3 Bank Accounts With The Most Cashback
We have come a long way from using cash as our means of spending money to debit/credit cards. This transition was supported by various schemes, and one of them is cashback. If you want to spend money and get some of it back in your account, a cashback scheme is best for you. But before we share 3 bank accounts with the most cash back, let’s understand, “what is cashback.”
What Is Cashback?
After the popularity of debit/credit cards over paper money, banks have been at war with each other. To win customers and have the most bank accounts, banks have launched various schemes, and cashback is the most successful.
Cashback is a service where the buyers receive a small amount of money in cash after they purchase with a debit/credit card. This money is a small amount concerning the item you have purchased. Several banks provide cashback services, but we have mentioned the 3 bank accounts that have the highest cashback.
Bank Accounts With the Most Cashback
1. Bank Of America
Ban of American is one of the biggest players in the market with a phenomenal cashback scheme. You can get up to 2% cashback on your purchases, however, from certain merchants. Banks do this to limit their spending, and merchants under their panel are connected with the banks.
In addition to cashback from purchases, Bank of America also has a coin collection scheme. If you collect 4 coins in 60 days period, you will get $5 cashback on top of your initial cashback value.
2. Axos Bank
Axos bank has an account called Aptly that offers cashback rewards on purchases. The percentage return is 1%, but you have the freedom to buy from any merchant you like. Here are a few conditions that follow cashback rewards in Axos bank.
Ø 0.50% cashback in months when the account’s average daily collected balance is less than $1,500
Ø 1% cashback in months when the account’s average daily collected balance is $1,500 or greater
The cashback earning is capped at $2000 per month. However, Axos Bank has several other benefits such as rapid P2P payments, unlimited check-writing privileges, and unlimited ATM fee reimbursements.
3. M1 Finance
M1 Spend is a free cash management account that has a lot of cashback returns. Although the return percentage is set at 1%, there is ATM reimbursement and other ways to have your money returned to you. Upgrading toM1 plus account costs $125 per year, and you can earn 1% APY on all M1 Spend balances, 1% cashback on debit card purchases.
Wrapping It Up
Cashback accounts are a great way to save some money on the side. With 1 to 2% return on purchases, you can take back some money and the product with you. Instead of using a regular debit card, a cashback account can be more beneficial.