Perkstreet

[discombob1]

Thank you for posting your experience Logan. I just received a letter that my bank (Fifth Third) is discontinuing rewards on my debit card as of July 1. Looks like I will be going shopping for a new bank. I have already moved the bulk of my savings to an online account for the interest rate.

It's sad that to get the best deals you have to stop using brick and mortar bank. They actually had the nerve to blame banking legislation for the decision. Read: since we can't rape you with fees anymore we will stop the perks.

Geez, does anyone have confidence in the banking industry anymore?

[Logan]

1 month since I opened my account and I earned $41. I also got $5 in other incentives. Also, my wife continued to use our old credit card until the end of last month so I'm expecting closer to $60 a month.
This is great for those looking for rewards who don't want to use credit cards!!!!

Logan

[Logan]

http://www.thechristiandollar.com/perkstreet-financial℠-review-the-ultimate-guide-from-real-customers/

Rather than write my experience I decided to post this link since it sums it up pretty well.
Perk street will be coming out with an app in a few months and allowing deposits from home via the app. There is a $1500 transfer restriction in and out of perkstreet accounts from their end. I use USAA and Capital One Savings if I need to transfer more.
Also, if you follow perkstreet on Facebook, twitter or their blog they have some great tips to save money on many things. This isngreat for people from this site looking to control their costs.

Logan

[Logan]

Yes, indeed, let us know how it goes! My SO is looking into getting a new checking account. Right now he is leaning on USAA because he just got approved for one of their credit cards and I'm always talking them up. I did end up asking someone in Deposits how the rewards specifically works with the checking account and he basically told me the program is kind of convoluted and needs some improvement. I'm with B of A, and am only with them because I have been for years and am too lazy to switch, but I know there are better financial institutions out there.

Perkstreet is definitely all about the rewards. Customer service seems good and everything has been smooth but they are not USAA. If your going to have 5k in the account at all times to take advantage of the 2% then definitely open account there, if not then I would use the USAA cash rewards credit card and open a USAA checking account.

[iswmle]

Yes, indeed, let us know how it goes! My SO is looking into getting a new checking account. Right now he is leaning on USAA because he just got approved for one of their credit cards and I'm always talking them up. I did end up asking someone in Deposits how the rewards specifically works with the checking account and he basically told me the program is kind of convoluted and needs some improvement. I'm with B of A, and am only with them because I have been for years and am too lazy to switch, but I know there are better financial institutions out there.

[Logan]

I've decided to make the switch. I'll give you a summary of how everything worked for me when
i have more time but I'm earning cash rewards and everything has been pretty smooth.
I recommend Perkstreet Financial
Logan

[iswmle]

Let us know if you continue to like Perkstreet! I am at a point in my banking where I am sick of moving things around and want to stick around and be a loyal customer to one bank... unfortunately right now my main bank is Bank of America. I have just recently gotten to the point where I am comfortable with electronic payments and statements, but I'm still not yet willing to cross over to a bank that does not have branches.

Perkstreet does sound tempting, and their rewards program sounds a whole lot more appealing than my Keep The Change.

[Logan]

iswmle, I just checked the USAA rewards and compared the cash rewards part. It doesn't even come close to the 2% Perkstreet is offering and I have yet to find better than 2% cash rewards. There are CC's that will offer more than 2% for certain purchases like PENFED offering 5% on gas but then 1% on everything else.
There are no points for travel on Perkstreet so if it's points you're looking for to travel then there are better cards.

Logan

[Logan]

I was talking about the USAA Rewards, not the USAA Tiered Cash rewards (the program you have). The 4 Star checking account is not affiliated with the tiered cash program, but their rewards (point system) program.

With the USAA Rewards you can also redeem at anytime for cash rebates, airline discounts, gift cards, plus we're affiliated with a gazillion stores who you can shop on the membershop mall and get double points and extra discounts (like itunes, Barnes&Noble, etc) blahblah... ugh, I'm going to stop now, suddenly feel like I am at work.

That's good to know. USAA won't let me have a checking account because I bk'd them. I have used the membershop with the USAA credit card but that is not a unique feature. I use other sites that give the same kind of discounts.

