Average User Rating:3.5 star rating based on 2 reviews.
PerkStreet Financial
| 409 Silverside Road Wilmington, DE 19809 866-792-2834 Open an Account: All Accounts  |
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Headquartered in Boston, PerkStreet Financial is considered an up-and-comer in the world of banking. Right now, PerkStreet only has one product: a checking account. But the checking account is one with generous rewards. PerkStreet’s checking account is known for its 2% cashback debit card rewards and other perks. The bank claims that the average family could get $600 in cashback rewards each year if they meet certain requirements.
PerkStreet is also known for its online banking, and the ease with which you can connect your current bank account to a PerkStreet Financial account. The bank also makes use of a large free ATM network. Additionally, PerkStreet has a policy of contributing to The Hunger Project whenever you earn perks with your debit card. PerkStreet says that this policy is automatic. Be aware, though, that the free checking account is only that if you complete some action each month with your account. Otherwise, there is a monthly fee.
PerkStreet is affiliated with The Bancorp Bank, and touts the “safety, stability and backing of The Bancorp Bank, an FDIC-insured banking institution” on its web site. Additionally, investors in PerkStreet Financial include the private equity firm Highland Capital Partners.
PerkStreet is also known for its online banking, and the ease with which you can connect your current bank account to a PerkStreet Financial account. The bank also makes use of a large free ATM network. Additionally, PerkStreet has a policy of contributing to The Hunger Project whenever you earn perks with your debit card. PerkStreet says that this policy is automatic. Be aware, though, that the free checking account is only that if you complete some action each month with your account. Otherwise, there is a monthly fee.
PerkStreet is affiliated with The Bancorp Bank, and touts the “safety, stability and backing of The Bancorp Bank, an FDIC-insured banking institution” on its web site. Additionally, investors in PerkStreet Financial include the private equity firm Highland Capital Partners.
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2011
- 6/30 - Future of PerkSreet Financial and its Checking Account?
- 5/15 - Could We See $5 ATM Fees and $50 Limits on Debit Transactions?
- 1/1 - New 5% Cash Back Categories For January At Perkstreet Financial (Forum)
2010
- 12/12 - New Checking Account Bonus at PerkStreet Financial
- 10/6 - New Holiday-Themed Category for 5% Cash Back at PerkStreet Financial
- 8/20 - FINALLY A Way To Earn 3% CASH REWARD On Your Federal & State Income Tax Payments (Forum)
- 8/19 - 3% CASH (Or GIFT CARD) REWARD On All Debit Card Purchases For 90 Days (Forum)
- 6/27 - New Debit Card Cash Back Policy at PerkStreet Financial
- 2/17 - PerkStreet Financial's 2% Cash-Back Debit Card Promotion - Available Nationwide
2009
- 11/27 - PerkStreet Financial Raises New Account Bonus to $100 - Available Nationwide
- 11/5 - $50 Checking Account Bonus with No DD at Perkstreet Financial - Available Nationwide
Data for Q3 2011
Institution Statistics
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Institution Health
Overall Score:
4 out of 5 
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The Good And Bad Of Perkstreet
- rond - Wednesday, October 12, 2011 - 7:34 AMThe debit rewards can add up - on the other hand you have to keep $5K to get the 2% reward and they give you nothing on the $5K in interest. The web site is mediorcre; there is no app; there is no savings account. It really is a one-trick bank. They promise more features but have yet to deliver. If you have the time to deal with some of their quirks, it does give decent rewards.
5
Excellent For Debit Card Users, Better Accounts Out There For Others
I have gone through complete cycle with Perkstreet: opening, using and closing. The positive of course is the perks for debit card users - the rewards are much better than your average checking accoiunt. You can of course get better benefits from a credit card. The routine "purchase today for 5% cash back" was too difficult to keep up with, in my own opinion. I am unsure how the new debit card rules from congress will affect this account, and I have not seen them address that issue either.
The website was a cookie-cutter version that they purchased and extended to include their perks. It works fine, but isn't anything cutting edge.
The fees (and there are plenty, including inactivity fee) make it difficult just to keep this account "just because", and you will need to ensure that you are using your account and managing your money accordingly every month.
Lastly, customer service was superb! Everyone there was pleasant, understandable and helpful. They offered perhaps the best customer service that I have experienced across 20+ banking institutions.