If you are looking to earn some extra cash, then you might want to sign up for a Rewards Checking Account (RCA). A rewards checking account is an account that requires you to meet certain criteria in order to receive a higher-than-normal APR as compared to a savings account.
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Common Reward Checking Requirements:
- Enroll in eStatements: Paper statements costs financial institutions a lot of money. They have a huge customer base, and each customers’ statements are multiple pages. By enrolling in eStatements, you are essentially saving some of the costs of the bank.
- Receive a monthly direct deposit: Banks want you to directly deposit your paycheck into their account. Doing this provides a constant flow of money into your account and ensures the bank that it is your primary account. In some cases, the direct deposit has to be a paycheck or a government benefit; however, an ACH transfer will sometimes trigger the requirement. Be sure to double-check the account details.
- Make a minimum number of debit card transactions: This requirement is another way to ensure that the direct deposited account is your primary account. Also, the bank earns a small processing fee wherever you use your card, so it is also a profit generating task.
One of the key differences between a RCA and a savings account is the limited balance that is required. Typically, RCAs have a maximum limit to how much you can deposit within the account; however, they have a higher APY – meaning that there is a higher interest rate associated with the account and more cash for you. On the other hand, good savings accounts’ interest rates stick around the 1.00% usually without a maximum limit on the account.
Below you will find a full list of our Best Rewards Checking Accounts. We will be continuously updating this page as much as we can to give you the best options possible.
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