I already know why I switched my checking account ^[2] to PerkStreet ^[2], but they recently reminded me with a graphic depiction of why you should too!

^[2] 

Now, don’t get me wrong. Ally and ING are great banks (I have my savings account ^[3] with ING). But when you see it graphically presented like this, it makes it abundantly clear why PerkStreet ^[2] is the clear winner in the rewards checking account ^[2] game.

Where do these numbers come from?

If you spend $12,000 a year, you will earn $180* with PerkStreet.

That’s only $1,000 per month or $231 per week. If you think about it, you probably spend more than that each week. And with the 2% bonus, you earn even more than the standard product, $51 more to be exact.

But with the checking accounts that pay you interest on your balance, it’s a totally different game. Your checking account ^[2] balance goes up and down as you spend, so the interest you’re earning on your account is on a smaller balance than you might think. To compare, you’d have to have an average daily balance of $12,000 to earn $60** with Ally & $30*** with ING.

On top of that, $12,000 is a large average balance to have in your checking account. This pretty much amounts to having a $12,000 minimum balance requirement. Compare that with PerkStreet ^[2], where there are no minimum balance requirements. More importantly, you get a lot more with PerkStreet ^[2] all for doing what you normally do, buying things with your debit card.

*PerkStreet ^[2]: $12,000*1.5% = $180
The spend earn rate is calculated using 2% cash back for 6 months and 1% thereafter in the first year.

**Ally: Balances up to $15,000 earn only 0.50%

***ING: Balances up to $50,000 earn only 0.25%

It’s a no brainer!

Join me and switch YOUR checking account ^[2] over to PerkStreet ^[2] today. You only need $25 to open an account!

About the author

Ron has written 1083 articles on The Wisdom Journal.

The founder and editor of The Wisdom Journal ^[9] in 2007, Ron has worked in banking, distribution, retail, and upper management for companies ranging in size from small startups to multi-billion dollar corporations. He graduated Suma Cum Laude from a top MBA program and currently is a partner in a national building materials company.

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