Your Checking Account Could Earn You More
Published on August 12, 2024
•2 min read
Every financial institution has a checking account, which can make picking one a challenge. With all that competition, credit unions and banks continue to try and offer a checking account that is unique from their competitors.
Not all features give you the most for your money, however. A $300 bonus sounds great, and can be, but you could be missing out on another accountwith rewards that better fit your money habits.
So, what’s the difference between these checking accounts and how do you start determining the best for you? Well, let’s break it down:
Cash Bonus
The most popular offers for opening a new checking account is the cash bonus. It ranges from $100 to sometimes $500 or more. While it can be the right option for some, the fine print is important.
You can get a cash offer for just opening an account, but some include additional criteria to cash in on that offer, like:
Time-restricted deposit requirements
Example: monthly deposits, a certain number of deposits in a limited period.
Account balance minimums to earn consistent cash incentive offers
Example: You can get cash back on a balance of over $25,000 in a checking account
Percentage of cash back up to a monthly maximum amount
Example: You can earn 1% on purchases up to a certain amount each month
High Annual Percentage Yield (APY)
You may have heard of APY on a High Yield Savings or Money Market account, but now checking accounts are offering that benefit too!
The offer can vary at each financial institution—most offer that higher rate for larger account balances.
If you hold a high balance inside your checking account frequently, look for an account that can reward you for that—like Metro Checking! You can earn 3% APY on a balance over $10,000 inside your account.
Rewards Program
You’re probably familiar with a credit card rewards program, but have you heard of one for a bank account? Yes, they do exist.
Think about what you do frequently: swipe your debit card, get a direct deposit of your paycheck, pay bills. Now, you can get rewarded for this good behavior.
Some checking accounts with a rewards program offers you the choice to earn cash back consistently or use those points towards other goods.
At Metro Credit Union, for example, we’ve rolled out Metro Reward Program. Members can earn points every day, save them , and redeem them for cash. Members also have the option to use those points to pay off an fees attached to their account.
Metro members earn rewards on actions like:
- Direct deposits each month
- Using debit cards on qualifying purchases
- Enrolling in Express Pay to automatically pay your loans
- Using Bill Pay inside iBanking
Plus—you’re not penalized like other checking accounts:
- No ATM fees*
- No monthly maintenance fees for inactivity or low balances
- Overdraft protection up to $1,000
To learn more, visit our checking page or speak with a live agent in minutes inside our Digital Branch!
