We've been taking a close look at rewards checking accounts for our FiDeals section. They really make you jump through a lot of hoops to earn the rate. Some even have a cap on the balance (25k to 50k - though no one should really leave that much in checking.

However, if you really want to maximize reward checking you would make sure you meet the transaction count, but only put minimal dollar amounts on the debit transactions. Save the rest for a rewards credit card and pay it off in full every month.

We are working on a calculator at FiLife to determine when it's worth the effort. Please check back soon.