Best Rewards Checking Accounts for 2024

Rewards checking accounts are great because you're getting perks for something you'd already do: spending money. The best rewards checking accounts provide a wide range of benefits and make it easy to access your money. Here's our list of the best checking accounts for rewards.

How to choose the best rewards checking account

What should you pay attention to when comparing rewards checking accounts?

Here's some of the factors we prioritize when looking for the best rewards checking accounts:

• Great perks: We love high APY, cash back rewards, and other perks.
• Convenient: Remember to pick a bank that's convenient for you. We prioritize nationwide availability (physical locations or mobile access) because it's nice to be able to access your money even if you take a trip or move to a new state.
• Low fees: Take a peek at an account's fee schedule before you jump in. We especially keep an eye out for low monthly fees and low minimum balance requirements.
• ATMs: Have you ever needed cash in a pinch? We look for banks with a large ATM network or generous ATM-fee reimbursement program, because paying high ATM fees isn't fun.

A rewards checking account is a standard checking account that offers rewards such as cash back on debit card purchases or sign-on bonuses for new customers. Like most checking accounts, these are also FDIC insured.

Here are some of the common perks a reward checking account offers:

• Cash back
• Cash sign-up bonus
• High annual percentage yield (APY)
• Airline miles

Cash rewards are typically earned for purchases you make with your debit card. The rewards are based on a certain percentage of the transaction, usually up to a maximum amount. Some banks offer a higher percentage depending on the vendor.

For example, Discover Cashback gives 1% cash back on up to $3,000 in debit card purchases each month. Say a customer spends $1,250 per month with the card. They'll get $12.50 cash back per month. If they spend that amount every month, they'll get $150 back per year. A new sign-on bonus can often range from $50 up to $1,500, based on the account and minimum requirements.

Finding the right rewards checking account can help you benefit from perks while using your checking account for everyday banking. Here are some factors to consider when choosing the best rewards checking account for you.

Look for a bank that charges no or very low fees

Reward accounts may charge more fees to qualify for rewards. Some banks require minimum deposits to open or qualify for an account that has no monthly maintenance fees. Customers who don’t meet those minimum requirements will often have to pay the monthly service fee.

Read more: Checking Account Fees and How to Avoid Them

Pay attention to minimum deposits required to open a rewards account

They might also require a minimum balance to continue qualifying for rewards. Customers who don’t meet the minimum requirements will often have to pay the monthly service fee. It's best to find a bank that doesn’t require minimum deposits or average balances.

Related: How Much Should I Keep in My Checking Account?

Look for banks with nationwide availability and a fee-free ATM network

Do you prefer an online bank or a brick-and-mortar bank? Online banks tend to have lower fees. Physical banks allow you to speak with a banking professional. You can choose a bank based on your preference and what is important to you.

Some banks have a limited number of fee-free ATMs and charge a fee when you withdraw cash from an out-of-network ATM. Look for banks with a large number of fee-free ATMs or banks that offer generous ATM-fee reimbursements.

Consider your preferences on accessibility

As you're considering your preferences, also check out what mobile and online services each bank you like offers. The primary way of accessing an online checking account for an online-only bank is through the bank’s mobile app and website. A robust mobile app or online website can help you track your rewards.

A rewards checking account may be right for you if you are looking for a debit card that offers benefits like cash back without having to use a credit card. The terms vary depending on the financial institution, so look for the benefits that offer the best value for you.

See more of our favorite checking account picks

Our checking account methodology

At The Motley Fool Ascent, we rate checking accounts on a five-star scale (1 = poor, 5 = best). We evaluate all checking accounts across four main criteria: brand and reputation, APY and rewards, fees and minimum requirements, and perks.

Our scores are weighted as:

• Brand and reputation: 30%
• APY and rewards: 30%
• Fees and minimums: 15%
• Other perks: 15%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering standout features. Learn more about how The Motley Fool Ascent rates bank accounts.

Banks we monitor

Here are the financial institutions we've evaluated in our research:

Alliant, Ally, All America Bank, American First Credit Union, American Express® National Bank, Arvest Bank, Aspiration, Axos Bank, B2 Bank, Bank of America, Bank5 Connect, Bank7, Barclays, Bask Bank, Betterment, Bluevine, BMO, Bread Financial, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime, CIT, Citibank, Citizens Bank, Citizens Savings Bank, Columbia Bank, Connexus Credit Union, Consumers Credit Union, Copper, Cross River Bank, Customers Bank, Discover® Bank, E*TRADEEdward Jones, EverBank, Fidelity, Fifth Third Bank, First Foundation Bank, First Internet Bank of Indiana, First National Bank, First Tech Federal Credit Union, Flushing Bank, Freedom Bank, Generations Bank, GN Bank, Golden 1 Credit Union, Greenlight, Harborstone Credit Union, HSBC, Huntington Bank, Ivella, Kabbage by American Express, KeyBank, Laurel Road, LendingClub, Liberty Bank, Liberty Federal Credit Union, Marcus by Goldman Sachs, Mercury, Municipal Credit Union, Mutual of Omaha, NASA Federal Credit Union, Nationwide Bank, Navy Federal Credit Union, NBKC Bank, New York Community Bank, Northpointe Bank, Novo, OceanFirst Bank, Old National Bank, ONE Finance, OneUnited Bank, Oxygen, Pacific Western Bank, PNC Bank, Ponce Bank, Popular Direct, Presidential Bank, Prime Alliance Bank, Quontic, Radius, Raisin, Redneck Bank, Regions Bank, Relay, Republic Bank of Chicago, Revolut, Salem Five Bank, Sallie Mae, Santander Bank, SchoolsFirst Federal Credit Union, Simple, SoFi, Synchrony Bank, Tab Bank, TD Bank, Third Federal, Truist Bank, U.S. Bank, UFB, Upgrade, USAA, Valley Bank, Vanguard, Varo Bank, Vio Bank, Wealthfront, Wells Fargo, Western Alliance Bank, and Zeta.