6 Best Rewards Checking Accounts of 2022

Having a checking account is a borderline necessity in 2022. Here are the best checking accounts currently available.

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Adam Moelis
Nov 12, 2022
7 min read

Having a checking account is extremely common in the modern era. It’s estimated that 81.5% of American households were “fully banked” in 2021. These 108 million households had at least one person with a bank account and didn’t use any nonbank transaction for at least 12 straight months. 

The option to use a checking account for financial transactions is beneficial for all parties. Account holders can keep their money safe, set up direct deposits, and easily access their money

The overall convenience of a checking account is almost impossible to pass up. Debit cards, checks, and mobile apps are much easier to use your finances than keeping cash under your mattress. For monthly direct deposits, online banking, debit card transactions, and bill payments, checking accounts are one of the best methods of storing your money.

For FDIC-insured financial institutions, the benefits boil down to one thing: more checking accounts mean access to more money. Banks are a commercial industry, using the funds stored in their vaults to generate a profit

Your account balance provides the bank with liquidity, which is why so many checking account offers are out there, ranging from high-yield checking accounts with overdraft protection and fee-free ATM access to bare-bones deposit accounts.

One of the most common ways they do this is by granting loans to other customers with the money. The customer eventually repays the loan (replacing the money), and the interest charged is pure profit for the bank. 

Rival banks compete with each other for business in the same way that hardware stores do. That’s why they spend so much on advertising and building new branches on every corner of town. The end goal is to attract as many customers as possible.

It’s simple: the more customers a bank has, the more money it’ll generate

As such, banks offer special incentives to entice new customers to join and open an account. Here is a list of six checking account options in 2022 that come with the best rewards: 

1. Yotta

Yotta is number one on this list because of unmatched incentives. Though Yotta isn’t a national bank, Yotta’s banking services are indeed one of a kind. The majority of checking accounts don’t offer interest payments to customers. 

Even the savings accounts for most major banks, like Chase or Bank of America, have incredibly low-interest rates. At most, you’ll be receiving a few cents in interest each year — not exactly the high-interest, high-yield savings accounts that can change your life. 

Yotta offers a different approach to the standard interest rate. The concept of prize-linked savings allows you to earn more money in interest. Interest on your account gets paid out in the form of cash prizes earned in weekly sweepstakes. 

The weekly drawing features six numbers and a Yotta Ball. You could win between ten cents and ten million dollars depending on how many of them match your tickets.  

These are a few ways that you can earn tickets in the sweepstakes: 

  • One ticket for every $25 (up to $10,000) in your Yotta account. Additional tickets will be provided for every $150 marginal balance above $10,000. 
  • Using the Yotta Debit Card earns 10% of your purchase back in the form of tickets.
  • Enrolling in direct deposit nets you 20% in bonus tickets the first time and 5% in bonus tickets each time afterward. 

Another bonus offered by Yotta is the Lucky Swipes program. Using the Yotta Debit Card gives you a 1 in 200 chance that Yotta will pay for your next purchase. When setting up a direct deposit, you can increase these odds to 1 in 150. 

Referring a friend to Yotta can increase your odds to 1 in 100 for 30 days. Using your card on dining purchases will always net you 1 in 100 odds, and using it at a Lucky Deal merchant gives you a 1 in 5 chance. 

2. Axos Bank Rewards Checking 

The Axos Bank checking account features one of this list's highest annual percentage yields (APY). The problem is that it can be challenging to meet the criteria necessary to qualify. Four different tiers can be combined to reach the maximum APY of 1.25%: 

  • You can receive 0.30% when you use your debit card to spend $3 or more on ten separate purchases each month or if you enroll in the Personal Finance Manager Account Aggregation program. 
  • You can receive 0.20% when you maintain an average daily balance of $2,500 in an Axos Invest Self Aggregation program.
  • You can receive 0.20% when you maintain an average daily balance of $2,500 in an Axos Invest Managed Portfolios Account.
  • You can receive 0.15% when you use your checking account to make a monthly Axos Bank consumer loan payment. 

Reaching all the criteria to receive the maximum APY for this account can be challenging. However, a few other benefits helped it make this list. 

There are no overdraft fees, unlimited domestic ATM fee reimbursements, free checks, unlimited transactions, no monthly maintenance fees, and a sign-on bonus of up to $200. All it takes to get started is a minimum deposit of at least $50. 

