Unlike credit cards, checking accounts rarely boast rewards. So when they do, they’re worth a look.
Bank of Internet’s cash-back checking has a much better rate than Discover’s account with up to 1% cash back to earn a possible $2,000 monthly. To get the full 1%, you must maintain a daily balance of at least $1,500, or the rate drops to 0.50%.
In contrast to Discover, this account restricts eligible debit transactions to ones that require a signature, as opposed to a PIN. Transactions also can’t be purchases made at supermarkets, wholesale stores, discount stores or financial institutions, or money transfers. Despite this, many debit card users would qualify for half to two-thirds of purchases, according to Henry Israel, director of the financial analyst firm Novantas.
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