3 Surprising and Unique Checking Account Perks -- and Banks That Offer Them

Over the past few years, some excellent online checking accounts have come onto the market. It's easy to find checking accounts offered by FDIC-insured banks that have no monthly fees, give you free checks, and even pay interest.

On the other hand, there are some unique benefits and features that are only offered by certain online checking accounts. Here are three in particular that you might be interested in if you're thinking of switching to an online checking account in 2024.

1. Cash back on debit purchases

The Discover® Cashback Debit account doesn't pay interest, which is a drawback for people looking for an online checking account. However, Discover more than makes up for it with its Discover® Cashback Debit card, which gives users rewards that are typically reserved for credit card users.

Specifically, the account allows owners to earn 1% back on eligible purchases (see website for details) on as much as $3,000 in purchase volume each month. If you do the math, this means that you could earn as much as $360 in cash back for your debit card spending.

Here's why this is such a big deal. Let's say that you keep an average of $10,000 in your checking account and it pays 1% interest, which is in the ballpark of what the top online checking accounts pay. This means that you'll get roughly $100 in annual interest income. However, if you use your debit card often, the Discover® Cashback Debit can earn you more than three times that amount, even if you maintain a relatively low balance.

2. ATM fee reimbursement

The Axos Bank Rewards Checking account pays interest, and if you meet several different balance and relationship requirements, the APY can even be competitive with some of the top online savings accounts.

However, perhaps the most interesting feature of the Axos Bank Rewards Checking account is its ATM fee reimbursement.

To be sure, ATM fee reimbursement isn't exactly rare for online checking accounts. But there's usually a limit of $10 or $15 per month. Axos Bank offers unlimited ATM fee reimbursement. You can use the ATM as often as you need, and Axos Bank will pay you back. Fun fact: A few years ago I decided to put this to the test by using my Axos Bank ATM card at a Las Vegas ATM with a hefty $9.99 fee. Sure enough, the fee was credited back to my account the next day.

3. Competitive interest rates

Many online checking accounts pay interest, but typically at an APY that's well under 1% and not competitive with savings accounts. But there are a few exceptions. I already mentioned the Axos Bank Rewards Checking, which pays 0.40% (up to 3.30%) APY if you meet certain requirements.

There's also the SoFi Checking and Savings account. Technically, the savings account pays the competitive interest rate (up to 4.60%), but it is only offered as a combination account and it's seamless to transfer money between the two as needed, so you can maximize the interest on your cash rather easily.

It's also worth noting that there are some excellent online money market accounts that have many features of checking accounts (such as check-writing abilities and ATM access) that have APYs above 4% as of this writing.

Which is the best online checking account for you?

These are some of the most unique features offered by checking accounts, but there's not a perfect answer to which is best for you. If you don't use your debit card often, for example, the Discover® Cashback Debit account might not be the smartest choice. The bottom line is that if one of these unique features helps maximize the value you get from your checking account, it could be worth a closer look.