3. Quontic Cash Rewards Checking 

The Quontic checking account rewards are slightly smaller than the Axis Bank rewards as they only reach a maximum of 1.1% APY. 

However, meeting the criteria is much easier as you only have to use your debit card for ten separate purchases of at least $1 a month. If you don’t, the APY will drop down to 0.01% APY. 

Another benefit Quontic offers is the potential to earn 1.5% cash back on debit card purchases. The percentage only applies to the first $2,000 you spend daily. 

There are no monthly fees for a Quontic account, but a $5 to $10 dormant fee can be applied if you don’t use it often enough. You’ll need to deposit at least $100 to open a Quontic account.  

4. Discover Cashback Debit Account 

Discover Bank is more associated with credit cards than checking accounts. However, the financial juggernaut has branched out in recent years and offers financial services options for customers. While the credit card perks might be incredible with Discover, the checking account rewards are somewhat lacking.

For example, you can earn 1% cash back on qualifying purchases, but it’s only applied to the first $3,000 monthly. The possible cash-back bonus gets capped at $30 a month and $360 a year. 

Perhaps the best feature offered by Discover is the initial bonuses when you open an account. You can receive $150 if you deposit at least $15,000 in your account within the first 30 days of opening. Depositing over $25,000 in the first 30 days can net you a $200 bonus. 

The best thing about a Discover checking account is that there are no monthly fees, minimum balance requirements, or minimum opening deposit. These perks are nice, but plenty of options include these features with much better additional perks. 

5. Consumers Credit Union Free Rewards Checking 

The Consumers Credit Union is another option with a reward tier system. The qualifications can be a bit challenging to meet, but the maximum APY is the highest on this list by far:

  • You can earn 3% on balances up to $10,000 if you make at least 12 debit card purchases each month, or receive a direct deposit, mobile check deposit,  or transfer of at least $500 each month, and sign up to receive eDocuments. 
  • You can earn 4% on balances up to $10,000 if you meet the previous requirements and spend at least $500 per month using your Consumers Credit Union credit card.
  • You can get 5% on balances up to $10,000 if you meet the previous requirements and spend at least $1,000 per month using your Consumers Credit Union credit card.
  • You can earn 0.20% on balances between $10,000.01 and $25,000 when you make at least 12 debit card purchases each month, or receive a direct deposit, mobile check deposit, or transfer of at least $500 each month, and sign up to receive eDocuments. 
  • You can earn 0.10% on balances over $25,000.01 when you make at least 12 debit card purchases each month, or receive a direct deposit, mobile check deposit, or transfer of at least $500 each month, and sign up to receive eDocuments. 

Additional perks include $0 monthly service fees, no minimum balances, unlimited checks, early qualifying direct deposits, and unlimited refunds for using out-of-network ATMs for withdrawals. The only qualification is that you’ll need to pay a one-time fee of $5 to the Consumers Cooperative Association to join. 

6. LendingClub Rewards Checking 

LendingClub is the final option on this list and features solid perks for qualifying customers. The cash-back rewards are similar to the Discover account, as you can receive 1% cash back when you use your card. The difference is that Discover has a monthly cap while LendingClub is unlimited. 

The APY on the balance of your account is a little lower than other options on this list, as it’s only 0.10%. However, it’s much easier to meet the requirements to receive it. 

You’ll need to maintain a monthly minimum balance of $2,500 or receive at least $2,500 in direct deposits each month. A balance over $100,000 can receive an APY of 0.15% if meeting these criteria. 

Some additional perks of a LendingClub account include no monthly fees, unlimited reimbursement using out-of-network ATMs, and early direct deposit. All you’ll have to do to open an account is make an initial deposit of at least $25. 

Open an Account That Will Properly Reward Your Loyalty 

There are many options for anyone looking to open a checking or savings account. Each business will do everything it can to convince you to sign up with them. 

No option is necessarily " bad, " but some are better than others. You should consider your options and choose the one that offers the most bang for your buck.

It’s hard to top the features that Yotta offers its users. The other options on the list are solid, but none will give you anything close to $10 million in interest. Yotta gives you the thrill of playing what many users call a “no-lose'' lottery. Even if you don’t hit the jackpot, you’re still likely to generate several times more annual interest than any other account.

Visit Yotta today to learn more, sign up, and make your first deposit. The sooner you enroll, the more sweepstakes you can play, and the more likely you will become a millionaire.

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