June 17, 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 should you’re one of many many who aren’t funneling cash by a rewards checking account, you’re lighting greenback payments on hearth.

This is likely one of the best adjustments you may make to your monetary technique to fight inflation. Many include a whole lot of {dollars} in welcome bonuses—and much more than 4% annual proportion yield (APY). Listed here are our high picks for the very best rewards checking accounts in November 2023.

Finest rewards checking accounts in contrast 2024

Finest total: SoFi Checking



Sofi On-line Checking Account

Particular provide

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. For those who’re not fascinated about opening a checking account with financial savings account options, this will not be your favourite possibility, however it will possibly web some substantial rewards.

For starters, you’ll obtain as much as 4.50% APY* in your financial savings account whenever you use direct deposit on 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* on your checking account stability. There’s no cap on the quantity you possibly can 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 whenever you use your debit card at choose native retailers, which fluctuate relying on location.


  • Excessive APY.
  • No cap on curiosity you possibly can earn.
  • Strong welcome provide.


  • You could 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 price writing your mom about.

Finest for giant balances: HSBC Premier Checking

Massive balances

Massive balances

HSBC Premier Checking

Particular provide

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

HSBC Premier Checking is finest suited to these with no less than six figures within the financial institution. With a large stability like that, it’s clever to park that cash in an account with a excessive APY. And whereas HSBC Premier Checking gives a paltry APY, it gives 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 no less than $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 price—however you may get that price waived so long as you do one of many following:

  • Preserve balances totaling no less than $75,000 in deposits and investments.
  • Obtain no less than $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 no less than $500,000 (excluding residence fairness merchandise).

For those who’ve received the cash to drift, it’s price throwing the funds into an HSBC account for a number 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 overseas transaction charges, waived charges for qualifying worldwide cash transfers, obtain improved charges with choose HSBC accounts, and extra.


  • Huge welcome bonus.
  • Out there nationwide.


  • To earn a bonus requires a stability of no less than $100,000.
  • $50 month-to-month upkeep price (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 possibly can assist others with monetary perks like a wide range of waived charges and extra favorable account phrases.

Finest for buyer assist: Chase Whole Checking

Buyer assist

Buyer assist

Chase Whole Checking®

Particular provide

New Chase checking clients take pleasure in a $300 bonus whenever you open a Chase Whole Checking® account with qualifying actions

Chase is probably going probably the most recognizable model in our record of high 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 areas are useful should you’d favor to do your banking in particular person.

Chase Whole Checking gives a $300 bonus to new Chase checking clients after making direct deposits totaling $500 or extra inside 90 days of enrollment. 

This checking account fees a $12 month-to-month service price which is waived should you obtain no less than one of many following:

  • Obtain no less than $500 in digital deposits
  • Start every day with no less than $1,500 in your account
  • Preserve a day by day common stability of no less than $5,000 between this account and different linked qualifying deposit accounts

Additionally word that you simply’ll be charged a $3 price 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 price (could be averted with particular exercise).

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

Finest totally free ATM use: Axos Rewards Checking

Free ATM use

Free ATM use

Axos Rewards Checking

Particular provide

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

For people who make heavy use of ATMs and don’t need 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 shall be reimbursed, irrespective of how usually you utilize them. The tradeoff is that the financial institution solely has 5 brick-and-mortar areas within the nation.

Axos gives a $300 intro provide whenever 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 no less than $3 every month utilizing your debit card (or enrolling in “Account Aggregation/Private Finance Supervisor) — 0.3%
  • Preserve a mean day by day stability of $2,500+ every month in an Axos Self Directed Buying and selling Make investments account — 1%
  • Preserve a mean day by day stability 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 shopper mortgage by transferring out of your rewards checking account (excluding industrial and enterprise loans) — 0.6%

For those who can handle to attain all that, you’ll escape with As much as 3.30% APY. For those who’re not all-in on Axos merchandise, you’ll seemingly 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 areas.

Why we picked it: The flexibility 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 huge with this function.

Finest for budgeting: Ally Financial institution Spending Account

Ally Financial institution’s checking account is a dream for many 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, you might create an account on your grocery spending and one other for restaurant spending to higher 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.


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


  • No welcome bonus.
  • Unmemorable APY.

Why we picked it: The spending buckets this card gives are its major 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.

Finest 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 corporations that gives a money again rewards program for debit card spending. For those who’d wish to earn money again for on a regular basis purchases however you don’t need to (or can’t) open a money again bank card, the Improve Rewards Checking Plus is an easy resolution.

Direct deposits of no less than $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 on.)
  • Eating places (together with eligible supply companies)
  • 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.


  • Wonderful 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, you might suppose that your lack of ability to be authorised for a bank card precludes you from taking part 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.

