April 23, 2024

Rewards checking accounts are a type of issues that inexplicably fails to discover a spot on the to-do record of the typical particular person. However when you’re one of many many who aren’t funneling cash via a rewards checking account, you’re lighting greenback payments on fireplace.

This is likely one of the best adjustments you can also make to your monetary technique to fight inflation. Many include lots of of {dollars} in welcome bonuses—and much more than 4% annual share yield (APY). Listed below are our prime picks for the very best rewards checking accounts in November 2023.

Greatest rewards checking accounts in contrast 2024

Greatest total: SoFi Checking



Sofi On-line Checking Account

Particular supply

As much as $250 welcome bonus after receiving direct deposits of $5,000+ inside 25 days

The SoFi Checking account is greater than only a checking account. Should you’re not enthusiastic about opening a checking account with financial savings account options, this will not be your favourite possibility, however it might internet some substantial rewards.

For starters, you’ll obtain as much as 4.50% APY* in your financial savings account while you use direct deposit to your paycheck or add $5,000 to your account each 30 days. In any other case, you’ll earn 1.2%. You’ll earn 4.60% APY* to your checking account steadiness. There’s no cap on the quantity you may earn from the 4.5% return in your financial savings account.

Past that, you’ll obtain a as much as $250 after you obtain direct deposits of $5,000+ inside 25 days. In case your deposits are lower than $5,000, you’ll obtain a $50 bonus. SoFi may even award as much as 15% money again while you use your debit card at choose native retailers, which range relying on location.


  • Excessive APY.
  • No cap on curiosity you may earn.
  • Stable welcome supply.


  • It’s essential to open each a checking and financial savings account.
  • Out-of-network ATM charges not reimbursed.

Why we picked it: With a decent APY and low charges, this checking account does what most folk want with out the nickel-and-diming. Plus, its welcome bonus is value writing your mom about.

Greatest for giant balances: HSBC Premier Checking

Massive balances

Massive balances

HSBC Premier Checking

Particular supply

Between $1,500 and $4,000; Provide expires Mar. 27, 2024

HSBC Premier Checking is finest suited to these with at the least six figures within the financial institution. With a large steadiness like that, it’s clever to park that cash in an account with a excessive APY. And whereas HSBC Premier Checking affords a paltry APY, it affords a screaming intro bonus.

Whenever you open an account and deposit the next quantities (and maintain the cash there for 3 months), you’ll obtain:

  • $100,000 to $199,999.99—$1,500 bonus.
  • $200,000 to $299,999.99—$2,000 bonus.
  • $300,000 to $499,999.99—$2,500 bonus.
  • $500,000 or extra—$3,500 bonus.

You’ll additionally get one other $500 after you arrange recurring month-to-month direct deposits totaling at the least $5,000 for 3 months. That’s potential for as much as $4,000 in bonus money. Sadly, the account incurs a $50 month-to-month upkeep charge—however you may get that charge waived so long as you do one of many following:

  • Preserve balances totaling at the least $75,000 in deposits and investments.
  • Obtain at the least $5,000 in month-to-month direct deposits from a 3rd get together.
  • Have an HSBC U.S. residential mortgage mortgage with an unique mortgage quantity of at the least $500,000 (excluding dwelling fairness merchandise).

Should you’ve bought the cash to drift, it’s value throwing the funds into an HSBC account for a couple of months. Plus, opening a Premier Checking account offers you the flexibility to “reward” Premier standing to as much as 4 relations by linking their qualifying accounts at HSBC. This provides them entry to advantages like no international transaction charges, waived charges for qualifying worldwide cash transfers, obtain improved charges with choose HSBC accounts, and extra.


  • Huge welcome bonus.
  • Obtainable nationwide.


  • To earn a bonus requires a steadiness of at the least $100,000.
  • $50 month-to-month upkeep charge (avoidable with qualifying exercise).

Why we picked it: When a financial institution is providing a welcome bonus of as much as $4,000, it’s headline information. The truth that it requires such a big deposit will make it a nonstarter for a lot of—however those that qualify could make out like bandits. And the flexibility to share HSBC Premier standing with as much as 4 relations means you may assist others with monetary perks like quite a lot of waived charges and extra favorable account phrases.

Greatest for buyer assist: Chase Complete Checking

Buyer assist

Buyer assist

Chase Complete Checking®

Particular supply

New Chase checking prospects take pleasure in a $300 bonus while you open a Chase Complete Checking® account with qualifying actions

Chase is probably going probably the most recognizable model in our record of prime rewards checking accounts. Recognition comes from ubiquity, which is accompanied by customer support advantages. Chase is well-known for its assist community, and its 4,700+ nationwide bodily places are useful when you’d favor to do your banking in particular person.

