BEST OF - Virginia

12 Best Rewards Checking Accounts of 2022

The best rewards checking accounts offer high interest rates or cash back on spending.

Jun 30, 2022

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Rewards usually are associated with credit cards, but some checking accounts have them, too. Perks include high interest rates and cash back.

» Want to explore one-time bonuses? Browse our monthly roundup of best bank account bonuses

Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.

Here’s a list of our favorite rewards checking accounts.

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Best Rewards Checking Accounts

Axos Bank® Rewards Checking
Learn more

at Axos Bank®, Member FDIC

Axos Bank® Rewards Checking

5.0

NerdWallet rating 
Axos Bank® Rewards Checking

Monthly fee

$0

APY

1.25%

With $0 min. balance for APY

Bonus

$100

Requirements to qualify

Learn more

at Axos Bank®, Member FDIC


Bonus

$100

Requirements to qualify

Why we like it

Axos Bank customers can earn up to 1.25% APY on their balance as long as they meet some requirements. To earn the full interest, customers must have monthly direct deposits totaling $1,500 or more, use their debit card at least 10 times per month (with a minimum of $3 per transaction), maintain an average daily balance of $2,500 per month in an Axos Invest Managed Portfolios Account, maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account and use their account to make a full monthly Axos Bank consumer loan payment. Other benefits include no overdraft fees and unlimited ATM fee reimbursements.

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American Express Rewards Checking

5.0

NerdWallet rating 
American Express Rewards Checking

Monthly fee

$0

APY

0.50%

Bonus

N/A

Bonus

N/A

Why we like it

American Express offers a 0.50% APY on its checking account, which also has no monthly account fees. Purchases made with a debit card can also help customers earn Membership Rewards points that can be redeemed for things like travel and shopping. The account is currently available only to Consumer Card Members who have had a Card account for three months or longer.

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SoFi Checking and Savings

5.0

NerdWallet rating 
SoFi Checking and Savings

Monthly fee

$0

APY

1.80%

With $0 min. balance for APY

Bonus

$300

Earn up to $300 with direct deposit. Terms apply.


Bonus

$300

Earn up to $300 with direct deposit. Terms apply.

Why we like it

The SoFi Checking and Savings account gives customers a 1.80% APY on any balance with no account fees or overdraft fees. Customers can also receive their paychecks up to two days early and earn up to 15% cash back on purchases made with their SoFi debit card. New customers can also earn a bonus of up to $300 depending on how much they direct deposit within 30 days of their first qualifying direct deposit.

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Redneck Bank Rewards Checkin' Account

4.5

NerdWallet rating 
Redneck Bank Rewards Checkin' Account

Monthly fee

$0

APY

2.25%

With $0 min. balance for APY

Bonus

N/A

Bonus

N/A

Why we like it

Redneck Bank offers a 2.25% APY on up to $10,000 for its free Redneck Rewards Checkin’ Account as long as a customer meets two qualifications: Make 10 debit card transactions per month and receive e-statements. The account has no minimum balance requirement — though there’s a minimum opening deposit of $500 — and Redneck Bank also reimburses up to $25 per month in ATM fees worldwide.

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Our pick for

Best interest rate for up to $10,000

Consumers Credit Union Free Rewards Checking
Learn more

at Consumers Credit Union, Federally insured by NCUA

Consumers Credit Union Free Rewards Checking

5.0

NerdWallet rating 
Consumers Credit Union Free Rewards Checking

Monthly fee

$0

APY

2.09%

With $0 min. balance for APY

Bonus

N/A
Learn more

at Consumers Credit Union, Federally insured by NCUA


Bonus

N/A

Why we like it

Consumers Credit Union’s Free Rewards Checking offers easy-to-join nationwide membership, a big ATM network and no monthly fees or minimum balances, but the most impressive feature is the APY: up to 4.09%.

The rate breaks down into three separate tiers — 2.09%, 3.09% and 4.09% — with more monthly requirements for the higher two. To achieve the first tier on balances of up to $10,000, you need to do three things: Complete at least 12 monthly debit card purchases, have online transactions (direct deposits, ACH transfers or mobile check deposits) to the account worth at least $500 each month, and enroll in electronic documents.

The second tier, 3.09%, applies to balances of up to $10,000 and requires the activities above as well as making at least $500 in purchases with a Consumers Credit Union credit card. The highest tier, 4.09%, is for balances of up to $10,000 and requires the activities from the first tier along with $1,000 in credit card purchases. Not meeting the requirements drops your rate to a much lower APY.

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Our pick for

Unlimited cash back and ATM network

Quontic Cash Rewards Checking

5.0

NerdWallet rating 
Quontic Cash Rewards Checking

Monthly fee

$0

APY

N/A

Bonus

N/A

Bonus

N/A

Why we like it

Quontic’s free Cash Rewards Checking account gives customers a high 1.50% cash back on all eligible debit card purchases, and customers also have access to more than 90,000 free ATMs. There is, however, a $100 minimum deposit to open the account.

Read Full Review

Our pick for

Best interest rate for up to $15,000

Lake Michigan Credit Union Max Checking

5.0

NerdWallet rating 
Lake Michigan Credit Union Max Checking

Monthly fee

$0

APY

3.00%

With $0 min. balance for APY

Bonus

N/A

Bonus

N/A

Why we like it

Lake Michigan Credit Union offers a highly competitive 3.00% APY interest rate on its Max Checking account for balances up to $15,000 as long as customers meet certain requirements. To qualify, customers need to make at least one direct deposit per month, make at least 10 debit card purchases per month, log in to their online account at least once per month and receive e-statements. The account requires no minimum balance and has no monthly maintenance fees. The account also offers the perk of up to $10 per month in out-of-network ATM fee reimbursement for non-LMCU and non-Allpoint ATMs. There are more than 55,000 in-network ATMs worldwide as well.

