Perkstreet Financial Review

by Ryan Yates

Who is PerkStreet Financial and what exactly are they offering?

The short answer – Perkstreet financial is an FDIC-insured financial institution that offers a rewards-packed online checking account which rivals most credit cards.

For the long answer . . . keep reading our Perskstreet Financial review.

Yes, there are numerous credit cards out there with some great benefits. But every single one of them has a catch – they’re all credit cards. And as we all know, credit cards have a nasty habit of increasing our debt.

PerkStreet Financial has implemented a revolutionary strategy within their online checking account model by rewarding their customers with cashback bonuses. And these bonuses are similar (and sometimes better) than their credit card counterparts.

Perkstreet Benefits Overview

  • $25 to open the account
  • No minimum balance
  • Free checks
  • No monthly fees (when you use your account on a monthly basis)
  • Free online banking and bill pay
  • 24/7 customer support
  • Debit card 1% cash back
  • FDIC Insured Institution

Free Online Banking and Bill Pay

One of the most appealing parts of PerkStreet Financial is the ability of their online banking. Members can check their balance, find an ATM, see their transaction history, set up mobile alerts, and of course pay their bills.

The entire website is very user friendly, including the bill pay section. All you have to do to pay a bill is type in the name of the company that you want to pay and tell the system to submit your payment on the date you desire. It’s as simple and intuitive as what you expected the first time you ever heard the term “online bill pay”.

The one hiccup that some people don’t appreciate is the word “free”. Basically, PerkStreet Financial offers free online checking if you use your account. They do charge a small fee during the month/months when there is no activity on the account.

Perkstreet Rewards

Think about it . . . when have you ever heard about a checking account or debit card that offers a cashback rewards program? PerkStreet’s rewards program is legitimate, simple to understand, and simple to withdraw from.

The debit card rewards program offers cashback bonuses that can range from 1%-2%. With an account balance of less than $5,000, you earn 1% of whatever you spend with your debit card. If your balance is more than $5,000, then you earn 2% on all debit card purchases.

PerkStreet Financial also offers 5% when you shop at certain retailers (a list of these retailers is readily available on their website). The one “rule” that you must follow to make sure you qualify for all rewards is that you must use your debit card as a credit card. It doesn’t cost you any more, it just means that when you checkout, you don’t enter your PIN (indicating a debit card purchase).


Perkstreet Financial is known for serving their customers well. As stated on their website, “We serve people who manage their money responsibly, and want to get rewarded for it – not for getting into debt. We serve people who prefer to bank using their computers, ATMs and phones – not branches. We serve people who believe that positive change in banking can happen and choose to be a part of it.”


Jeanette @ yesiamcheap August 30, 2011 at

WOw! This is the first time I heard about checking an account or debit card that offers a cash back rewards program! Indeed this is so awesome! Yeah, it’s a great idea for Perkstreet Financial to reward the people to manage their money responsibly!

Ryan Yates November 9, 2011 at

We got to meet some of PerkStreet’s reps at the financial blogger conference in Chicago this year. They’re great people and they have a truly revolutionary idea.

KL October 31, 2011 at

I’ve been with Perkstreet for 6 months now and don’t have ANY complaints. It helps me stay within budget and earning rewards for it too.

Ryan Yates November 9, 2011 at

Glad to hear it KL, thanks for the comment. Keep up the smart financial strategies.

Ryan Yates April 20, 2012 at

thanks for the tip

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