From apparel to travel, every purchase deserves Cash Back. But did you know your actual bank account could be earning you money too? If you are looking for ways to maximize your budget, switching to a bank that rewards you for everyday activities is one of the easiest wins out there.

This guide will walk you through everything you need to know about finding a rewarding place to park your hard-earned money. We will explore the free banking accounts that offer Cash Back on debit card transactions to help you save money, how to layer your savings using Rakuten and how to avoid sneaky banking fees. By the time you finish reading, you’ll be fully equipped to choose a budget-friendly financial partner that actively puts money back into your pocket.

The most budget-friendly banks that offer Cash Back or rewards

The banking landscape has shifted dramatically in recent years. You no longer have to settle for traditional brick-and-mortar institutions that charge you just to hold your money. Today, online banks and credit unions are competing for your business by offering free checking accounts, high-yield savings options and lucrative sign-up bonuses.

Even better, many of these modern financial institutions partner with Rakuten. That means you can earn a hefty Cash Back reward just for opening a new account and meeting a few basic requirements, such as setting up direct deposit. When you combine Rakuten Cash Back with a bank that offers ongoing rewards for debit card purchases, you create a continuous cycle of savings.

Let’s dive into two popular Rakuten banking partners that offer incredible value, low fees and generous rewards programs.

Axos Bank

If you’re tired of getting hit with out-of-network ATM fees every time you need cash, Axos Bank may be your perfect match. Axos offers a Rewards Checking account designed for people who want high yields and ultimate flexibility. The bank operates entirely online, but they offer unlimited domestic ATM fee reimbursements. That means you can use virtually any ATM in the country, and Axos will refund the fees charged by the machine operator at the end of the month.

To maximize your savings with Axos, you’ll want to set up direct deposit. Their tier-based system rewards you with a highly competitive APY when you meet certain criteria, such as receiving regular payroll deposits or using your debit card for a set number of transactions each month. Plus, Axos frequently offers generous Cash Back rewards through Rakuten when you open a new account and meet the initial funding requirements.

SoFi

SoFi has transformed from a student loan refinancing company into a massive financial powerhouse, and their checking and savings combo account is incredibly tough to beat. SoFi is built around helping you get your money right, and they prove it by offering a highly competitive APY on your savings balance when you set up direct deposit.

They also offer a fantastic rewards program where you earn points for everyday activities such as logging in to the app, monitoring your credit score and spending on your debit card. You can redeem these points for cash deposited straight into your account. SoFi charges no monthly service fee, requires no minimum deposit to open an account and provides access to a massive network of fee-free ATMs via Allpoint. Keep an eye on Rakuten, as SoFi is known for offering some of the most lucrative Cash Back sign-up bonuses in the financial category.

Tips on finding unique or limited-time Cash Back offers on financial services

Finding the best deals requires a little bit of strategy, but the payoff is entirely worth it. If you want to maximize your savings and score the highest possible bonuses, keep these savvy tips in your back pocket.

First, always start your search on the Rakuten Banking and Finance page. Financial institutions frequently run limited-time promotions where they double or even triple their standard sign-up bonuses. These elevated offers often coincide with major shopping holidays, the start of a new year or back-to-school season.

Next, read the promotional emails your bank sends you. Once you are a customer, many budget-friendly banks offer targeted promotions, such as an extra $50 if you make five debit card transactions in a week or getting bonus cash back when you shop at specific retailers.

Finally, layer your rewards. Use your cash back–earning debit card to make purchases through the Rakuten app. You will earn your bank’s debit rewards plus Rakuten Cash Back on the exact same transaction. Add a promo code or shop during a seasonal sale, and you are effectively triple-dipping your savings.

How to outsmart the fine print

Even the most generous banking offers come with rules. To make sure you actually get the rewards you’re chasing, you have to read the fine print. Here are the most common pitfalls to watch out for and how to avoid them.

Watch out for transaction caps 

Many banks that offer cash back on debit card purchases will cap your earnings. For example, they may offer 1% cash back on up to $3,000 in purchases each month. If you are planning a massive purchase, be aware of when you hit that ceiling.

Understand the minimums 

To unlock a bank’s highest APY or qualify for a sign-up bonus, you usually need to meet a minimum deposit requirement or set up a recurring direct deposit of a certain amount. Make sure your paycheck is large enough to hit these thresholds before you open the account.

Signature vs. PIN transactions 

Some banks reward only “signature-based” transactions. If you enter your PIN at the grocery store checkout, you may forfeit your rewards for that purchase. Always tell the cashier you want to run the card as credit.

Avoid inactivity fees 

The banks we highlighted generally avoid monthly maintenance fees, but some institutions charge you if your account sits completely dormant for several months. Keep the account active with a small, recurring transaction, such as a monthly streaming subscription, to keep your account in good standing.

Frequently asked questions

What banks will give me money for signing up? 

Many banks offer sign-up bonuses to attract new customers. By checking the Rakuten Banking and Finance page, you can find active Cash Back offers for partners such as SoFi, Axos Bank and more. You typically need to open the account through the Rakuten link and meet specific funding or direct deposit requirements to earn the bonus.

Which bank has the best cash back rewards? 

The best bank for you will depend on your financial habits. If you want a high APY on your savings and a massive sign-up bonus, SoFi and Axos Bank are incredibly competitive.

Which debit card gives the best cash back? 

The Discover Cashback debit card is widely considered one of the best in the industry because it does not require you to jump through hoops to earn your rewards, and the account comes with no monthly fees.

Are online banks safe to use? 

Yes. Legitimate online banks are FDIC-insured just like traditional brick-and-mortar banks, which means your deposits are protected up to $250,000 per depositor, per ownership category. All the partners listed on Rakuten’s banking page are fully vetted, secure financial institutions.