Why PerkStreet Checking Beats Ally, ING and Aurora Bank

PerkStreet

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.

Ally Bank

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

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:

  • Housing
  • Food
  • Medicines and Health Care
  • Utilities
  • Cell Phone
  • Entertainment
  • Cosmetics
  • Paper products
  • Household products
  • Transportation
  • Insurance
  • Haircuts or styling
  • Gifts

Why not get cash back from PerkStreet on those purchases?