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PerkStreet vs ING Direct vs Ally Bank: Which checking account is best?
Posted By Ron On August 28, 2012 @ 7:05 AM In Banking | Comments Disabled
In the world of online checking account wars, three gladiators are constantly striving for your business, Perkstreet , ING Direct , and Ally Bank. Each offers many free services for customers but they all have distinct advantages. All offer free accounts and all are FDIC  insured up to the current maximum of $250,000.
One of the only “rewards” checking accounts, Perkstreet  offers customers multiple reward options for simply using your debit card. Customers can choose from cash back, music downloads or coffee.
Customers can easily earn $600 in cash back each year without any changes in spending habits. That means you can keep the majority of your cash reserves earning bigger interest rates than those offered on other checking accounts and STILL earn cash back rewards. So put your money into an ING Direct Savings Account  or an Ally Bank CD  and use PerkStreet  to conduct your everyday business.
You can withdraw money without a charge at one of 37,000 ATMs within the STARsf® surcharge-free network  or at any merchant that offers cash back with purchases such as grocery stores or department stores like Walmart or Target. You may also use ATMs outside of the network  but you’ll pay a $2 fee plus any fee the ATM owner may charge.
Electric Orange is sort of a strange name but that’s what ING calls their checking account. ING’s biggest claim to fame is that they have been involved in the online banking world for a long, long time and instead of paying rewards, they pay interest. Depending on how much you have on deposit, you can earn more in interest with ING than you do in most traditional grounded bank savings accounts! Since rates change frequently check out ING Direct’s website  for rate details.
You have several options:
 Ally even has a nifty little setup that shows you how much interest you’ll earn based on your average daily balance. Plus Ally’s Interest Checking  account has a great safety feature called Overdraft Transfer Service. Simply link an Ally Online Savings  or Money Market account to your Interest Checking account. If you exceed your checking balance, they will automatically transfer available funds from your savings account  to cover the transaction(s) – all at no charge to you. Other banks may charge you for this Overdraft Transfer Service.
That’s easy. Seriously. You can get money from any ATM nationwide and you won’t be charged. And if other banks charge you, Ally will reimburse you. Guess how many ATM’s there are …
Honestly, I’m going to tip my hat to Perkstreet . ING and Ally bank  both offer substantial opportunities to earn interest on your checking account  balance, but the highest rates are reserved from someone with 6 figures in their account. To me, anyone who keeps that kind of cash in a checking account  is insane.
At 1.15%, that customer is only earning $1,150 per year in interest but for a Perkstreet  customer who runs everything through his or her checking account  can earn almost that much with only $50,000 in purchases and expenses put on their debit MasterCard (assuming 2% cash back rewards).
So for me Perkstreet  wins!
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 Perkstreet: http://www.thewisdomjournal.com/Blog/go/perkstreet.php/
 ING Direct: http://www.thewisdomjournal.com/Blog/go/savingsaccount.php/
 FDIC: http://www.fdic.gov/
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 Ally Bank CD: http://www.thewisdomjournal.com/Blog/go/ally_bank_savings_and_cd_info.php/
 network: http://www.thewisdomjournal.com/Blog/20-networking-mistakes-you-should-not-make/
 ING Direct’s website: http://www.thewisdomjournal.com/Blog/go/ING-Direct-checking-acct-info.php
 Ally Bank: http://www.thewisdomjournal.com/Blog/go/ally_bank_checking_account_info.php
 Ally Online Savings: http://www.thewisdomjournal.com/Blog/go/ally_bank_savings_and_cd_info.php
 eCheck Deposit: http://www.thewisdomjournal.com/Blog/an-innovative-way-to-deposit-checks-with-ally-bank/
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