time to find an account that complements your lifestyle and helps you make the most of your money.
Disclaimer: APYs are subject to change and were updated as of December 1, 2023.
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