It is important to note that rewards checking accounts typically limit the amount of rewards you can earn each month, and they might require a high minimum deposit. The rewards can be up to 1% cashback on debit card purchases and typically deposit the funds back into your account each month. While most people think of credit cards for earning rewards, some checking accounts now offer cashback rewards for using a debit card. But if you are already doing those things, this can be a great perk. You also might have to set up direct deposit or meet minimum transaction requirements to qualify for the higher interest rates. There might be some limits on the interest earned, such as paying a high rate up to the first $10,000 deposited. Some of these checking accounts are paying 3% APY or more and still offer things like direct deposit, free checking and no ATM fees.
If you typically keep a high balance in your checking account, this can be a great way to earn some passive income with the money you already have. High-yield checking accounts offer the same services as other banks, but with interest rates closer to high-yield savings accounts. While checking accounts are not known for their high yields, some actually offer high interest rates.
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This protection is backed by the Federal Deposit Insurance Corporation, an independent agency that was created by Congress after the Great Depression to protect your money.
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