How to Make Your Checking Account Pay You

Banks have always offered special deals for customers who have savings accounts, but very little has been offered to checking customers until now. Free checking has become almost standard at most banks as long as customers meet the free checking requirements. Banks are starting to experiment with the idea of offering cash back for customers in certain situations. The banks are hoping that these additional perks will draw in more customers as people look for new ways to save money.

Better Customer Perks

Traditionally, a bank could maintain healthy customer satisfaction through the return that the customers received on their checking accounts. Recent economic struggles have caused those interest rates to plummet in the last few years, however. At the current interest rate level, there is hardly any incentive for a customer to keep money in the bank. Banks have responded by creating new savings packages that can be accessed through a customer’s checking account. When someone spends money from their checking account, a certain amount of reward money is deposited into their savings account. People can use these programs to grow their savings while making everyday purchases.

Cash Back Checking Accounts

Some banks offer a reward that is a percentage of the money you spend. For example, you may earn up to 2% on all of your purchases for the first 6 months, then 1% on all purchases after the first 6 months. There is usually no limit on the types of purchases that you make, as long as they are made using your checking account with the bank that offers the special program. The cash rewards may not seem like much, but they can add up over time – especially if you spend plenty of money from your checking account.

Online Banking Rewards

Other banks are offering cash rewards as part of their push toward digital operations. With these programs, customers are awarded cash back as long as they agree to shift all of their banking needs to digital formats. Customers who choose to use the ATM rather than the teller and receive all of their banking information through e-mail and the bank website can take advantage of cash bonuses through banks that offer this type of program. Usually the offers include one-time bonus cash rewards rather than rewards that are based on the purchases you make.

Cash Rewards for Checking is a Growing Trend

The number of banks that offer these types of cash rewards for checking accounts is small right now, but interest is growing nationwide. As banks continue to receive a favorable response from these programs, more banks will begin to incorporate them into their checking account packages. Cash back checking accounts are poised to become banking staples, just like free checking accounts swept through the banking world a few years ago. Banks benefit because they gain more customers who may choose to use digital banking options, and customers benefit by pocketing a little extra cash from the bank each year.