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 as does Aurora Bank. Both Ally and Aurora have 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).
All three of those banks 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 while still spending $300/week and you’ll earn $312 in one year. That doesn’t include PowerPerk Purchases where you get 5% cash back (up to $250/yr) on rotating categories, either.
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 43% of what you’d earn with PerkStreet.
ING Electric Orange
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.
Aurora Bank is a relatively new (to me, anyway), entry into the online banking world. Again, there is no reward for spending but the account does pay interest. At today’s rate, with a $5,000 monthly balance, you’d earn approximately $42 for the year, with $15,000 you’d hit the about $125.
There are multiple opportunities to earn PerkStreet rewards
Even someone who claims to spend very little money each week has to purchase things like:
- Medicines and Health Care
- Cell Phone
- Paper products
- Household products
- Haircuts or styling
Why not get cash back from PerkStreet on those purchases?