Comments on: Best Online Checking Accounts

By: junz

junz — Thu, 01 Jan 1970 00:00:00 +0000

They pay atm for use abroad? Doing what you mean by “no ATM transactions?” The reason I ask is because I had a reward checking account with another Internet bank only and not reimburse the $ 25 monthly value of transactions at ATMs, but said free use atm.

By: Laurie McLachlan

Laurie McLachlan — Thu, 01 Jan 1970 00:00:00 +0000

@Jeremy Olexa:
When considering checking accounts that pay you interest on your balance, many people focus more on the rate and less on the balance they actually keep in their checking account.

After all, you put money into your checking account to spend it, so your balance fluctuates a great deal. With PerkStreet, it doesn’t matter how much money you keep in your account, we pay you rewards on what you spend.

Here’s a more specific example:
Let’s say you keep an average balance of $14,000 in your Ally account at current rates while someone else opens an account at PerkStreet and spends $200 a week using our debit card. The PerkStreet customer would earn $34 more a year.

And with PerkStreet there are no minimum balance requirements that many high yield checking accounts require.

Hope that helps.

Laurie McLachlan
PerkStreet Financial

By: Jeremy Olexa

Jeremy Olexa — Thu, 01 Jan 1970 00:00:00 +0000

The problem with rewards based on spending is that I, personally, use my debit card as little as possible. After the 6 month introductory period with PerkStreet, my CC offers a better reward. So, I’m not going to switch my methods (madness?) for such a little gain and such little time. Also, I enjoy the marketing attempts. I read the comment as: “with perkstreet you would get $75*1.25 by just spending 800 dollars” Not quite

By: PT

PT — Thu, 01 Jan 1970 00:00:00 +0000

@Laurie – Thanks for visiting my blog and sharing some info about ATMs and rates. You guys obviously have a great product and have an advantage over your competitors with the cash back.

By: Laurie McLachlan

Laurie McLachlan — Thu, 01 Jan 1970 00:00:00 +0000

While some banks reimburse customers for fees from any ATM, the IRS considers these reimbursements taxable income which means the ATMs aren’t free at all.

Separately, many people benefit more from having a checking account that gives rewards based on spend, rather than interest based on balance. Here’s an example:

You’d need to keep an average balance of about $15k in an ING Electric Orange account to earn just $27 in annual interest. With Ally, you’d get $75. By comparison, if you spend $800 at month at PerkStreet, you’d earn DOUBLE what ING pays and 25% more than Ally pays with no minimum balance requirement and no monthly fee.

Laurie McLachlan
PerkStreet Financial

By: Jeremy Olexa

Jeremy Olexa — Thu, 01 Jan 1970 00:00:00 +0000

Having been a Ally customer now for quite a few months, I have a nice stash of savings there. I jumped at the new Ally interest checking account because the rates are competitive to HSBC and the benefits outweigh HSBC at least 5-fold in my eyes. I’m currently migrating from HSBC to Ally due to the customer service (HSBC is not helpful to me), additional benefits (check writing, unlimited ATM), and to simplify my finances (less institutions to deal with).

By: Mike

Mike — Thu, 01 Jan 1970 00:00:00 +0000

Hey there!

I use HSBC Online Savings because it links up to my HSBC Checking account which I have access to at a brick and mortar. It’s the convenience factor.

By: Ryan@TheFinancialStudent

Ryan@TheFinancialStudent — Thu, 01 Jan 1970 00:00:00 +0000

I currently use a 5/3 account, but I just opened an ING Electric Orange for the interest rate and to have both my checking and savings at one bank.