Chase Complete Checking affords a $300 bonus to new Chase checking prospects after making direct deposits totaling $500 or extra inside 90 days of enrollment. 

This checking account fees a $12 month-to-month service charge which is waived when you obtain at the least one of many following:

  • Obtain at the least $500 in digital deposits
  • Start every day with at the least $1,500 in your account
  • Preserve a day by day common steadiness of at the least $5,000 between this account and different linked qualifying deposit accounts

Additionally observe that you simply’ll be charged a $3 charge when utilizing an ATM not managed by Chase.


  • A lot of bodily branches.
  • Excessive welcome bonus with no minimal direct deposit .


  • ATM charges.
  • $12 month-to-month upkeep charge (could be averted with particular exercise).

Why we picked it: Should you’re the type of banker who desires the flexibility to achieve a human rapidly, Chase is likely one of the finest banks for you. It’s bought the customer support infrastructure that almost all different banks—particularly on-line banks—don’t have.

Greatest at no cost ATM use: Axos Rewards Checking

Free ATM use

Free ATM use

Axos Rewards Checking

Particular supply

Use promo codeAXOS300and apply by June 30, 2024, to earn as much as a $300 bonus!

For those who make heavy use of ATMs and don’t wish to be tied to utilizing in-network ATMs to keep away from charges, the Axos Rewards Checking account is a superb possibility. All home ATM charges can be reimbursed, regardless of how usually you employ them. The tradeoff is that the financial institution solely has 5 brick-and-mortar places within the nation.

Axos affords a $300 intro supply while you use the code AXOS300 by June 30, 2024. It additionally comes with a higher-than-average potential APY amongst rewards checking accounts at As much as 3.30%(for as much as $50,000). However a handful of qualifying actions are required to earn this full rate of interest:

  • Direct deposits totaling $1,500+ every month — 0.4%
  • 10 point-of-sale transactions of at the least $3 every month utilizing your debit card (or enrolling in “Account Aggregation/Private Finance Supervisor) — 0.3%
  • Preserve a mean day by day steadiness of $2,500+ every month in an Axos Self Directed Buying and selling Make investments account — 1%
  • Preserve a mean day by day steadiness of $2,500+ every month in an Axos Managed Portfolio Make investments account — 1%
  • Make a month-to-month cost to an open Axos Financial institution client mortgage by transferring out of your rewards checking account (excluding business and enterprise loans) — 0.6%

Should you can handle to realize all that, you’ll escape with As much as 3.30% APY. Should you’re not all-in on Axos merchandise, you’ll doubtless get a meager return.


  • All home ATM charges reimbursed.
  • Above-average APY.


  • Probably prohibitive month-to-month direct deposits to qualify for the intro bonus.
  • Many steps to make sure you obtain the best APY.
  • Only a few bodily places.

Why we picked it: The power to make use of any home ATM as usually as you need with no monetary repercussions is extraordinarily uncommon. Those that contract tennis elbow from inserting their card into the ATM can save large with this function.

Greatest for budgeting: Ally Financial institution Spending Account

Ally Financial institution’s checking account is a dream for individuals who wish to micromanage their balances. You may create secondary accounts inside your checking account that will help you allocate cash for sure payments, targets, and so forth. For instance, chances are you’ll create an account to your grocery spending and one other for restaurant spending to raised handle budgeting.

Past that, the account isn’t spectacular for ongoing earnings from curiosity (although it’s markedly above the nationwide common). You’ll obtain 4.25% APY for account balances lower than $15,000, and 0.25% APY for balances above $15,000.


  • Simple to allocate cash.
  • No month-to-month charges.


  • No welcome bonus.
  • Unmemorable APY.

Why we picked it: The spending buckets this card affords are its essential draw over different accounts. It’s pretty well-rounded, with perks resembling early direct deposit and restricted reimbursements for out-of-network ATMs—however these are widespread amongst rewards checking accounts.

Greatest for debit card purchases: Improve Rewards Checking Plus

Debit card buy

Debit card buy

Improve Rewards Checking Plus

Improve is likely one of the few firms that gives a money again rewards program for debit card spending. Should you’d wish to earn money again for on a regular basis purchases however you don’t wish to (or can’t) open a money again bank card, the Improve Rewards Checking Plus is an easy resolution.

