The 6 Best Rewards Checking Accounts in 2024

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Traditional checking accounts don't offer a lot of benefits beyond providing for your basic banking needs. Fortunately, rewards checking accounts are becoming increasingly popular, many of them offering value in the form of welcome bonuses, cash-back rewards on your debit card purchases, high annual percentage yields (APYs) on your deposits and more.

Recommended Rewards Checking Accounts

Account	Bonus	APY	Monthly Fee	Get Started
SoFi Checking and Savings Open Account	$50-$300Expires June 30, 2024 More Info New customers can earn a $300 bonus for opening a new SoFi Checking and Savings account and receiving a total of $5,000+ in qualifying direct deposits within the specified evaluation period; receive $1,000 - $4,999 in qualifying direct deposits to earn a $50 bonus.	0.50% - 4.60% More Info Customers earn 4.60% APY on savings balances when they set up recurring monthly direct deposit of their paycheck or benefits provider via ACH deposit. Alternatively, deposit at least $5,000 each month to earn 4.60% APY on your savings balance. Checking balances earn 0.50% APY	$0	Open Account
Axos Rewards Checking Account Open Account	Up to $300Expires June 30, 2024 More Info Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!	Up to 3.30% More Info Earn up to 3.30% APY for completing qualifying activities.	$0	Open Account
Quontic Bank High Interest Checking Open Account	N/A	Up to 1.10% More Info 10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY per account balance tier. If the qualifying activity requirement is NOT fulfilled, the interest rate paid on the entire balance will be 0.01% APY.	$0	Open Account

If you're looking for a way to get more from your banking experience, these best rewards checking accounts can help you. Here's what to know about how they work and how to determine the right fit for you.

SoFi Checking and Savings

Open Account

at SoFi

• Our Rating 5/5 How our ratings work Read the review
• APY0.50% - 4.60% More Info

  Customers earn 4.60% APY on savings balances when they set up recurring monthly direct deposit of their paycheck or benefits provider via ACH deposit. Alternatively, deposit at least $5,000 each month to earn 4.60% APY on your savings balance. Checking balances earn 0.50% APY

• Minimum
  Deposit RequiredN/A
• Intro Bonus $50-$300Expires June 30, 2024 More Info

  New customers can earn a $300 bonus for opening a new SoFi Checking and Savings account and receiving a total of $5,000+ in qualifying direct deposits within the specified evaluation period; receive $1,000 - $4,999 in qualifying direct deposits to earn a $50 bonus.

SoFi Checking and Savings boasts an impressive 4.60% APY on savings balances for customers who set up direct deposit, or who deposit at least $5,000 each month. This account also offers 0.50% APY on checking balances. There are no monthly maintenance fees, and new customers can even earn a generous signup bonus worth up to $300. If you don’t care about physical bank locations, this is a great option.

• Overview
• Pros & Cons

Overview

SoFi Checking and Savings features remarkably strong interest rates for customers who receive recurring monthly direct deposit, or who deposit $5,000+ every 30 days. This account also doesn’t have any maintenance fees, overdraft fees or non-sufficient funds fees. To top it off, new customers can earn a signup bonus worth up to $300.

Read the review

Pros

• Accounts with monthly direct deposit earn interest
• No minimum opening balance or minimum monthly balance
• No maintenance fees, non-sufficient fund fees or overdraft fees
• Access to Allpoint’s worldwide ATM network
• Get paid up to two days early

Cons

• No physical branch locations

SoFi started out as a private student loan company but has since expanded into providing a variety of banking and lending products and services. With a Checking and Savings account, you'll get the best of both worlds in one place. 

When you first open an account, you can earn a generous bonus when you receive qualifying direct deposits. Maintaining direct deposit will also give you a highly competitive APY on your savings balance if you meet the required activities for the highest APY. If you don't meet those requirements, you'll earn 1.20% APY on your savings balance, but that's still better than traditional savings accounts. Plus, you earn 0.50% APY on your checking balance in all cases. And when you use your debit card, you can earn up to 15% cash back at local merchants.

Rewards:

• New account bonus: New customers can earn a $300 bonus for opening a new SoFi Checking and Savings account and receiving a total of $5,000+ in qualifying direct deposits within the specified evaluation period; receive $1,000 - $4,999 in qualifying direct deposits to earn a $50 bonus. (Expires June 30, 2024)
  • Receive $5,000+ in qualifying direct deposits to earn a $300 bonus.
  • Receive $1,000 - $4,999 in qualifying direct deposits to earn a $50 bonus.
• Earn 0.50% - 4.60% APY
  • Savings: Earn 4.60% APY on savings balances when you set up recurring monthly direct deposit of paycheck or benefits provider via ACH deposit, OR deposit at least $5,000 each month. If you don't meet the above requirements, you'll still earn 1.20% APY on your savings.
  • Checking: All checking balances earn 0.50% APY.
• Cash back: You can earn up to 15% cash back at local merchants with your debit card.

Features:

• No account fees
• No-fee overdraft coverage
• Automatic savings features
• No minimum balance requirement 
• Get paid up to 2 days early

Monthly fee: $0

Axos Rewards Checking Account

Open Account

at Axos

• Our Rating 5/5 How our ratings work Read the review
• APYUp to 3.30% More Info

  Earn up to 3.30% APY for completing qualifying activities.

• Minimum
  Deposit Required$50
• Intro Bonus Up to $300Expires June 30, 2024 More Info

  Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!

