Scroll down to see my review and details about the cash back rewards checking account from PerkStreet Financial.
I was hanging out with some friends the other night, playing some Texas hold’em, and we started talking about our generation’s feelings towards debt. Even though we know there is a lot of credit card debt out there, we concluded that many of people our age and younger are growing tired of the kind of lifestyle that involves credit. Many of my friends choose not to use credit cards at all. I know Dave Ramsey has been a big player in creating this shift.
While I’m not completely against using credit cards, I do see the benefits of going without one. That’s why I thought pointing this reward debit card out to you guys would prove beneficial.
Aside from the convenience factor, the only reason I currently use a card is to get the cash back credit card rewards. For those in the anti-credit card crowd, it can seem like you are being left out of this whole “rewards” system. Well, you don’t have to be anymore. 
There is a new checking account from PerkStreet Financial that comes with a debit card that pays you 1% cash back on your spending (and for a limited time, 2%). Here are the details:
- PerkStreet Financial offers a free online checking account
- The checking account has the standard ($250K) FDIC insurance
- 1% Cash Back Rewards on Non PIN-Based Transactions
- No Limits on Cash Back
- 2% Cash Back for First 6 Months (offer expires April 30th)
What About ATMs? – When you need cash, use one of PerkStreet’s 37,000 ATMs within the STARsf® surcharge-free network. Outside this network you pay $2. To give you an idea of how many free ATMs PerkStreet has, they’ve put together this chart comparing their numbers to other banks. Kudos to them for doing this because with an online bank, there’s a greater need for ATM use.
What About Deposits? – Like every online only account, the downside is the ability to make quick deposits. However, PerkStreet seems to have made the best of the situation. You can deposit funds using any of these 4 methods: direct deposit, transfer from another bank, regular mail (PerkStreet provides postage paid envelopes for you), and free overnight deposit via UPS Store or Mail Boxes, etc.
What About Safety? – “Every PerkStreetSM account is FDIC insured up to $250,000 and all PerkStreet FinancialSM Visa® Debit Cards are protected by The Visa Zero Liability policy.”
Who Is PerkStreet Financial?
I encourage you to check out PerkStreet’s “Our Company” section. You’ll be impressed with their mission and see that it aligns with your own goals of financial responsibility and security. Click on the image of the video and then head to the “Our Company” section of the PerkStreet website to view the video of CEO, Dan O’Malley.
How PerkStreet Compares with Other Online Checking Accounts
| Bank | Rate | Review | ATMs | Rewards |
|---|---|---|---|---|
| FNBO Direct Online BillPay Account | 1.25% | FNBO Direct Review | 840,000 PLUS locations - 4 Free Withdrawals Per Month | None |
PerkStreet Financial | 0% | PerkStreet Review | 37,000+ free ATMs through STARsf® | 2% Cash Back |
ING DIRECT Electric Orange | 0.24% | Electric Orange Review | 35,000+ free ATMs through Allpoint™ | None |
| Ally Interest Checking | View | Ally Bank Review | All Fees Refunded | None |
| EverBank FreeNet Checking | 2.25% | EverBank Review | All Fees Refunded if Balance >$5,000 | None |
| E*Trade Checking | 0.15% | Pending | All Fees Refunded | None |
If you are currently using PerkStreet’s checking account, I’d love to hear your thoughts on the product. Leave your comments below…
Update: I’m opening a PerkStreet account. Check out part one of my PerkStreet account opening process review.
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