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PerkStreet $50 Bonus Promotion

Posted By Jim On 11/21/2009 @ 12:32 pm In Banking | 58 Comments

High yield savings accounts [3] 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 [3] 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 [4]) since July 2000, publicly traded (TBBK [5]) 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 [6] (at least a little bit) without lugging around all those coins.

Can anyone see any downside to this?

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[2] Email: mailto:?subject=http://www.bargaineering.com/articles/perkstreet-50-bonus-promotion.html

[3] High yield savings accounts: http://www.bargaineering.com/articles/r/perkstreet.php?tag=50bonus

[4] 35444: http://www2.fdic.gov/idasp/confirmation_outside.asp?inCert1=35444

[5] TBBK: http://www.google.com/finance?q=NASDAQ:TBBK

[6] bust cashback tiers: http://www.bargaineering.com/articles/busting-cashback-tiers-with-mints-1-coin-direct-ship-program.html

Thank you for reading!