5 Best Rewards Checking Accounts for 2024

Banking

Rewards checking accounts give you a great chance to boost your earnings on everyday spending and banking. With these accounts, you can skip the usual fees while enjoying cashback and sign-up bonuses that add real value to your routine.

Whether it’s earning on your purchases or grabbing a bonus just for signing up, these accounts make it easy to turn your everyday banking into a smart way to grow your money.

5 Best Rewards Checking Accounts

While spending money is part of life, these rewards checking accounts help you get more from your everyday transactions. The best part? Each account offers valuable perks like cashback or interest, and you won’t have to worry about monthly fees as long as you meet basic requirements. Here’s a look at the top five options that make earning rewards easy.

1. Upgrade

Our Top Pick
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Features & Benefits

  • No minimum deposit
  • No monthly fees
  • Get paid up to 2 days early
  • Up to 2% cash back on purchases

The Upgrade Rewards Checking Plus account eliminates monthly fees, overdraft fees, and transfer fees. Customers who establish monthly direct deposits exceeding $1,000 can earn up to 2% cash back on routine debit card purchases.

Upgrade operates as a financial technology firm, not a traditional bank. The Premier Savings account, which offer a competitive 4.69% APY on balances over $1,000, are provided through Cross River Bank, a Member FDIC.

This partnership ensures that your funds are insured up to $250,000 by the FDIC.

2. First Tech Federal Credit Union

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Features & Benefits

  • Earn up to 4.00% APY
  • No monthly fees
  • No minimum balance requirements
  • Over 30,000 fee-free ATMs


First Tech Federal Credit Union offers an attractive banking solution that goes beyond traditional constraints, providing members with a combination of high-yield interest and multiple financial incentives across its platforms.

With the First Tech Rewards Checking & Savings accounts, there are no minimum balance requirements and no monthly maintenance fees.

These accounts offer competitive interest rates, with the potential to earn up to 4.00% APY on both checking and savings accounts, depending on the balance—significantly higher than many conventional banks. Plus, you can earn cash back on credit card spending, making it an even more rewarding banking experience.

Additionally, First Tech offers extensive accessibility with over 30,000 CO-OP network ATMs nationwide for fee-free withdrawals.

The credit union also ensures enhanced financial security and flexibility with features like real-time fraud monitoring and free overdraft transfers.

3. Axos Bank

Features & Benefits

  • No minimum deposit
  • No monthly service fee
  • No overdraft or NSF fees
  • Unlimited ATM fee reimbursements

Axos Bank offers a rewards checking account with no monthly maintenance fees or overdraft charges.

You also get unlimited reimbursements for domestic ATM fees, making it easy to access your cash anywhere.

Axos delivers cash back on purchases and unlimited mobile deposits, plus, your funds are insured by the FDIC up to $250,000.

Opening the account requires just a $50 deposit, and there are no minimum balance requirements to worry about.

4. Discover Bank

Features & Benefits

  • Minimum deposit: none
  • Monthly service fee: none
  • Details: Earn 1% back on up to $3,000 of regular debit card purchases per month. The offer does not extend to ATM transactions, peer-to-peer payments like Apple Pay and Venmo, or the purchase of cash equivalents like money orders.

With no monthly service charges, no minimum account balances, and no minimum deposit to get started, Discover’s free online checking account is one of the best.

Plus, you’ll get 1% cash back on up to $3,000 of debit card purchases per month, there’s plenty of incentive. You’ll also pay no ATM fees at more than 60,000 fee-free ATMs, and if you happen to lose your debit card — no problem. There’s no fee to replace it.

5. Consumers Credit Union

Features & Benefits

  • Minimum deposit: none, but $10,000 to earn high-level rewards
  • No monthly fees
  • Details: Earn 3.09%, 4.09%, or 5.09% APY on your account balance depending on the level of activity requirements you meet each month. See the website for full details.

If you can maintain a relatively high daily balance, you could put your money to work for you at Consumers Credit Union. Their free high yield checking accounts earn up to 5.09% APY, depending on which set of requirements you meet.

However, even the lowest tier earns 3.09%. (Keep in mind that the average interest-earning checking account earns only 0.06%, according to the FDIC; even savings accounts only bring in 0.09% on average.)

You can open and fund a deposit online in just minutes, or, if you’re in the state of Illinois, walk into one of more than a dozen branches the credit union has in the state.

Best of all, the account carries no monthly maintenance fees or balance minimums. Although if you drop below $10,000, it’s only 0.01% APY, which is still something.

How to Choose the Best Rewards Checking Account for You

Picking the right rewards checking account comes down to how you manage your money and what you want to get out of your banking. Here are some key factors to think about before opening an account:

Spending Habits: Cashback vs. High APY

If you use your debit card for most purchases, a cashback rewards account can help you earn back a percentage on everyday spending. On the other hand, if you tend to keep a higher balance in your account, opting for one with a high Annual Percentage Yield (APY) might make more sense, as you’ll earn interest on the money you have sitting in the bank.

Fees and How to Avoid Them

Even though many rewards checking accounts are advertised as fee-free, that often comes with conditions. Look for accounts with no monthly maintenance fees or ways to waive them by meeting certain requirements like setting up direct deposits or maintaining a minimum balance. The fewer hoops you have to jump through, the better.

Accessibility: ATM Networks and Mobile Banking

Make sure the account you choose has easy access to your money. Check if the bank offers fee-free ATMs near you or reimburses you for out-of-network ATM fees. Also, consider the quality of their mobile banking services. A user-friendly app can save you time and hassle when managing your account on the go.

Sign-Up Bonuses vs. Long-Term Benefits

Sign-up bonuses are great for quick cash, but don’t let that be your only focus. Compare the long-term benefits, such as cashback rewards or a high APY, to see which account will give you more value over time. The best account will strike a balance between a good bonus upfront and ongoing perks.

Alternatives to Rewards Checking Accounts

If a rewards checking account isn’t the right fit for you, or if you don’t qualify for the best ones, there are still plenty of other ways to make your money work for you. Here are a few alternatives to consider:

High-Yield Savings Accounts

A high-yield savings account is a solid option if you’re more focused on earning interest than cashback. These accounts typically offer higher interest rates than traditional savings accounts, helping your balance grow over time. While you won’t earn rewards on everyday purchases, the interest can really add up, especially if you tend to keep a larger balance in your account.

Money Market Accounts

Money market accounts combine features of both savings and checking accounts. They often come with higher interest rates than regular checking accounts, and some even allow limited check writing or debit card use. These accounts are a good option if you want to earn interest but still need some flexibility for occasional spending.

Credit Cards with Cashback Rewards

If your goal is to earn cashback on purchases, a credit card with cashback rewards could be a better alternative. Many credit cards offer higher cashback rates than rewards checking accounts, and some even have bonus categories for things like groceries, dining, or gas. Just be sure to pay off your balance in full each month to avoid interest charges that can offset your rewards.

Final Thoughts

Rewards checking accounts offer a simple way to earn extra cash just for handling your everyday banking. Whether it’s through cashback on purchases or earning interest on your balance, these accounts can turn regular spending into easy rewards. Plus, with the added perk of sign-up bonuses, it’s a smart way to give your finances a quick boost.

Remember to choose an account that aligns with your spending habits and financial goals. If the options we’ve covered don’t seem like the perfect fit, alternatives like high-yield savings accounts, money market accounts, or cashback credit cards can still help you get more from your money.

With the right account, you can earn more without changing your routine. So why not make your money work for you?