PerkStreet $50 Bonus Promotion

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PerkStreet $50 BonusHigh yield savings accounts are all the rage these days because of their high interest rates, but there are very few online checking accounts making the rounds. PerkStreet Financial is the online checking account product from PerkStreet Financial, which has partnered with The Bancorp Bank to offer an FDIC insured online checking account. The Bancorp Bank, an FDIC insured (Certificate #35444) since July 2000, publicly traded (TBBK) bank headquartered in Delaware.

Until Dec 31st, you can get a $50 bonus if you deposit at least $25 and keep the account active for three consecutive months. The $50 is deposited fifteen business days after the third month. There are no other requirements.

With their online checking account you get all the features of any checking account including:

  • A Visa Debit Card with 1% cash back, free music or coffee
  • Free checks
  • No minimum balance requirement
  • No monthly fees when you use your account ($4.50 any month you don’t use the account)
  • 37,000 surcharge-free ATMs
  • Free online banking and bill pay

You won’t earn interest on your money in the checking account but very few debit cards offer 1% cash back rewards.

Added bonus – you can fund up to $500 of your deposit from a credit card and it counts as a purchase. It’s a great way to help bust cashback tiers (at least a little bit) without lugging around all those coins.

Can anyone see any downside to this?

{ 58 comments, please add your thoughts now! }

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58 Responses to “PerkStreet $50 Bonus Promotion”

  1. Matt says:

    Only potential downside: credit score

    Does opening a checking account issue you their PerkStreet FinancialSM Visa® Debit Card? If so, are they hard-pulling credit on the inquiry and if you close this after the 3 months (to get your $50) what effect would that have on your score?

    • daemondust says:

      I don’t see anything about any credit pulls on their page. Aren’t banks required to collect SSN on all their depositors?

    • saladdin says:

      My experience has been if the account has overdraft protection expect a hard pull.

      Closing a 3 month old account should have zero impact on your score unless your file is thin to begin with.


      • daemondust says:

        Generally, yes. I’m still not finding it anywhere in their FAQ section.

        • eric says:

          It’s not that uncommon for banks not to say on their online site. Just call and ask.

          • daemondust says:

            I thought they had to disclose it before making a hard pull. Is the implication of extending credit (in the form of overdraft protection) enough?

  2. Yana says:

    This might be a downside –

    “# 1% cash back: Choose from a PerkStreet Financial Visa® Gift Card or gift cards from Target®, Best Buy®,®, GAP and Ticketmaster®”

    That is not exactly cash back, and I wonder if one has to pay a fee for the gift card. When I think of cash back, I think of a credit to my account.

    • daemondust says:

      Not quite cash, but if you make frequent purchases at one of them, it’s almost as good.

  3. SavingEverything says:

    If you use your search engine like Yahoo, Google, or Baidu, then you may see different deals as you reload the term “perkstreet”. You can get $50, and another $50 after 2 months of completing 10 debit POS-nopin-transactions and close out. Or, $100.

  4. SavingEverything says:

    A note about “Added bonus – you can fund up to $500 of your deposit from a credit card and it counts as a purchase. It’s a great way to help bust cashback tiers (at least a little bit) without lugging around all those coins.”; The Deposit Agreement and Schedule of Fees states that if you fund deposit by credit card, PerkStreet will charge a 2.5% funding fee. Also, deposits earn no interest. For Cashback, you can get a VISA giftcard; this can ultimately be used wherever the VISA card is accepted… of course, the card probably has an expiration date. For hard credit card pulls, if they pull by hard pull, it probably wont affect your credit score too much; 10-25 points most. If you close it after several months, it doesnt affect your credit score any further; unless, you open a new checking account that does a hard pull.

  5. Do you think they kick back 1% on debits since they don’t have to use labor to process the checks? Sounds like it to me. Also the offer you mention is attractive, Thanks!

    John DeFlumeri Jr.

