Checking Account - No Fees with Cashback Debit | Discover (2024)

FAQs

Is a cashback debit account a checking account? ›

Other features: Checking accounts that offer cash-back debit cards may also offer other valuable features, such as ATM fee reimbursem*nts, waived overdraft fees, high annual percentage yields (APYs), and more.

We found that Axos Bank, Discover, PenFed Credit Union, nbkc and EverBank are the best banks with no fees. They all offer some of the top no-fee checking accounts. However, some may carry stop payment, overdraft or wire transfer fees.

Many banks and credit unions offer them. But even no-fee accounts may not be completely free. You'll save on monthly maintenance and other charges, but you may still need to pay for some services.

As a debit card benefit, “cash back” refers to money that a bank adds to your checking account in exchange for using the debit card associated with that account.

IDBI Bank Basic Savings Account Features and Benefits

Get an ATM cum Debit Card (free of cost) and cheque book on request.

Key Takeaways

Cash back refers to a credit card benefit that refunds the cardholder's account a small percentage of the sum spent on purchases. Cash back rewards are actual cash that can be applied to a credit card bill or received as a check or bank account deposit.

NAB's Classic Banking Account is the least restrictive and only charges monthly fees if you opt for a platinum debit card over the bank's regular Visa offering. ANZ Plus Transaction Account – no monthly fee (account only accessible through the ANZ Plus app and not through standard ANZ online banking).

Keeping too much in your checking account could mean missing out on valuable interest and growth. About two months' worth of expenses is the most to keep in a checking account. High-yield savings accounts, CDs, and investment accounts are better for money long-term.

Is there a bank account with no monthly fees? ›

Chime Checking Account

Why we like it: Chime's customers have access to a broad no-fee ATM network as well as a strong overdraft program. They can also receive their paychecks up to two days early with direct deposit. No overdraft fees. No monthly fees.

The Discover® Cashback Debit is a no-fee checking account. It offers cash back on debit card purchases instead of interest on checking account funds.

Most debit cards don't offer rewards, but a few banks provide cash back rewards programs on certain debit cards. The terms can vary, with some offering cash back on every purchase, while others limit your rewards-earning power to select merchants.

Watch Out for Fees

In some cases, it's best to choose a cash-back card that doesn't have an annual fee. If the fee for a card is $95, this means you'll net fewer cash-back rewards annually due to this added cost. However, you should also consider how many rewards you would earn with different cards.

Cashback is a credit card perk where the cardholder earns a percentage of eligible spending. The three most common forms of cashback include (1) flat rate cashback, (2) tiered rate cashback, and (3) different rate cashback depending on the type of spend.

Is a debit card a checking or savings account? A debit card is not a checking account, it is a card linked to a checking account. The primary difference between a debit and checking account is that a checking account holds money, whereas a debit card simply provides access to that money.

A cash management account is an alternative to a traditional checking or savings account, which is offered by brokerage firms and robo-advisors. They help customers keep large sums of money secure and easy to access, while also paying some interest.

Cashback current accounts typically give you back a percentage of what you spend. Some accounts only give you cashback if you spend at certain retailers or partner stores. Others have a maximum amount of cashback they'll pay each month.