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

Easy and dependable APY

Easy and dependable APY

Quontic Excessive Curiosity Checking

Particular provide

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

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

You’ll earn 1.10% on all balances, irrespective of the scale. The one catch is that you have to make no less than 10 qualifying debit card transactions totaling $10+ every month—in any other case, you’ll earn simply 0.01%. You could additionally deposit no less than $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 price.


  • Strong APY that’s straightforward to attain.
  • 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 stability between rate of interest and affordable exercise to attain the best payout.

Finest 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 understood for charging only a few account charges. The Uncover Money Again Debit account isn’t any totally different. There are not any month-to-month upkeep charges and no charges for inadequate funds, financial institution checks, expedited debit card alternative, and so on.

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 along with your account’s debit card (on as much as $3,000 in purchases every month). In different phrases, you possibly can earn as much as $360 per 12 months 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 monthly.

Why we picked it: The very last thing you need to take care of when looking for a rewards checking account is a barrage of charges. You’re attempting to earn rewards, and seemingly arbitrary charges can eat into your revenue in a giant means. This account has nearly no charges.

Our methodology

TIME weighed a wide range 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 look like a top-notch provide.

Must you apply for a rewards checking account?

Most people ought to completely apply for a rewards checking account. You’re nearly definitely 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 possibly can 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. Chances are you’ll be topic to stricter requirements. For instance, some could cost month-to-month charges—and even forestall you from opening an account in any respect—should you’re unable to take care of a excessive stability.

How to decide on a rewards checking account

Return price

The rewards you obtain out of your rewards checking account must be one of the crucial essential components in deciding which possibility is finest for you.

Rewards checking accounts can work in varied methods. Chances are you’ll earn curiosity day by day primarily based in your account stability. Or you might be offered a debit card that earns money again for on a regular basis spending.

Go for the account that’ll provide the largest return on your state of affairs. For those who’ve received a large account stability, it most likely is smart so that you can concentrate on a excessive APY possibility.


Amongst your favourite rewards checking account preferences, learn the advantageous print to study if there are any necessities you possibly can’t meet. For instance, some accounts stipulate that you simply obtain a sure amount of cash by way of direct deposit to earn a welcome bonus. Others could require that you simply maintain a minimal account stability of $5,000 to earn the best ongoing rewards price. 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 way in which you wish to deal with your funds. For those who make the most of ATMs usually, analysis to see if there are in-network ATMs close to you or if it participates in a nationwide ATM community. For those who’re within the behavior of utilizing paper checks, make certain that your potential financial institution gives them.

Additionally be sure that the account doesn’t implement a restrict to the rewards it earns. For instance, the account could 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, overseas transaction charges, paper assertion charges, and extra with rewards checking accounts. You could determine should you can keep away from these charges altogether or if the rewards you earn are price 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 supply data resembling:

  • Proof of deal with, which could be a lease assertion or utility invoice
  • Cellphone quantity
  • Delivery date
  • Social Safety quantity
  • Photograph ID

Most banks received’t carry out a credit score inquiry when approving you for an account, although they might study your earlier banking practices by an company known as ChexSystems. In different phrases, should you’ve received a historical past of dangerous habits (bounced checks or overdrafts), that might play a consider being authorised.

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

Options to rewards checking accounts

Bank cards

Rewards bank cards usually include welcome bonuses which are equal to (or considerably larger 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 might add up in a rush.

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

  • Drugstores.
  • Health golf equipment.
  • Gasoline stations.
  • Grocery shops.
  • Residence enchancment shops.
  • Reside leisure.
  • Eating places.
  • Choose streaming companies ( 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

For those who’re on the lookout for methods to revenue from the cash sitting in your checking account, think about opening a high-yield financial savings account. Financial savings accounts routinely provide exponentially increased 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 whenever you want it.

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

Cash market account

A cash market account is actually a financial savings account with checking account options. It gives APY just like what you’ll discover with financial savings accounts, too. Nonetheless, you might discover that the very best MMA rates of interest are solely out there for these with huge balances.

Quontic Financial institution’s cash market account is at present top-of-the-line, 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 simple monetary win.

You’re shedding cash should 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 life-style, and it’s the closest you’ll come to a free lunch.

Incessantly requested questions (FAQs)

Are rewards checking accounts price it?

Rewards checking accounts are price it so long as they don’t forestall you from banking the way in which you usually do. For those who 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?

One of the best checking account advantages rely in your preferences. Nonetheless, should you’re apprehensive about attempting rewards checking, you might profit from an providing from Chase resulting from its customer support infrastructure alone. You may go to a close-by department to talk nose to nose with a consultant you probably have questions.

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

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

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