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Get Rewarded Through Your Checking Account

The best kind of earnings for some are those you don’t have to actively work for — and when you’ve got a cash back bank account (or other checking rewards program), that’s exactly what you get.

Rewards checking accounts offer you cash (or another reward) back just by engaging in everyday spending. It’s especially useful during periods when inflation is higher than average (like right now), since most consumers are hoping to stretch each dollar just a little bit further. 

Curious how a rewards checking account could work for you — and interested to learn more about the unique rewards Quontic offers, like a Bitcoin rewards bank account? Read on for the full scoop on getting paid every time you spend.

What is a rewards checking account?

A rewards checking account is a deposit account that offers the account holder some sort of reward — often cash back — when they engage in certain activities — usually point-of-sale debit card spending (ATM transactions rarely count). Usually what it looks like is: every time you swipe your debit card to make a purchase, you get a small percentage of that purchase back (often less than 1%) in cash-back rewards.

Those rewards may be exchangeable for actual cash money, which can be direct deposited into your bank account, or you may be able to exchange them for items and services directly through an online portal. 

Along with (or instead of) cash back, you may earn other rewards and benefits, such as frequent flyer miles, gift cards to specific stores, or even — at least in Quontic’s case — Bitcoin. We’re the first bank in the United States to offer a crypto reward on a regular checking account, and we offer our crypto rewards checking customers a hefty 1.5% back in Bitcoin rewards on all eligible debit card purchases. 

How do I earn cash-back (and other) rewards?

It’s always important to check with your bank or credit union directly to learn how to earn your rewards — but generally speaking, you have to spend money to earn money. 

Bear in mind there may be other stipulations: you may need to make a certain minimum deposit upon account opening or reach a certain qualifying direct deposit threshold within each statement cycle. Rewards may also be based on your average daily balance or come with minimum balance requirements. In most cases, though, there’s usually a spend requirement — and you’ll also need to keep your account in good standing, of course.

You may also only earn rewards on certain types or categories of purchases, such as groceries or restaurant dining. Or, you may earn different percentages of cash or alternative rewards depending on the category — so as always, make sure you read the fine print to get the most out of your card.

Along with rewards checking accounts, there are also many rewards credit cards on the market, but if you choose to take advantage of the latter, proceed with caution: even the most robust rewards system may not make up for the interest you’ll accrue by carrying a revolving balance. Paying off your card in full every month may ensure you earn all the rewards without paying unnecessary interest to the financial institution.

How can I earn Bitcoin as a checking account reward?

It may sound surreal, but the future is now — and yes, you can earn cryptocurrencies as a checking account reward just by swiping your debit card! 

Quontic’s Bitcoin Rewards Checking1 account is the very first of its kind and offers account holders 1.5% back in Bitcoin on all eligible purchases. All you have to do is swipe your debit card on qualifying point of sale transactions and voila: your cryptocurrency rewards will start growing. 

The Bitcoin Rewards Checking account isn’t available in all states yet, but if you live in a state we haven’t reached with this account type quite yet, don’t worry; our Cash Rewards Checking2 account can also put money back in your pocket every time you spend, and comes with a minimum opening deposit of just $100! This is a truly free checking account: we don’t charge ATM fees within our large, nationwide network of free ATMs, and we don’t charge monthly fees, either. Online banking makes it possible for us to pass our overhead cost savings on to you — which is one reason why we can offer so many valuable perks and account bonuses.

Want to passively stash even more cash? We also offer a high-yield savings account that offers holders up to 0.55% APY3 (annual percentage yield) in earnings. That’s a pretty high interest rate — 15 times higher than the national average for accounts of this type, to be exact. As a member FDIC,all of our eligible deposit accounts are FDIC insured up to $250,0004. (Keep in mind that your specific interest rate will vary based on your minimum balance.)

Still have questions? Ready to open a new account? Our team is standing by to help you find the best checking account for your needs.


1Bitcoin Reward Checking account is a non-interest bearing personal checking account, requires a minimum of $500.00 to open the account, and does not require a minimum daily balance to earn Bitcoin rewards. Qualifying Point of Sale (POS) Debit Card Transactions (“Eligible Debit Card Transactions”) shall receive Bitcoin Rewards at the U.S. dollar value of 1.50% on all Qualifying POS Debit Card Transactions that post and settle to the Bitcoin Rewards Checking Account. Fees and terms are subject to change. Additional terms and conditions may apply. No Bitcoin Rewards will be paid if the Qualifying POS Debit Card Transaction requirements are not met or if the requirements for establishing an account with NYDIG Execution LLC (“NYDIG Account”) are not met. The following are not Qualifying POS Debit Card Transactions and do not count toward earning Bitcoin Rewards: ATM-processed transactions; transfers between accounts; purchases made with debit cards not issued by the Bank; cash over portions of POS transactions; Peer-to-Peer (P2P) payments (such as Apple Pay Cash); loan payments or account funding made with your debit card and purchases made using third-party payment accounts (services such as Venmo® and PayPal™, who also provide P2P payments). Transactions may take one or more business days from the date the transaction was made to post and settle to an account. Bitcoin earned through this program can only be sold and redeemed for cash and cannot be transferred or spent.

Bitcoin execution and custody services are provided by NYDIG Execution LLC (“NYDIG”). NYDIG is authorized by the New York State Department of Financial Services to engage in virtual currency business activity. To receive bitcoin services an account will be opened with NYDIG in which your bitcoin will be held (the “NYDIG Account”). Please refer to NYDIG’s User Agreement for more information, including applicable eligibility criteria. Bitcoin balances in your NYDIG Account are not insured by the Federal Deposit Insurance Corporation (FDIC), the Securities Investor Protection Corporation (SIPC), or any other public or private insurer. NYDIG does not make any recommendations regarding buying or selling bitcoin. There are risks associated with bitcoin trading, including possible loss of value. See NYDIG’s User Agreement. Individual transactions in the rewards program are not recorded on the blockchain. Information is published as of December 22, 2021.

2The Cash Rewards Checking account is a personal non-interest bearing account. You must deposit $100.00 to open this account. No minimum daily balance required to receive the cash back reward and no monthly maintenance fee. Fees reduce earnings. Qualifying point of sale (POS) debit card transactions (“Eligible Debit Card Purchases”) shall receive 1.50% cash back that post and settle to the account each statement cycle. The following activities are not considered POS debit card transactions and do not count toward earning rewards: ATM- processed transactions; transfers between accounts; purchases made with debit cards not issued by our bank; cash over portions of point-of-sale transactions; Peer-to-Peer (P2P) payments (such as Apple Pay Cash*); loan payments or account funding made with your debit card and purchases made using third-party payment accounts. Transactions may take one or more business days from the date the transaction was made to post and settle to an account. Ask for details. Additional terms, conditions, fees & exclusions may apply. Application is subject to approval & further review. Information is accurate as of December 31, 2021 and may change without notice.

3High Yield Savings Account Annual Percentage Yield (APY). Ask for details. Requires minimum opening deposit of $100.00 Additional terms, conditions, fees & exclusions may apply. Rates may change without notice. Fees could reduce earnings. Information is accurate as of December 22, 2021 and may change without notice.

4FDIC insurance is applicable to eligible deposit accounts and up to the maximum allowed by law . Learn more at https://www.fdic.gov/resources/deposit-insurance/financial-products-insured/index.html

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