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    How Checking Account Rewards Work

    By Wasatch Peaks on July 6, 2021

    Did you know that you can earn rewards with your checking account?

    When it comes to checking accounts, most people compare minimum balance requirements and account fees, but it’s important to also consider rewards. Check out our guide to the types of checking account rewards and how they can benefit you.

    Types of Checking Account Rewards

    There are different types of rewards offered with checking accounts. Your money management style and spending habits can help you decide which type of reward has more value for you.

    Monthly Dividend

    With a dividend checking account, like our Peaks Perks™ High Dividend account, you’ll earn a return on the balance of your checking account. This essentially works by enabling you to earn interest on the funds you keep in your checking account. This type of account is an especially good option if you are comfortable keeping and managing funds in your checking account.

    Cash Rewards

    In contrast, a cash rewards account offers cash back for purchases made with your debit card. For example, our Peaks Perks™ Cash Back account allows you to earn cash back on your everyday purchases. This type of account can be a great choice is you frequently utilize your debit card for purchases and transactions.

    Choosing a Checking Account

    Not all checking accounts offer rewards and not all rewards are equal.

    When it comes to choosing a checking account, rewards can provide a great basis for comparing accounts. For example, rewards are often higher with credit unions when compared to traditional banks. Some of these accounts will offer higher dividend or cash back options, but they will likely have different requirements to earn those rewards. Finding requirements and rewards is an important factor to consider when it comes to choosing a checking account.

    Next Step: How Much Should I Keep in My Checking Account

    Wasatch Peaks

    Written by Wasatch Peaks