Banking 
14
comments

How Perkstreet Checking Stacks Up

I recently saw a Perkstreet ad that caught my attention, so I decided to look into it a little more.  I wanted to compare it to companies I work with now.  At first I thought it was too good to be true since it mentioned giving 2% cash back.  Then I realized it had some drawbacks too like the fact that it only gives any cash back for debit card purchases.  Based on what I could find at Perkstreet.com, here is how they stack up against the three companies I have experience with – ING Direct, Smarty Pig, and Chase.

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 Banking 
9
comments

Overdraft Fees at Online Banks

Bank FeesLast week, I wrote about how ING Direct and Everbank offered overdraft protection by way of a line of credit, rather than socking you with overdraft fees. I commented, off the cuff and without doing much research, about how online banks are better than traditional brick and mortar banks about overdraft fees because they aren’t as much a slave to meeting their revenue expectations. I figured it’d be a little unfair if I just left it at that, so I took a look at how online banks deal with overdrafts on their checking accounts.

In general, online banks are cheaper than traditional banks. Some use the same system of fees while some use overdraft protection, charging an interest rate. Some charge one fee regardless of the number of overdrafts in a single day while others hit you for each one. On the whole, online banks are cheaper probably because they can afford to be.

Let’s take a look at some popular online banks and their checking account fees:

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 Banking 
37
comments

Best Online Checking Accounts

A few years ago, if you told someone that you put your savings into an online bank, people would look at you funny. They ask whether or not your money was safe and secure, as if your dollars were actually locked away in a vault at the local bank. They’d ask whether you could talk to a human being if you needed to or if the banks themselves were safe (“because they’d heard stories”).

Well, years later, after enjoying yields of 5% or more, the general public is starting to pick up on the fact that just like buying books and CDs online, you can find better prices for your savings by shopping online.

It’s only natural that after savings and certificates of deposits, the next bank deposit product to start percolating the interwebs would be checking accounts. Most checking accounts do not bear any interest and often cost consumers money in various fees, from overdraft to ATM fees.

So what if I told you that you can get an online checking account, pay virtually no ATM fees, and increase your interest rate all at the same time? Well you can… online checking accounts offer just that.

In fact, some of the online checking accounts I list below may give you a higher interest rate than your brick and mortar savings account!

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 Banking 
58
comments

PerkStreet $50 Bonus Promotion

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.

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