Logan

[iswmle]

I was talking about the USAA Rewards, not the USAA Tiered Cash rewards (the program you have). The 4 Star checking account is not affiliated with the tiered cash program, but their rewards (point system) program.

With the USAA Rewards you can also redeem at anytime for cash rebates, airline discounts, gift cards, plus we're affiliated with a gazillion stores who you can shop on the membershop mall and get double points and extra discounts (like itunes, Barnes&Noble, etc) blahblah... ugh, I'm going to stop now, suddenly feel like I am at work.

[Logan]

I have had a Perkstreet Checking account for a few months now. I have already redeemed points for one $25 gift card, and I'm about to redeem more for $50. The thing that I do is transfer 1500 into the account at the first of the month when I get paid. Then, I use the debit card (always as "credit" so I get points) for things I would have used it for anyway (like groceries and gas). It does require me to do bookkeeping for two checking accounts, and I'm currently trying to decide if it is worth it. An example of a problem: I miscalculated by 2.00 and had a "returned debit fee" for 23.00. That's half of what I've earned over the past two months. So, not sure the extra bookkeeping is worth it if I can't keep my numbers straight. There are no hidden fees or tricks or anything like that, and their service has been great.

Wantmypeace, have you ever used Mint.com? It is a great tool to help watch your balances. Also, Perkstreet is planning an APP this fall which could help with preventing an over-draft of your account in the future. I intend on having over 5K to take advantage of the 2%. So far the account has been open for about 2 weeks and I'm mostly happy. I believe that my biggest complaints are being worked on for the future and right now I'm leaning towards using Perkstreet as my primary checking.

Just a little history--I've been using a USAA CC that gets me 1.25% a year and my checking account has earned me 3+% APY. These accounts are called rewards checking and earn a decent interest rate if you meet certain terms. I have been using a rewards checking account for many years but I always find that they lower the interest rate on me so I switch banks to chase the higher interest. My current bank was at 4% and dropped to 3% but since it is a bank that is almost local (45 minute drive and I pass by it once a week) and the fact that I'm tired of changing banks I decided I would just stick with them. Unfortunately my bank was bought and I'm certain the rewards checking will be gone. This is where Perkstreet comes in--I can stop using my credit cards and just use a debit card and have only 1 account for everything.
Also, remember that the rewards are tax free.

Logan

[Logan]

I forgot to mention... If it is points you want I work on the cc side of USAA, and I have had a few members mention something about receiving points for using their debit cards. From my understanding it works in basically the same way the USAA Rewards CC works, which you can turn your points in for the cash rebates, gift cards, airline discounts, etc etc.

I have a USAA CC and get 1.25% cash back. Perkstreet has 2% cash rewards or other rewards program. I like the cash rewards. USAA is excellent but you must spend 17K a year to tier up to the 1.25% (which I do). USAA also credits your credit card in January for the previous years rewards.
With Perkstreet you can redeem at anytime in the for of a Mastercard Credit card.

Logan

[iswmle]

I forgot to mention... If it is points you want I work on the cc side of USAA, and I have had a few members mention something about receiving points for using their debit cards. From my understanding it works in basically the same way the USAA Rewards CC works, which you can turn your points in for the cash rebates, gift cards, airline discounts, etc etc.

[Wantmypeace]

I have had a Perkstreet Checking account for a few months now. I have already redeemed points for one $25 gift card, and I'm about to redeem more for $50. The thing that I do is transfer 1500 into the account at the first of the month when I get paid. Then, I use the debit card (always as "credit" so I get points) for things I would have used it for anyway (like groceries and gas). It does require me to do bookkeeping for two checking accounts, and I'm currently trying to decide if it is worth it. An example of a problem: I miscalculated by 2.00 and had a "returned debit fee" for 23.00. That's half of what I've earned over the past two months. So, not sure the extra bookkeeping is worth it if I can't keep my numbers straight. There are no hidden fees or tricks or anything like that, and their service has been great.

[discombob1]

Logan, I'll be interested to hear what you think and what other options you find. I have an online savings account, and a checking and savings at a local bank. While I like my bank it's average as banks go for rewards and interest rates. Thanks for sharing!