    • daemondust says:

      They don’t have any real labor on check processing either, unless you mail them a check. It’s all done electronically now through Check21.

      • saladdin says:

        My guess is it’s the visa/mastercard processing fees of debit vs credit that is the reason.


    • daemondust says:

      They’re offering 1% back on transactions processed as credit. That’s part of the fee they collect from the merchant. Banks would rather process as credit since they get fees, merchants would rather you do debit since they’re free, or have significantly lower fees for the merchant.

  6. zapeta says:

    Well, thats an easy $50. Only downside I could see would be the 4.50 fee if you don’t use the account but just close it after the 3 months. I think that since you have to keep the account “active” to get the bonus you probably have to make at least one debit each month during the three months.

    • daemondust says:

      From their fees page, “Doing any of the following at least once each month ensures that you won’t be assessed a monthly inactivity fee: making a transaction with your debit card, writing a check that clears the account, using Online Bill Pay, initiating a withdrawal or making a deposit to the account.”

      So, it looks like a $1 EFT deposit followed by a $1 EFT debit would strictly follow the rules (though possibly not the spirit).

    • saladdin says:

      These type of deals happen all the time. But some drawbacks for me is that my penfed card offers a higher cashback and I would have to pull money out of my savings and lose interest off that money to fund a new checking account. Plus, I have to remember to do the three transactions a month, go through the trouble of closing the account.

      All that being said, if I had a tiered card I would jump at this.


      • zapeta says:

        I’m on the fence about this for now. I could pull $30 out of savings and put it in the account, make a $1.00 purchase each month to keep it active, and close it at the end of 3 months and net $45.00. I think its a great deal for someone who needs to bust tiers.

  7. Soccer9040 says:

    If it has an online bill pay function the easiest way to keep an account active is to have it mail a check right to you or better yet, right to another one of your bank accounts.

  8. echidnina says:

    Sounds great! Not that I need another checking account, but it wouldn’t be hard to keep it open for three months for the bonus. Buy lunch with their card every once an a while. End up with an extra fifty bucks, not bad.

  9. James says:


    Interesting find.

    I’d be curious about your views as to whether these sort of sign up offers make sense. Given that they usually have a fair number of fees in the fine print and often require that the depositor actually use the account, it almost seems like the hassle isn’t worth the return.

    Instead, it seems like it makes the most sense to sign up at LendingClub or some other place which offers a bonus and a chance to make a real investment, not just pad the banks bottom line.

    Plus, I think $50 dollars is chump change. If they offered $100 or $200, it might be worth it.

    Thanks, keep up the great work.


    • Jim says:

      I think they’re worth it if you can avoid the fees and don’t mind the extra work. $50 isn’t $100 or $200 but it can go a long way in some budgets, plus it’s a fairly easy promotion to take advantage of.

      • daemondust says:

        $50 is still 200% profit on the initial $25 investment, that you get to keep too. It’s a little work, but I don’t know of anywhere giving 800% interest on a 3 month investment.

  10. Izalot says:

    I found the signing in process super easy. For $50, remembering to buy a cup of coffee with a new debit card is no big deal!

  11. mikestreb says:

    If you are only in it for the $50, I don’t see a downside (if they don’t hard-pull your credit report, of course). If you are in it for more than the $50, the biggest issue I see is not earning interest on your balance… Find a bank that has a reward checking account (mine is paying 5.01% right now!). There are a few hoops they make you jump through, but I guarantee you they are things you are doing now anyways.

    • daemondust says:

      If they do a hard pull, and I’m not saying that they do since I don’t know, how much is that worth? Even if your profile is thin, a hard pull means little after 6 months and virtually nothing after a year. Unless you’re planning on taking on a lot of debit soon, $50 might be worth a hard pull.

      How much is a hard pull worth to you?

  12. echidnina says:

    The consensus seems to be they only do a hard pull if you select the “Plus” checking, which includes overdraft protection.