Read Full Review

Our pick for

Best cash back rate

Upgrade Rewards Checking

4.5

NerdWallet rating 
Upgrade Rewards Checking

Monthly fee

$0

APY

N/A

Bonus

N/A

Bonus

N/A

Why we like it

Upgrade offers its Rewards Checking customers 2% cash back on everyday debit purchases — such as those made at restaurants, bars, convenience stores, drugstores, gas stations, utility companies and streaming services — up to $500 in rewards per year. For other debit card purchases, and for everyday purchases made after the $500 reward limit, customers can earn 1% cash back.

Upgrade charges no monthly fees or overdraft fees, and if a customer maintains a balance of at least $2,500, has made at least eight qualifying Rewards Checking debit card purchases or has had at least $1,000 directly deposited into their account in the previous month, then Upgrade will rebate up to five ATM withdrawal fees per month.

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Our pick for

Best interest rate for up to $25,000

Connexus Credit Union Xtraordinary Checking

5.0

NerdWallet rating 
Connexus Credit Union Xtraordinary Checking

Monthly fee

$0

APY

1.75%

With $0 min. balance for APY

Bonus

N/A

Bonus

N/A

Why we like it

Connexus’ Xtraordinary Checking customers can earn 1.75% APY on balances of up to $25,000 as well as up to $25 per month in out-of-network ATM fees. To qualify for these benefits, customers have to opt into e-statements and make either $400 in debit card purchases or make 15 debit card transactions per month. If they don’t meet these requirements, customers won’t earn interest or receive ATM fee reimbursement. For customers who keep more than $25,000 in their Xtraordinary Checking account, they’ll earn 0.25% APY for any amount over the threshold.

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Our pick for

ATM refunds and unlimited cash back

TAB Bank Kasasa Cash Back® Checking

4.5

NerdWallet rating 
TAB Bank Kasasa Cash Back® Checking

Monthly fee

$0

APY

N/A

Bonus

N/A

Bonus

N/A

Why we like it

With the Kasasa Cash Back Checking account, TAB Bank gives customers an unlimited 1.50% cash back on purchases and refunds domestic ATM withdrawal fees, up to $5 per fee with up to $15 per month total. The account has no monthly fees or minimum balances. To qualify for cash back rewards, customers must be enrolled in e-statements, make at least 15 debit card purchases per month that are at least $5 each and have at least one direct deposit, electronic payment or bill pay transaction.

Read Full Review

Our pick for

Cash back and ATM network

Discover Bank Cashback Debit

5.0

NerdWallet rating 
Discover Bank Cashback Debit

Monthly fee

$0

APY

N/A

Bonus

N/A

Bonus

N/A

Why we like it

You can get 1% cash back on up to $3,000 in qualifying debit card purchases each month on Discover’s lone checking account.

Discover gives access to over 60,000 free ATMs and doesn’t charge a monthly fee or have balance requirements.

Cashback Debit details from Discover:

“ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, peer-to-peer (P2P) payments (such as Apple Pay Cash), and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as Venmo® and PayPal™, which also provide P2P payments) may not be eligible for cash back rewards. Apple, the Apple logo and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries."

See Discover's website for more details.

Read Full Review

Our pick for

Cash back and interest

LendingClub Rewards Checking

5.0

NerdWallet rating 
LendingClub Rewards Checking

Monthly fee

$0

APY

0.10%

With $2,500 min. balance for APY

Bonus

N/A

Bonus

N/A

Why we like it

LendingClub Rewards Checking has a cash back feature that allows customers to earn unlimited 1% cash back on signature-based debit card transactions in stores and online. In stores, a customer must select “credit” instead of “debit” for the purchase to qualify.

To get the cash back, customers must receive at least $2,500 in direct deposit from an income source or keep an average of $2,500 or more in their Rewards Checking account monthly.

LendingClub Rewards Checking also offers interest. Balances from $2,500 to $99,999.99 earn 0.10%, and balances of $100,000 or more earn 0.15%. The account has no monthly maintenance fee or minimum balance requirement after the $25 deposit required to open the account.

Customers get unlimited automatic ATM fee reimbursements worldwide (though an international exchange fee may still apply), and they can also get free ATM access at MoneyPass and SUM-branded ATMs.

Read Full Review

Chasing the best rewards can’t make up for having a checking account that lacks features you need or that charges you high fees to access your money. But it’s worth looking for a financial institution that offers you a little extra incentive to bank with it.

Last updated on June 30, 2022

You may also like these

People often identify opening a savings account as their next money move.

Discover Bank Online Savings

5.0

NerdWallet rating 
Discover Bank Online Savings

APY

1.50%

With $0 min. balance for APY

Bonus

$200

Requirements to qualify

at Discover Bank, Member FDIC

CIT Bank Savings Connect

4.5

NerdWallet rating 
CIT Bank Savings Connect

APY

1.90%

With $100 min. balance for APY

at CIT Bank, Member FDIC

Capital One 360 Performance Savings™

4.5

NerdWallet rating 
Capital One 360 Performance Savings™

APY

1.50%

With $0 min. balance for APY

at Capital One, Member FDIC

Methodology

We took a close look at over 80 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.

To recap our selections...

NerdWallet's Best Rewards Checking Accounts of 2022