Direct deposits of at the least $1,000 every month makes you eligible to earn 2% money again when utilizing your debit card for:

  • Comfort/drug retailer purchases
  • Gasoline stations
  • Month-to-month subscriptions (Netflix, Spotify, and so forth.)
  • Eating places (together with eligible supply providers)
  • Cellphone invoice
  • Utilities

You’ll additionally earn 1% money again on all different purchases. With no month-to-month charges, all of the money again you earn is pure revenue.


  • Glorious return for on a regular basis debit card spending.
  • No month-to-month upkeep charges.


  • No welcome bonus.
  • No overdraft safety.

Why we picked it: In case your credit score historical past isn’t the very best, chances are you’ll suppose that your incapacity to be authorized for a bank card precludes you from collaborating in money again rewards. However this account comes with a debit card that’s extra rewarding than a good variety of correct money again bank cards.

Greatest for a easy and dependable APY: Quontic Excessive Curiosity Checking

Easy and dependable APY

Easy and dependable APY

Quontic Excessive Curiosity Checking

Particular supply

Free pay ring (in any other case $29) upon account opening

Different high-interest checking account affords are likely to require minimal balances, a complementary financial savings account, or a number of hoops to leap via. The Quontic Excessive Curiosity Checking account combines simplicity with a decent (although not outlandish) return charge.

You’ll earn 1.10% on all balances, regardless of the dimensions. The one catch is that you should make at the least 10 qualifying debit card transactions totaling $10+ every month—in any other case, you’ll earn simply 0.01%. It’s essential to additionally deposit at the least $100 to open an account.

You received’t be charged any month-to-month or overdraft charges, both. Nonetheless, in case your account is left dormant for a month, you may incur a $5 charge.


  • Stable APY that’s straightforward to realize.
  • Sparse charges.


  • Highest APY requires month-to-month exercise (albeit straightforward).
  • Minimal $100 direct deposit.

Why we picked it: You’ll typically discover that the upper the APY, the extra effort is taken to achieve it. Quontic finds the steadiness between a superb rate of interest and cheap exercise to realize the best payout.

Greatest for no charges: Uncover Money Again Debit

No charges

No charges

Uncover Cashback Debit Account


1% money again on as much as $3,000 in debit card purchases every month.**

Uncover is thought for charging only a few account charges. The Uncover Money Again Debit account isn’t any totally different. There aren’t any month-to-month upkeep charges and no charges for inadequate funds, financial institution checks, expedited debit card substitute, and so forth.

The draw back is that the checking account doesn’t earn APY. BUt it greater than makes up for this by rewarding you with 1% again for all purchases made together with your account’s debit card (on as much as $3,000 in purchases every month). In different phrases, you may earn as much as $360 per yr simply from making purchases you deliberate to make, anyway. Not dangerous in any respect.


  • Extraordinarily few charges.
  • Debit card earns as much as 1% money again.


  • No APY.
  • Debit card rewards are capped at $30 per thirty days.

Why we picked it: The very last thing you wish to cope with when looking for a rewards checking account is a barrage of charges. You’re making an attempt to earn rewards, and seemingly arbitrary charges can eat into your revenue in an enormous means. This account has just about no charges.

Our methodology

TIME weighed quite a lot of traits in selecting the present finest rewards checking accounts. We’ve considered present welcome bonuses, APY charges, accessibility, customer support, and hidden charges. We additionally factored in widespread restrictions that will forestall the typical particular person from maximizing what at first look would seem like a top-notch supply.

Must you apply for a rewards checking account?

Most people ought to completely apply for a rewards checking account. You’re nearly actually going to have a checking account anyway, so why not get rewarded for it? Opening a rewards checking account is likely one of the best steps you may take to place a bit of cash again in your pocket with out altering day by day life.

Word that there are some downsides to rewards checking accounts, relying on the financial institution. You could be topic to stricter requirements. For instance, some might cost month-to-month charges—and even forestall you from opening an account in any respect—when you’re unable to keep up a excessive steadiness.

How to decide on a rewards checking account

Return charge

The rewards you obtain out of your rewards checking account ought to be probably the most necessary elements in deciding which possibility is finest for you.

Rewards checking accounts can work in varied methods. You could earn curiosity day by day based mostly in your account steadiness. Or chances are you’ll be supplied a debit card that earns money again for on a regular basis spending.

Go for the account that’ll provide the greatest return to your scenario. Should you’ve bought a large account steadiness, it in all probability is sensible so that you can give attention to a excessive APY possibility.


