Compare the top cash back checking accounts that let your money work for you.
Cash back checking accounts offer a built-in discount on everyday items as well as big-ticket items you purchase. It’s worth banking with a financial institution that offers a little extra incentive.
You may as well benefit from your banking choice.
Top Cash Back Checking Accounts
Upgrade Banking – 1% or 2% Unlimited Cash Back on Debit Charges
The Upgrade Rewards Checking Account offers up to 2% cash back on common everyday expenses.
How to earn 2% cash back
- Convenience, grocery, and drug stores – Merchant examples: CVS, Walgreens, Rite Aid.
- Gas stations – Merchant examples: Shell, Chevron, ExxonMobile, Speedway.
- Monthly subscriptions – Merchant examples: Netflix, SiriusXM, Spotify, DisneyPlus.
- Restaurants – Merchant examples: McDonalds, UberEats, Chipotle, Starbucks.
- Utilities, phone – Merchant examples: AT&T, Tmobile, VerizonWireless, Cricket Wireless.
Unlimited 1% cash back on all other debit card charges
More Upgrade Rewards Checking Features
- No ATM fee.
- Zero Monthly Fees.
- Zero Overdraft/Insufficient Fees.
- 2% cash back on common everyday expenses and recurring payments and unlimited 1% cash back on every other debit card charge.
- use your Rewards Checking card wherever Visa® is accepted.
- FDIC-insured up to $250,000.
Rewards Checking is offered by Upgrade Inc, a nonbank financial services provider founded in 2016 and based in San Francisco, CA. It is made possible by a bank partnership with Cross River Bank, Member FDIC. Upgrade VISA ® Debit Cards issued by Cross River Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Rewards Checking is available in 50 states (and Washington, DC).
SoFi Checking Account – Welcome Bonus up to $325
The SoFi Checking Account does not charge monthly fees, plus 55,000+ fee-free ATMs within the Allpoint® Network. Using the SoFi debit card can get you up to 15% cash back at local establishments.
Here’s how to earn the $25 bonus:
- To earn the $25 bonus you must make an initial opening deposit of $10.
Here’s how to earn the additional $300 bonus (A member may only qualify for one bonus tier):
- To earn the $50 bonus tier you must set up a qualifying direct deposit of $1,000 – $1,999
- To earn the $100 bonus tier you must set up a qualifying direct deposit of $2,000 – $4,999
- To earn the $300 bonus tier you must set up a qualifying direct deposit of $5,000 or more
A qualifying direct deposit is from an employer, payroll, retirement pension, or benefits provider like state unemployment via ACH deposit.
SoFi Checking Account Features
- No monthly maintenance fee.
- Minimum opening deposit of $10.
- Earn 1.50% APY with a monthly direct deposit. Without direct deposit, you will earn 0.90% APY.
- Debit card and 55,000 fee-free ATMs.
- Get paid up to 2 days early with direct deposit.
- No-fee Overdraft Coverage with qualifying monthly direct deposit.
- Goal-based saving through Vaults.
- Deposit checks, get real-time alerts, freeze or unfreeze your card, change your pin, and more—all from your phone.
- FDIC insured.
Axos Bank – Up to 1% Cash Back on Signature-based Purchases
The Cashback Checking Account at Axos Bank offers 1% cash back on eligible debit card purchases.
How to earn cash back
- Earn up to 1.00% cash back on signature-based transaction purchases.
- Earn up to $2,000.00 per month in cash back on your signature-based transactions.
- Maintain a $1,500.00 average daily collected balance to earn 1.00% cash back on signature-based transaction purchases. If your average daily collected balance falls below $1,500 you will earn .50% in cash back for the month.
More CashBack Checking Features
- Minimum Balance Required to Open the Account: $50.00.
- Earn up to 1.00% cash back on signature-based purchases.
- Unlimited domestic ATM fee reimbursement.
- No monthly maintenance fees.
- Activate, deactivate, or reactivate your debit card – all from your banking dashboard.
- Unlimited check writing privileges.
- FDIC-insured up to $250,000.
How does a cash back checking account work?
Cash back checking accounts allow you to earn cash money for purchases made with your debit card. You redeem the cash back by putting it back into your checking account, transferring it to a savings account or you can withdraw the cash for whatever you like.
Some banks offer unlimited cash back earnings while others may limit the amount of cash back up to $3,000 in debit card purchases each month.
How much can I earn with a cash back checking account?
With a cash back checking account you earn a percentage on debit card purchases. Some banks offer unlimited cash back earnings while other banks will cap the amount you can earn to the first $3,000 you spend each month.
Having the ability to earn cash back is a nice incentive to open a free checking account online.