    Also thanks SavingEverything – I googled a couple times and eventually ended up with the $100 promotion instead of the $50.

    • saladdin says:

      Sorry. I didn’t see your post. I posted a link to the $100 in below post.


    • Anonymous says:

      there is no hard pull of credit for a checking account whether it is the Overdraft Protection (checking plus) or standard checking account.

  13. Daniel says:

    Seems like a decent bonus offer, however the bold “Bad Request” message I get when loading the site in Firefox is discouraging. I did get the homepage to load in IE.

  14. Daniel says:

    Does anybody know if the PerkStreet checking account plays well with or Quicken?

    • daemondust says:

      I’m not finding PerkStreet, (where their login page redirects), or The Bancorp Bank anywhere in’s list.

  15. saladdin says:

    The bonus is up to $100.



  16. aua868s says:

    I am not sure if I would want a hard pull on my credit score for 50 bucks!

    • Jim says:

      I wouldn’t mind considering I’m not going to get a loan in the near future (within 6-12 months), but otherwise I’d agree with you – $50 wouldn’t be worth a hard pull if the score dropped you and you paid a lot more on the back end from a loan.

  17. Daniel says:

    Thanks for the $100 bonus link.

    Unfortunately, they dont allow accounts to be funded with a Amex card. No tier busting here unless you have a Visa or MC.

    • Soccer9040 says:

      Another place that doesn’t accept AMEX… add it to the list. AMEX & discover are just a little too hard to use, but only because Visa & MC are so easy.

  18. wallyhts says:

    Thank you for your inquiry regarding Perkstreet Bank. We pull a soft credit inquiry for account applicants; it will not show as a hard inquiry on your credit report.

    Please let me know if you have any additional questions.

  19. Matt says:

    Does the initial deposit have to be from a credit card? I just opened one, but selected transfer from bank and although I entered my initial deposit amount at time of sign-up, I still needed to have the account verified before any transfers could occur.

    Anyone know?

  20. Matt says:

    Right, so why ask how much I want to deposit on the sign up page if it has to be verified first and I have to go back through and submit another transfer for that same amount?

    • Jim says:

      They should verify it on their own by sending two small deposits to your bank account. When it’s confirmed, the actual transfer will occur.

  21. Matt says:

    Right. My question was once I verified my account, would the initial deposit automatically transfer into the account (I had a $0.00 balance).

    I called customer service and they said I needed to make another transfer – which is why I asked why they even asked for the initial funding amount on sign up – but only after I made that transfer did I notice that the initial deposit was “processing” from 2 days ago.

    Bottom line: If you sign up and provide initial funding from a bank transfer (vs. credit card) your initial deposit will remain dormant until you verify your account. Once verified, it will process (which contradicts what their customer service told me).

    Also, there is a $2.50 charge for any transfers from this account out to another bank. They neglect to state this on their Fees page, however I was suspicious when I had to “opt in” to enable transfers out.

  22. saladdin says:

    Just got an email from Perk for a survey. 5 question survey will get $10 in your account.

    Check your email/spam folder.

    Anyone else get this?


  23. wallyhts says:

    Watch out for these people.

    You more then likely will not get the bonus.

    There system is junk. Bonus does not get applied to every account because of software glitches.

    “Thanks for your email; I apologize for the trouble. Please provide your full name or account number and I will reset your information. I think that there was a processing error in our New Accounts department as several other customers were affected as well.

    Best Regards,
    Customer Correspondence
    The Bancorp Bank
    409 Silverside Rd
    Suite 105
    Wilmington, DE 19809

  24. wallyhts-

    I hope our team in customer service resolved the issue to your satisfaction. I looked into cause of the problem and can assure you that the problem was not a system wide issue. Our infrastructure partner, The Bancorp Bank, is a leading player in the space and together we’ve been able to fulfill all of the bonus offers to date.

    Please don’t hesitate to contact us if you have any other concerns

    Jason Henrichs
    Chief Operating Officer

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