BEST OF - Virginia

11 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

SoFi Checking and Savings
Learn more

at SoFi, Member FDIC

SoFi Checking and Savings

5.0

NerdWallet rating 
SoFi Checking and Savings

Monthly fee

$0

APY

2.00%

With $0 min. balance for APY

Bonus

$300

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

Learn more

at SoFi, Member FDIC


Bonus

$300

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

Why we like it

The SoFi Checking and Savings account gives customers a 2.00% 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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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

Earn $100 with direct deposit. Terms apply.

Learn more

at Axos Bank®, Member FDIC


Bonus

$100

Earn $100 with direct deposit. Terms apply.

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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Our pick for

Best cash back rate

Upgrade - Rewards Checking
Learn more

at Upgrade, Deposits are FDIC Insured

Upgrade - Rewards Checking

4.5

NerdWallet rating 
Upgrade - Rewards Checking

Monthly fee

$0

APY

N/A

Bonus

N/A
Learn more

at Upgrade, Deposits are FDIC Insured


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 $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

3.00%

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 5.00%.

The rate breaks down into three separate tiers — 3.00%, 4.00% and 5.00% — 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, 4.00%, 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, 5.00%, 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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Want to compare more options? Here are our other top picks:

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

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

SoFi Checking and Savings

5.0

NerdWallet rating 
SoFi Checking and Savings

APY

2.00%

With $0 min. balance for APY

Bonus

$300

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

at SoFi, Member FDIC

Discover Bank Online Savings

5.0

NerdWallet rating 
Discover Bank Online Savings

APY

2.10%

With $0 min. balance for APY

Bonus

$200

Requirements to qualify

at Discover Bank, Member FDIC

LendingClub High-Yield Savings

5.0

NerdWallet rating 
LendingClub High-Yield Savings

APY

2.65%

With $0 min. balance for APY

at LendingClub Bank, 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