A few years ago, a small outfit named PerkStreet launched a free online checking account that offers amazing debit card rewards. Rather than offer an interest rate, PerkStreet decided to provide cash back on all debit card purchases, sometimes in the amount of 5%. The amount of cash back that you can earn as an account holder depends on the type of purchase you make and how much money you have in your account to start the day.
In addition to 5% cash back opportunities, all PerkStreet checking account holders will receive 2% cash back on ALL purchases as long as the day’s starting balance is $5,000 or more. If the balance is under, a respectable 1% cash back is earned. To my knowledge, this is the only checking account available today that offers such a high cash back percentage.
Even though I’m a big fan of credit cards when it comes to rewards, I have to tip my hat to the PerkStreet offer. And, with interest rates as low as they are, using money to save money (rather than to make money) may be the way to go right now. Visit the official PerkStreet.com website for more information or to read up on how you can save up to 5% cash back on select purchases every month.
Published or updated September 10, 2012.