High 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?