Congress has passed two major pieces of legislation relating to personal finance in the last two years, the Credit CARD Act and the Dodd-Frank Act, both of which are causing major changes to the types of financial products that consumers are buying. Some products are becoming more transparent and other companies are innovating with new financial products, such as the PerkStreet Savings Account.
The first thing that one needs to know about the PerkStreet Savings Account, is that it’s not actually a savings account. PerkStreet Financial Offers a checking account that offers 2% cash back on all major purchases. You aren’t rewarded for saving money in the account, buy you are rewarded for every purchase you make through the Visa debit card attached to the account.
If you’re not familiar with PerkStreet Financial, it’s a company that’s partnered with The Bancorp Bank to offer consumers a checking account and a rewards debit card that offers 2% cash back for all signature transactions. The company also periodically offers higher rewards rates on certain types of purchases. For example, PerkStreet is currently offering 5% cash back on purchases at certain retailers through the holiday season.
The only real drawback of the account is that you’ll need to have $5,000 in the account to get the 2% cash back, otherwise you’ll receive 1% cash back on your Visa debit card purchases. Either way, you’re still getting a great deal since most debit rewards programs offer the equivalent of 0.04% cash back.
The account also has a number of other benefits, in that there are no account fees and that the company has a network of 37,000 fee-free ATMs. The account is FDIC insured, offers free online banking and bill pay. There are also account minimums.
The PerkStreet Savings Account package might not be right for everyone, but if you frequently use your debit card and want to get cash back on every purchase you make, you might want to checkout the PerkStreet Savings Account.
Sign up today for one of the most rewarding checking accounts and get the PerkStreet Financial Debit MasterCard – the debit card that helps you get debt free. It gives you 5% cash back on certain categories and 2% on everything else. Now that’s Super Smart.