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New Checking Account Bonus at PerkStreet Financial


PerkStreet Financial

PerkStreet Financial is offering a sign-up bonus of $25 for opening its checking account. The bonus isn't much, but it's an easy bonus to get. Here are the requirements listed at PerkStreet Financial's website:

Open your account online by December 31, 2010 and fund the account with $25 or more. Once your account is opened we will credit $25 to your Perks Account within 7 business days.

The promo is listed on PerkStreet Financial's home page as of 12/12/2010.

In addition to the cash bonus, there's a debit card cash back bonus for the first 3 months. Here's how PerkStreet Financial describes this:

earn 2% cash back for all non-PIN debit card purchases you make for the first 3 months starting on the day that your account is opened. A month is defined as a 30 day period - not a calendar month. There is no limit to the total amount you can earn.

The standard cash back program has the following features:

  1. 5% cash back when you shop at stores included in categories that change monthly
  2. 2% cash back everywhere for the days your checking account balance is at least $5K
  3. 1% cash back for all other cases

Debit card purchases must be signature-based without using your PIN. There are also some limitations on the purchases that qualify. According to the disclosure, the following are not qualifying purchases:

Purchases of currency, cash or cash equivalents are not Qualifying Purchases and includes, without limitation, currency from the U.S. Mint, travelers cheques, gift cards, prepaid debit cards or other cash equivalents.

I reviewed the 5% cash back feature in October. For more details of the checking account, please refer to my PerkStreet Financial account and bonus review. The downside of the checking account is that it earns no interest. Also, there's a $4.50 monthly fee if there are no transactions during the month.

Why PerkStreet Financial?

PerkStreet Financial's checking account will mostly appeal to those who prefer debit cards over credit cards. If you maintain a sizable balance in your checking account, you may earn more with a checking account from Alliant Credit Union or Incredible Bank combined with PenFed's Visa Platinum Rewards Credit Card. If you have a sizable balance and prefer a debit card, you may earn more with a high-interest reward checking account.

According to the PerkStreet Financial's website, banking services are provided by The Bancorp Bank which is a FDIC member. The Bancorp Bank has a been a FDIC member since 2000 (FDIC Certificate # 35444).

Other Bank Bonuses

To find other bonus deals at other banks and credit unions, please refer to the bank bonus page which has all of my recent bank bonus blog posts. There are also additional bonuses listed in the checking account deals forum.

  Tags: PerkStreet Financial, checking account

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Comment #1 by Anonymous posted on
They said funding through a credit card would not count as a cash advance so I did just that. But my Citi credit card charged is as a cash advance and now I am out $25 plus interest. So I have to strongly recommend not trusting their word and funding through a credit card.

Comment #2 by Anonymous posted on
Let me clarify my comment above after some more investigation. During the account opening process, the online application offers the option to fund via a credit card and states "(no cash advance or other fees apply for the first funding)". This is quite misleading. I interpreted this incorrectly to mean that the charge would appear as a purchase not a cash advance on my credit card. Instead what it means is that Perkstreet won't charge a cash advance fee themselves on your checking account like they normally do for other credit card fundings. They apparently make no promises about how your credit card will be charged and what fees you might incur on your credit card from doing so. Again, very misleading.

Comment #4 by Anonymous posted on
Fine print copied from bottom of home page is below (bullet #1 made me ineligible without me knowing it). BEWARE!

The following people are not eligible to receive this offer (we're sorry!):


  • Former PerkStreet customers who closed their accounts within the last 24 months
  • People who share a household with a PerkStreet customer

Comment #5 by Anonymous posted on
Perkstreet is a joke with their attempts to portray themsleves as different from a big bank. Wait till you get hit with your first $4.50 inactivity fee. Then, when you try to close your account by phone, they will refuse unless your balance is under $2--you must submit the request in writing. I would avoid them like the plague. They have been a huge disappointment.