Top 10 High-Yield Checking Accounts to Consider in July 2024
American Express® Rewards Checking information has been independently gathered by GOBankingRates and hasn’t been reviewed or approved by American Express. This checking account isn’t available through GOBankingRates.
Checking accounts are crucial for everyday spending and participating in the economy. With cash becoming less common, having a cash-back checking account can be beneficial. Every debit card transaction should be rewarding.
### 10 Best Rewards Checking Accounts
Many banks and financial institutions now offer high-yield or rewards checking options. Here are ten highly recommended rewards checking accounts:
1. **American Express, Member FDIC, Rewards Checking**: Best for Membership Rewards points.
2. **Axos Bank Rewards Checking**: Best for frequent debit card users.
3. **Connexus Credit Union Xtraordinary Checking**: Best for avoiding minimum deposits and monthly service fees.
4. **Consumers Credit Union Free Rewards Checking**: Best for rewards on joint accounts.
5. **Discover® Bank Cashback Debit Account**: Best for overdraft protection.
6. **Lake Michigan Credit Union Max Checking**: Best for member-oriented banking.
7. **LendingClub Rewards Checking**: Best for unlimited ATM fee reimbursements.
8. **Quontic Cash Rewards Checking**: Best for cash back with every debit card purchase.
9. **SoFi Checking and Savings**: Best for those who prefer mobile and online banking products.
10. **Upgrade Rewards Checking Plus**: Best for receiving discounts on new loans and cards.
### 1. American Express® Rewards Checking
**Why we like it**: It offers competitive interest rates and rewards.
American Express is renowned for its credit card rewards. Now, members can apply for a checking account that provides a solid annual percentage yield and rewards on eligible purchases.
– **Monthly Fee**: $0
– **APY**: Competitive
– **Rewards**: 1 Membership Rewards point for every $2 spent on eligible debit card purchases
### 2. Axos Bank Rewards Checking
**Why we like it**: Higher APY than most competitors.
Axos Bank Rewards Checking accounts have no overdraft fees and no minimum balance requirement. To earn up to a $500 bonus when signing up, you need to fund the account within 30 days of opening and have qualifying direct deposits totaling at least $1,500 each month for the first seven months, maintaining a minimum average daily balance of $3,000.
– **Monthly Fee**: $0
– **APY**: Up to $500 bonus for new accounts
### 3. Connexus Credit Union Xtraordinary Checking
**Why we like it**: No monthly service fees or out-of-network ATM fees.
This account comes with a free Visa debit card and free digital banking. To earn the yield, you must spend $400 on the debit card or make at least 15 debit card purchases per cycle.
– **Monthly Fee**: $0
– **APY**: Higher than the national average
– **Rewards**: $25 rebates on ATM provider surcharges per month
### 4. Consumers Credit Union Free Rewards Checking
**Why we like it**: Availability of branches and online banking features.
This account offers mobile banking and a large network of ATMs with no minimum balance requirement. Tiered rates increase with larger balances when you meet minimum account activity requirements.
– **Monthly Fee**: $0
– **APY**: Higher than the national average
– **Rewards**: Get paid up to two days early with early direct deposit
### 5. Discover® Cashback Debit Account
**Why we like it**: Can earn up to $360 in cash back every year.
Discover’s Cashback Debit Account provides a free checking account with no-fee overdraft-protection transfers and no fees whatsoever. It’s FDIC-insured and offers fraud protection and online privacy protection.
– **Monthly Fee**: $0
– **APY**: N/A
– **Rewards**: Earn 1% cash back on up to $3,000 of debit card purchases per month
### 6. Lake Michigan Credit Union Max Checking
**Why we like it**: You can earn up to $450 a year with Max Checking.
There are no monthly fees or minimum balance requirements. The account includes a $10-per-month reimbursement for any non-Lake Credit Union or non-Allpoint ATM transactions.
– **Monthly Fee**: $0
– **APY**: $450 estimated interest earned per year on a $15,000 balance
– **Rewards**: ATM fee reimbursements
### 7. LendingClub Rewards Checking
**Why we like it**: You can get your paychecks up to two days early and it’s fee-free.
This account has no overdraft fees, no minimum balance, or transaction requirements. It provides unlimited ATM fee rebates and early access to direct deposited paychecks.
– **Monthly Fee**: $0
– **APY**: Unlimited 1% cash back on qualified purchases
### 8. Quontic Cash Rewards Checking
**Why we like it**: Quontic Pay Ring is the first wearable payment ring in the United States.
This account offers cash back with every debit card purchase.
– **Monthly Fee**: $0
– **APY**: Competitive
– **Rewards**: Cash back on every debit card purchase