Updated on: May 10, 2023
Here are some of the best checking accounts that pay you to bank!
You work hard to put money in your checking account, but how hard does your checking account work for you? Many banks are attracting new customers by offering bonuses when you open a new account. If you aren’t taking advantage of these, you’re probably leaving money on the table.
SoFi Hybrid Checking & Savings Account
SoFi is an online financial service that offers everything from mortgage lending to student loan refinancing to investment accounts and everything in between, including a hybrid checking & savings account. Its mission is to “help people reach financial independence to realize their ambitions” through innovative member services, and with over $22 billion in debt paid off by its members, SoFi must be doing something right. This online bank is currently offering new customer bonuses from $50-$300 for those who open an account and receive a direct deposit of $1000-$5000 within the first 30 days.
Going forward, you’ll enjoy having no account fees – that’s right, no fees for overdrafts, no minimum balance fees, and no monthly fees – while your money earns you 1.50% APY, which is fifty times the national average! You have the added perks of getting your direct deposit paychecks up to two days early, and getting up to 15% cash back at local businesses while using your SoFi debit card. SoFi’s mobile app makes remote banking seamless. Even without the new account bonus, this bank has a lot of perks for account holders.
Chime
Another exclusively online banking service, Chime claims to be built on the premise that “basic banking services should be helpful, easy, and free.” As such, they boast zero monthly, overdraft, or service fees with no minimum balance requirements, with a mission to bring everyone to financial security through effective money management. The Chime checking account debit card offers a convenient “round-up” feature, that automatically rounds up your debit card purchases to automatically put your “spare change” into a linked savings account, so you can save without thinking about it. Chime also supports mobile payment platforms such as Apple Pay and Google Pay.
If you’re a Swagbucks or MyPoints user, this checking account might have a little something extra for you. You can earn a bonus of 30,000 Swagbucks, valued at $300, when you sign up for a Chime checking account and get a direct deposit of at least $100 within 30 days. MyPoints users can earn about $120, or 18,000 points with the same direct deposit parameters. These exact rewards are subject to change.
Keep in mind that your bank account bonuses are quantified as income/interest and, as such, are subject to taxes. With Chime, you have access to over 60,000 fee-free ATMs and can also get direct deposits up to 2 days early.
Laurel Road Loyalty Checking Account
This online banking platform offers service and support to both healthcare and business professionals. They offer personal loans, student loan refinancing, mortgages, savings accounts, checking accounts, and more. While their main order of business seems to be in the realm of student loans, their checking account perks are worth taking a look at, especially if you’re a doctor or a nurse.
If you are a nurse, this checking account offer is exclusively for you, but you’ll need to jump on it before December 31st, 2022. What could be better than getting paid for getting paid? In addition to a $300 sign-on bonus, for the first twelve months, earn a $20 cash reward each month you receive a qualifying ACH direct deposit or a monthly total of $2500. After the first year, you’ll earn $10 per month with qualifying direct deposits, as long as your account is open.
Doctors can get access to lower medical school refinancing rates for opening a Laurel Road Linked Checking account, which can be as low as 1.37% APR. It might not be a cash deposit in your account each month, but it will probably be saving you just as much, if not more, in interest on your med school loans.
In addition to the ongoing cash rewards, you’ll have no monthly fees or minimum balance requirements, secure FDIC-insured banking, mobile check deposit, and more.
Chase Total Checking Account
Chase is a well-known banking institution known for serving almost half of all U.S. households. They are more the run-of-the-mill type of bank, offering savings accounts, checking accounts, and student banking from numerous locations nationwide in addition to online services.
They’re currently offering new customers $300 for opening a Chase Total Checking account and setting up direct deposit, but it doesn’t stop there. You can also get $200 for opening a savings account as a new customer and holding a balance of $15,000 for 90 days, or a total of $600 if you are opening both checking and savings accounts and meeting the qualifications. For many people, that’s 1-2 car payments! That kind of cash-back is nothing to sneeze at.
Fidelity Youth Checking Account
For people aged 13-17 years old who are beginning to learn about money management, the Fidelity Youth Checking Account could be a good fit. With over 40 million personal banking customers, Fidelity offers several services to help people of (almost) all ages learn to save, spend, and invest all in one place. They help you and your teenager gain access to great education in the realm of money management and are offering a limited time $50 cash bonus once a teen account is activated. Get the young person in your life started with their first checking account with no fees, secure parental monitoring features, and great financial education at their fingertips to set them up for money success for the rest of their lives.
First Tech Federal Credit Union
First Tech is a member-owned institution and they’re ready to help you take control of your financial future using its online and in-person banking solutions, no matter what stage of life you’re going through. You can visit one of the 40 locations, and until December 31st, 2022, you can earn up to $350 in sign-on bonuses for opening a new checking account. This comes in $200 with a qualifying direct deposit and an additional $150 for spending money on qualified items including groceries, food delivery, and online subscriptions.
Upgrade Rewards Checking
If you and a friend are both in the market for a new checking account, Upgrade could be the online banking service for you. With unlimited cash back on debit charges, you’ll be getting 2% of your money back on many day-to-day expenses such as gasoline, subscriptions like Netflix, restaurants, and utility bills, and 1% back on everything else. You’ll see no ATM fees, no account fees, no monthly or annual fees, and no overdraft fees and have access to much lower interest rates on new loans.
The referral bonus is when your buddy comes in – both the referrer and the referee earn $100 for successful referrals after completing just three debit card purchases in the first 60 days. That’s just easy money!
SkyOne Federal Credit Union Advantage Checking Account
At over 70 years old, SkyOne has long been in the business of helping people reach their financial goals. As a non-profit, they put their money where their mouth is when it comes to helping their members with everything from investment services to vehicle loans to checking accounts. Your money can earn dividends of up to 0.05% APY, while you have the option of early paycheck deposits and access to over 66,000 surcharge-free ATMs. SkyOne’s Direct Deposit Wizard makes setting up direct deposits a breeze.
Opening a SkyOne Advantage Checking account can earn you $100 after receiving three qualifying direct deposits in the first 90 days and have a minimum balance of $500. Hurry, this offer is only valid until August 31st, 2022.
Conclusion
There are so many checking account options to choose from, it’s just a matter of finding the right bank that works for you in the long term. Some are offering great bonuses relatively upfront when you open an account and meet an easy-to-reach requirement, while others offer great long-term cash back incentives. Banking isn’t one-size-fits-all, but there are certainly plenty of different rewards to choose from. Making a smart change today can set you up to build financial success for tomorrow.