Amongst your favourite rewards checking account preferences, learn the high-quality print to study if there are any necessities you may’t meet. For instance, some accounts stipulate that you simply obtain a sure sum of money through direct deposit to earn a welcome bonus. Others might require that you simply maintain a minimal account steadiness of $5,000 to earn the best ongoing rewards charge. This might flip what looks like the best choice into absolutely the worst.


All financial institution accounts, rewards-earning or not, have distinctive restrictions that may impede the best way you wish to deal with your funds. Should you make the most of ATMs frequently, analysis to see if there are in-network ATMs close to you or if it participates in a nationwide ATM community. Should you’re within the behavior of utilizing paper checks, make certain that your potential financial institution affords them.

Additionally be sure that the account doesn’t implement a restrict to the rewards it earns. For instance, the account might earn 4% APY for balances as much as $20,000—however simply 0.1% for something above that threshold.


Count on month-to-month upkeep charges, international transaction charges, paper assertion charges, and extra with rewards checking accounts. It’s essential to determine when you can keep away from these charges altogether or if the rewards you earn are value paying these charges.

How one can apply for a rewards checking account

Opening a checking account is just like making use of for a mortgage, however not fairly as probing. You’ll want to offer info resembling:

  • Proof of handle, which generally is a lease assertion or utility invoice
  • Cellphone quantity
  • Beginning date
  • Social Safety quantity
  • Photograph ID

Most banks received’t carry out a credit score inquiry when approving you for an account, although they could study your earlier banking practices via an company referred to as ChexSystems. In different phrases, when you’ve bought a historical past of dangerous habits (bounced checks or overdrafts), that might play a think about being authorized.

You’ll typically have to fund your checking account quickly after you open it. Relying on the financial institution, you might have the choice of utilizing a bank card, test, or direct deposit.

Options to rewards checking accounts

Bank cards

Rewards bank cards usually include welcome bonuses which can be equal to (or considerably higher than) the bonuses you’ll obtain for opening a checking account. You’ll even earn money again or journey factors for on a regular basis purchases, which may add up in a rush.

For instance, the card_name comes with a bonus_miles_full. It additionally earns 5% money again to your prime eligible spending class (as much as $500 every month, then 1%). Eligible classes embrace:

  • Drugstores.
  • Health golf equipment.
  • Gasoline stations.
  • Grocery shops.
  • House enchancment shops.
  • Reside leisure.
  • Eating places.
  • Choose streaming providers ( Amazon Prime Video, Hulu, Netflix, Spotify, and so forth).
  • Choose transit.
  • Choose journey.

You’ll get 1% again for all different eligible purchases.

Excessive-yield financial savings accounts

Should you’re in search of methods to revenue from the cash sitting in your checking account, take into account opening a high-yield financial savings account. Financial savings accounts routinely supply exponentially larger returns than checking accounts—and you may merely open a checking account from the identical institution for the flexibility to immediately make use of your cash while you want it.

For instance, the Valley Direct affords a whopping 5.25% APY* with no required steadiness to start out incomes.

Cash market account

A cash market account is basically a financial savings account with checking account options. It affords APY just like what you’ll discover with financial savings accounts, too. Nonetheless, chances are you’ll discover that the very best MMA rates of interest are solely obtainable for these with large balances.

Quontic Financial institution’s cash market account is at present the most effective, providing 5.00% APY with a $100 minimal deposit. You’ll even get a debit card with the account.c

TIME Stamp: Rewards checking accounts are a straightforward monetary win.

You’re shedding cash when you don’t use a rewards checking account. So long as you don’t incur charges that offset your earnings, making use of is a no brainer. Discover a rewards checking account that enhances your way of life, and it’s the closest you’ll come to a free lunch.

Ceaselessly requested questions (FAQs)

Are rewards checking accounts value it?

Rewards checking accounts are value it so long as they don’t forestall you from banking the best way you usually do. Should you like visiting a brick-and-mortar department, even probably the most beneficiant rewards account from a strictly on-line financial institution received’t ship what you want.

What financial institution has the very best checking account advantages?

The most effective checking account advantages rely in your preferences. Nonetheless, when you’re apprehensive about making an attempt rewards checking, chances are you’ll profit from an providing from Chase because of its customer support infrastructure alone. You may go to a close-by department to talk head to head with a consultant you probably have questions.

What banks provide you with a bonus for opening an account?

Many banks supply welcome bonuses for opening a rewards checking account, together with Axos, Chase, PNC, U.S. Financial institution, and extra.

*APYs are topic to vary. APYs are up to date as of Dec. 1, 2023.