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Why PerkStreet’s Checking Account Beats Ally Bank AND ING’s Electric Orange
Posted By Ron On May 22, 2012 @ 7:57 AM In Banking | Comments Disabled
That’s a pretty bold statement but I believe that PerkStreet  and their rewards checking account  beats all other checking accounts … even the checking accounts from some pretty heavy hitters in the banking industry. It all boils down to rewards and even on the lowest rewards tier, PerkStreet  just makes more sense for the vast majority of all people.
Ally Bank  does have a great checking account  with a lot of features in demand by many, many customers. ING Direct  also has a great checking account. Ally has some great CDs and CD rates and I really love my Ally Raise Your Rate CD . ING carved out a great niche with their Electric Orange  checking account  after having one of the best savings accounts  and they DO have a fabulous Kids Savings Account  (sure beats a piggy bank).
These banks may pay interest on your checking account’s average daily balance but they don’t beat the rewards that customers can get from using their PerkStreet  account to make their normal purchases using their debit card  (non-PIN purchases).
Spend just $300 week making your normal purchases like food, household items, clothing , utilities, etc and you’ll earn $156 with PerkStreet . Maintain over $5,000 in that account and you could earn even more. That doesn’t include PowerPerk Purchases where you get 5% cash back (up to $250/yr) on rotating categories, either.
Your earn rate is as follows:
Maintain an average monthly balance of $5,000 in your Ally Bank  checking account  and you’ll earn a whopping $25 for the entire year … regardless of what you spend. Average $15,000 in your checking account  and you’ll earn a bit higher interest rate but you’ll still only earn $135, just a fraction of what you’d earn with PerkStreet .
ING  makes a big deal about fees and their lack of them (for the record, the other banks have similar fee models and structures). Now, I hate fees as much as the next person, but with their paltry interest rates, you’d earn approximately $13 with a $5,000 balance, $37.50 with an average monthly balance of $15,000.
Even someone who claims to spend very little money each week has to purchase things like:
Why not get cash back from PerkStreet  on those purchases?
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 PerkStreet: http://www.thewisdomjournal.com/Blog/go/perkstreet.php/
 Ally Bank: http://www.thewisdomjournal.com/Blog/go/ally_bank_checking_account_info.php
 ING Direct: http://www.thewisdomjournal.com/Blog/go/ING-Direct-checking-acct-info.php
 Raise Your Rate CD: http://www.thewisdomjournal.com/Blog/10-reasons-ally-banks-raise-your-rate-cds-are-cool/
 savings accounts: http://www.thewisdomjournal.com/Blog/go/savingsaccount.php/
 Kids Savings Account: http://www.thewisdomjournal.com/Blog/go/ING_kids_savings_account_information.php
 clothing: http://www.thewisdomjournal.com/Blog/ways-to-cut-your-clothing-costs/
 Why Do I Get Rewarded for Non-Pin Debit Card Purchases?: http://www.thewisdomjournal.com/Blog/why-do-i-get-rewarded-for-non-pin-debit-card-purchases/
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