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• Tweet ^[1]
• Email ^[2]

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?