Frequent Debit Card User? You Need 1 of These 5 Checking Accounts

Debit cards are a lot more convenient than carrying around wads of cash. They fit in your wallet better, and if you lose your card, you can just call your bank and freeze or cancel it. Your money is still safe. But for many, debit cards are less popular than credit cards because credit cards also offer protection plus rewards, including cash back on every purchase.

Many don't realize it, but there are some debit cards that do this too. Here's a look at five of the top checking accounts that offer cash back rewards to customers.

1. Discover® Cashback Debit

The Discover® Cashback Debit account offers 1% cash back on all debit card purchases, up to $3,600 per year. You could earn a maximum of $360 in cash back annually. Though it might not seem like much, this is more than what most people earn with interest-bearing checking accounts in a year.

This checking account doesn't have monthly maintenance fees and it avoids a number of other common banking charges as well. It's a great choice for those seeking an account that can grow their wealth without limiting their access to their funds or nickel-and-diming them.

2. Axos Bank Rewards Checking

This checking account doesn't offer cash back in the same sense as the other accounts listed here. It's an interest-bearing checking account with various rate tiers tied to specific activities, including direct deposit and debit card spending.

With this account you can earn 0.40% (up to 3.30%) APY. The max rate is among the highest rates you'll find with interest-bearing checking accounts. It's not too far behind what some of the best savings accounts offer today.

3. Axos Bank CashBack Checking account

The Axos Bank CashBack Checking account enables you to earn up to 1.00% back on all signature-based debit card purchases.

You can earn up to a maximum of $2,000 in cash back per month. You get 1.00% back if your average daily balance is $1,500 or greater. If it's less than this, you earn 0.50% cash back for that month.

4. American Express Rewards Checking

The American Express Rewards Checking account (member FDIC) offers 1 Membership Rewards point for every $2 you spend with your debit card. This is in addition to the 1.00% APY you earn on your checking account balance (APY as of August 19, 2024).

Customers can redeem their Membership Rewards points for cash deposited to their checking account. They can also pay with points at certain retailers or redeem for gift cards and travel expenses. Those who have an Amex card can pool the rewards they earn from their checking account and their credit card.

5. LendingClub Rewards Checking

The LendingClub Rewards Checking account offers unlimited 1% cash back on qualified purchases for those who have had their account for at least 30 days and receive at least $1,000 worth of direct deposits or keep an average daily balance of at least $1,000 in your account. Those who aren't able to do this won't qualify for cash back.

It's important to note that only signature-based "credit" purchases qualify for cash back. To make one of these purchases at a store, you may have to select "credit" rather than debit at the check out. The "credit" option is usually preselected when you shop online. Some merchants may not give you a choice in how it processes your transactions, so you might not earn rewards on all purchases.

It's worth comparing the fees and features of each of these checking accounts before deciding which you like best. Think about your spending habits and which one could earn you the most over the long term. When you've made up your mind, you can apply right from the bank's website.