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 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, where there are no minimum balance requirements. More importantly, you get a lot more with PerkStreet all for doing what you normally do, buying things with your debit card.
*PerkStreet: $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%