Axos Bank Rewards Checking gives customers the chance to earn up to a 3.30% APY on their deposits with no monthly fees. These are all terrific features for a checking account, but Axos is digital-only, so if you deal with cash regularly it’s probably not the best fit for you.

• Overview
• Pros & Cons

Overview

While it takes a bit of work to unlock the maximum interest rate, Axos Rewards Checking customers can potentially earn an impressive 3.30% APY. This account also does not include any monthly fees.

Read the review

Pros

• Strong APY compared to similar accounts
• No monthly maintenance fee or monthly minimum balance
• No overdraft or non-sufficient fund fees
• Unlimited domestic ATM fee reimbursements

Cons

• Minimum deposit required for account opening
• Several qualifying activities required to earn maximum interest
• No physical branch locations

One of the first online-only banks, Axos Bank first opened its digital doors in 2000 as Bank of the Internet USA. Axos offers several banking products, including a Rewards Checking account. The account also offers Up to 3.30% APY on your deposits, but you'll need to move a lot of your finances over to Axos Bank to maximize it. Learn more about this account's APY requirements here. Note that you need to fund the account with at least $50.  

Rewards:

• Up to 3.30% APY: Earn up to 3.30% APY for completing qualifying activities.
• Up to $300 welcome bonus: Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!

Features:

• Unlimited domestic ATM fee reimbursements
• No overdraft fees
• Get paid up to 2 days early

Monthly fee: $0

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Quontic Bank Cash Rewards Checking

The offer from the Quontic Cash Rewards Checking account is relatively straightforward: earn 1.00% cash back on all qualifying point-of-sale transactions with your debit card. The account also doesn't charge monthly maintenance fees or overdraft fees. There's also no minimum balance requirement, but you'll need a minimum opening deposit of at least $100.

Rewards:

• 1.00% cash back on all qualifying point-of-sale debit card transactions

Features:

• No overdraft fees
• No minimum balance requirements

Monthly fee: $0

Upgrade Rewards Checking

Primarily a personal loan company, Upgrade teamed up with Cross River Bank to offer its Rewards Checking account. Account holders earn 2% cash back on everyday debit card purchases, including convenience and drug stores, gas stations, monthly subscriptions, restaurants and utilities and phone payments. All other purchases net you 1% back. If you want more, you can add an Upgrade Performance Savings account and earn up to 5.07% APY on your savings balance. 

Rewards:

• 2% cash back on everyday debit card purchases
• 1% on all other purchases 

Features: 

• No ATM fees
• No overdraft fees
• No transfer fees
• Get paid up to 2 days early

Monthly fee: $0

American Express Rewards Checking

American Express

If you have an American Express credit card that offers Membership Rewards points, the bank's Rewards Checking account can be a good way to rack up more points. The account offers 1 point for every $2 you spend with your debit card. You can redeem your points as deposits into your checking account or combine them with your credit card points for more redemption options. The account also offers a 1.00% APY on your balance. If you want a higher interest rate, consider the bank's High Yield Savings account, which offers 4.35% APY. 

Rewards:

• 1.00% APY 
• 1 Membership Rewards point for every $2 spent with your debit card

Features: 

• No monthly fee
• Debit card with purchase protection against accidental damage and theft

Monthly fee: $0

LendingClub Rewards Checking

While LendingClub started out as a peer-to-peer lending platform, its acquisition of Radius Bank allowed it to start offering various banking products, including the Rewards Checking account. With it, you'll earn 1% cash back on all eligible purchases made with your debit card. You'll also earn an APY of up to 0.15% on your balance, but you're better off pairing your account with the bank's High-Yield Savings account, which offers a 5.00% APY.

Rewards:

• Up to 0.15% APY
• 1% cash back on eligible debit card purchases 

Features: 

• No ATM fees
• Unlimited ATM fee rebates worldwide
• No overdraft fees
• No incoming wire transfer fees
• Get paid up to 2 days early

Monthly fee: $0

Pros and Cons of Rewards Checking Accounts

How to Choose the Right Rewards Checking Account for You

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Choosing the right rewards checking account for you depends on your specific needs, so consider these factors as you compare your options:

• Account access: Decide if you prefer in-person services like chatting with a teller or making cash deposits or if the convenience of mobile banking appeals to you. Depending on your preferences, you may want to sign up for an account at a brick-and-mortar bank or an online-only bank.
• Rewards type: Consider if you want a high APY, a sweet welcome bonus, cash back on debit purchases or other rewards so you can narrow your search to the accounts that match your spending and saving habits.
• Fees: A nice feature of many rewards checking accounts is that they often don’t have monthly fees. But keep an eye on common fees associated with any account you’re considering to make sure they don't eat into your bottom line too much.
• Other services: It’s totally feasible to open a rewards checking account at a bank you don’t otherwise use, but if you’re interested in using multiple services at one bank—like signing up for a savings account or applying for a loan—consider what else the bank offers as you shop around.

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Are Rewards Checking Accounts Worth It?

Rewards checking accounts are often worth it if their requirements are easy to meet. For example, if the account has no balance requirement to earn a high APY, or one low enough for your needs, that alone could make the account worthwhile. Similarly, if the requirements to qualify for a welcome bonus are within your reach with your regular financial habits, a rewards checking account could be a great fit. However, if you find yourself struggling to meet qualifications to earn rewards, you might be better off with another type of account.