10 Best Rewards Checking Accounts for October 2024

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All information about American Express® Rewards Checking has been collected independently by GOBankingRates and has not been reviewed or approved by American Express. American Express® Rewards Checking is not available through GOBankingRates.

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 having a cash-back checking account can have its perks. Every debit card transaction should have its day in the sun.

10 Best Rewards Checking Accounts

The good news is that many banks and financial institutions are now offering a high-yield or rewards checking option. Great rates and rewards are not just for credit cards anymore. Here are 10 of the best rewards checking accounts:

1. American Express, Member FDIC, Rewards Checking: Best for Membership Rewards points.
2. Axos Bank Rewards Checking: Best for frequent debit card users.
3. Connexus Credit Union Xtraordinary Checking: Best for those wanting to avoid opening minimum deposits and monthly service fees.
4. Consumers Credit Union Free Rewards Checking: Best for rewards on joint accounts.
5. Discover® Bank Cashback Debit Account: Best for overdraft protection.
6. Lake Michigan Credit Union Max Checking: Best for member-oriented banking.
7. LendingClub Rewards Checking: Best for unlimited ATM fee reimbursements.
8. Quontic Cash Rewards Checking: Best for cash back with every debit card purchase.
9. SoFi® Checking and Savings: Best for those who prefer mobile and online banking products.
10. Upgrade Rewards Checking Plus: Best for receiving discounts on new loans and cards.

1. American Express® Rewards Checking

• Why it stands out: It earns competitive interest rates plus rewards.

American Express is known for rewards when it comes to credit cards. However, members can now apply for a checking account that offers a solid annual percentage yield and rewards on eligible purchases.

2. Axos Bank Rewards Checking

• Why it stands out: Higher APY than most competitors.

Axos Bank Rewards Checking accounts have no overdraft fees and there is no requirement to keep a minimum balance. The APY is noted for being 47 times the national average checking account.

3. Connexus Credit Union Xtraordinary Checking

• Why it stands out: No monthly service fees or out-of-network ATM fees.

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.

4. Consumers Credit Union Free Rewards Checking

• Why it stands out: Availability of branches and online banking features.

Consumers Credit Union 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.

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5. Discover® Cashback Debit Account

• Why it stands out: Can earn up to $360 in cash back every year.

Discover, Member FDIC’s Cashback Debit Account provides a free checking account with no-fee overdraft-protection transfers. In fact, it has no fees whatsoever. It’s FDIC-insured and offers such security measures as fraud protection and online privacy protection. You can see the website for more details but here are some key points to know:

6. Lake Michigan Credit Union Max Checking

• Why it stands out: You can earn up to $450 a year with 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.

7. LendingClub Rewards Checking

• Why it stands out: You can get your paychecks up to two days early and it’s fee-free.

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.

8. Quontic Cash Rewards Checking

• Why it stands out: Quontic Pay Ring is the first wearable payment ring in the United States.

With Quontic Bank’s Cash Rewards Checking, you can get 1% cash back each month on eligible purchases. Rewards will be posted to your account at the start of every statement cycle. The minimum to open an account is $100, but there are no monthly or overdraft fees.

9. SoFi Checking and Savings Account

• Why it stands out: Digitally forward savings products with no fees and competitive rates.

The SoFi Checking and Savings account, Member FDIC, has overdraft protection and automatic saving features.

10. Upgrade Rewards Checking Plus

• Why it stands out: You can earn an even higher APY if you add the Upgrade Performance Savings account.

Upgrade Rewards Checking Plus accounts get up to 20% lower rates on loans and cards. It also has no overdraft fees, transfer fees or ATM fees.

Final Take To GO

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.

Methodology

To determine rankings for the best rewards checking accounts, GOBankingRates looked at the following factors:

1. Total assets as sourced from the FDIC
2. Account opening or sign-up bonuses
3. Rewards on debit card purchases and transactions
4. Minimum deposit to open an account
5. A minimum monthly or total direct deposit during the qualification period
6. What minimum daily balance is required to get rewards or higher APYs
7. Monthly service or maintenance fee ratio (the minimum to avoid fee compared to the monthly fee itself)
8. Annual percentage yield on the checking account
9. Associated and advertised benefits/perks from these premium products
10. Additional perks and rewards

Best of Checking Accounts

• Best Checking Accounts
• Free Checking Accounts With No Minimum Deposit
• Best Free Checking Accounts With No Minimum Balance
• Best Online Checking Accounts
• Best Student Checking Accounts
• Best Checking Accounts for Seniors

All data is up to date as of Oct. 10, 2024, rates and fees are subject to change.

Editorial Note: This content is not provided by any entity covered in this article. 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 any entity named in this article.

GOBankingRates is a personal finance and consumer interest rate website and 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 GOBankingRates, 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.

New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.30% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/8/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 10/8/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

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