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 5 Cash-Back Checking Accounts
1. SoFi Bank – Earn up to 15% cash-back at local retailers
The Cash-back Checking Account at SoFi Bank offers up to 15% cash-back at local retailers on eligible debit card purchases.
How to earn cash-back
- Shop at participating local retailers using your SoFi debit card.
- Cash-back offers rotate, so check the SoFi app frequently to see the most up-to-date list of offers. For example, SoFi’s cash-back offers come in various categories like restaurants, grocery stores, bakery and coffee shops, and clothing stores.
Features of the SoFi Checking & Savings Account
- No monthly maintenance fee.
- Minimum opening deposit of $100.
- Get a $25 bonus for opening a new checking account and add up to a $250 bonus for setting up a qualifying direct deposit.
- Earn 4.50% APY on all your cash with direct deposit. Without direct deposit, you will earn 1.20% APY.
- 55,000+ fee-free ATMs.
- Get paid up to 2 days early with direct deposit.
- No-fee Overdraft Coverage with qualifying monthly direct deposit.
- Organize your money, set savings goals, and save your change with Vaults and Roundups.
- FDIC insured up to 2M.
2. Quontic Bank – 1% Cash-back on eligible debit card purchases
The Cash-back Checking Account at Quontic Bank offers 1% cash-back on eligible debit card purchases. Quontic Bank is a community bank headquartered in Astoria, Queens, New York City founded in 2005 with online accounts available across all 50 US States.
How to earn cash-back
- Earn 1% cash-back qualifying point of sale (POS) debit card transactions.
- Your cash back reward will be paid and deposited into your checking account at the beginning of each new statement cycle.
Quontic Cash-Back Checking Features
- Minimum Balance Required to Open the Account: $100.
- Earn 1% cash-back on qualifying purchases.
- 90,000+ ATMs across the nation.
- No monthly maintenance fees.
- No monthly or overdraft fees.
- Online banking platform and dynamic mobile app with remote check deposit, bill pay, account transfers, and receipt tracking.
- FDIC-insured up to $250,000.
3. OneUnited Bank – Earn up to 20% cash-back in different categories
OneUnited Bank’s Online Checking Account is available to people in ALL STATES. Customers can get up to 20% cash-back in different categories like restaurants, streaming services, hair products, hotels, cosmetics, home goods, tax services.. To get started go to the “Get the Card” button, enter your name, email address and cell phone number. Choose the Black Wall Street Checking account option along with the opening deposit, then complete your identification details (name, address, SSN, and employer).
How to earn cash-back
- Earn up to 20% cash-back in different categories when using your debit card.
- New businesses are added regularly to the different cash-back categories.
- Your cash back reward will be paid and deposited into your checking account at the beginning of each new statement cycle.
OneUnited Checking Features
- $0 Monthly service fees.
- $25 Minimum opening deposit.
- Over 100,000 Free ATMs Nationwide.
- Cash-Back rewards up to 20% in different categories like restaurants, streaming services, hair products, hotels, cosmetics, home goods, tax services.
- Get paid up to two days earlier with direct deposit.
- Cash advance feature called “CashPlease” that offers a short-term loan up to $1,000 without a credit check
- FDIC insured.
»See Full OneUnited Bank Review
4. Albert Banking
With Albert, there is no minimum deposit requirement to open an account. The Albert Genius feature analyzes your income and spending to find extra dollars to save automatically.
How to earn cash-back
- Earn cash-back when you use your Albert Cash debit card at a variety of restaurants, delivery services, grocery stores, and shops.
- Just choose a cash back reward, add it to your card, and start earning cash.
- All cash back earned will be deposited directly into your Albert Cash account.
Albert Banking Features
- $0 Monthly service fees.
- $0 Minimum opening deposit.
- Albert will spot you up to a $250 cash advance with no credit check, interest or late fees.
- Earn cash-back on gas, groceries, delivery, and more.
- Receive pay up to two days earlier with direct deposit
- Save and invest right in the Albert banking app
- FDIC insured
Albert is not a bank. Banking services provided by Sutton Bank, Member FDIC
5. Axos Bank – Up to 1% Cash-back on Signature-based Purchases
The Cash-back Checking Account at Axos Bank offers 1% cash-back on eligible debit card purchases. How to earn cash-back
- Earn up to 1% cash-back on signature-based transaction purchases.
- Earn up to $2,000 per month in cash-back on your signature-based transactions.
- Maintain a $1,500 average daily collected balance to earn 1% 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.
Features of the Cash-Back Checking Account
- Minimum Balance Required to Open the Account: $50.
- Earn up to 1% 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.
What is a cash-back checking account
A cash-back checking account is a type of bank account that rewards you with cash back for certain transactions or activities. These accounts typically work by offering a percentage of cash back on purchases made with a debit card, or for other activities such as signing up for direct deposit or using certain bill payment services. The cash back earned is typically deposited directly into your checking account, allowing you to use it for other purchases or to build your savings.
Difference in a cash-back checking account vs. a cash-back credit card
Cash-back checking accounts are similar to cash-back credit cards, which offer rewards in the form of cash back or points for purchases made on the card. However, with a cash-back checking account, you’re using your own money to make purchases, rather than borrowing money from a credit card issuer. Here are more key differences:
- With a cash-back checking account, you earn cash back when you spend money using your debit card, whereas with a cash-back credit card, you earn cash back when you use your credit card to make purchases.
- Cash-back checking accounts typically pay interest on the money you deposit, whereas cash-back credit cards often have high interest rates that can accrue if you carry a balance.
- Cash-back checking accounts may have monthly fees, minimum balance requirements, or other fees, whereas cash-back credit cards may charge annual fees or other fees.
- Using a cash-back credit card responsibly can help improve your credit score, whereas a cash-back checking account has no impact on your credit score.
Pros and Cons of cash-back checking accounts
Whether a cash-back checking account is a good choice for you depends on your financial situation and spending habits. Here are several pros and cons to consider.
Cash-Back Pros:
- Earn cash rewards. Cash-back checking accounts offer cash rewards for certain transactions or activities, such as making purchases with a debit card or signing up for direct deposit.
- No minimum balance requirements. Unlike some other types of bank accounts, cash-back checking accounts typically don’t require you to maintain a minimum balance to earn cash-back. This can be helpful if you’re someone who doesn’t have a lot of money to keep in a checking account.
- Rewards add up over time. Cash-back rewards can be valuable if you use them frequently providing you with extra money that you can use for other purposes.
Cash-back Cons:
- Higher fees. Some cash-back checking accounts may charge a monthly service fee that can be cut-in to the cash-back earned. ditional checking accounts, particularly if you don’t meet certain requirements (such as making a certain number of debit card transactions each month). Be sure to read the account details carefully to understand any fees that may apply.
- Limited rewards. Certain cash-back checking accounts may only offer rewards for certain types of transactions or activities in certain categories instead of a set percentage for any purchase.
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.
