A few weeks ago I learned something that almost made me vomit: my girlfriend Tag was paying $5 a month for her checking account at Wells Fargo. I can’t let this happen; I’m a freaking personal finance blogger! My girlfriend is giving Wells Fargo an interest free loan, and how do they thank her? With a monthly fee of course.

monthly fee

Well not any longer. Tag and I did some research to find her the checking account that makes the most sense for her situation and we found it: The PerkStreet FinancialSM Deposit Account.

This is the right account for Tag for two main reasons:

  • There are no monthly fees (saving her $60 from her current account)
  • She can take advantage of the rewards program for debit card purchases (earning her even more money)

If you are like Tag and you use your debit card for most of your daily purchases, you may want to consider signing up for the PerkStreet Financial Deposit Account yourself.

The PerkStreet Rewards Program

Tag is the perfect candidate for the PerkStreet rewards program because she puts almost all of her purchases on her debit card. The great thing about the PerkStreet FinancialSM Debit MasterCard® is the opportunity to earn at least 1% back on all non-PIN purchases. She can even increase those rewards to 2% or 5% depending on where she spends her money and how much money she has in her checking account.

The PerkStreet rewards program gives 2% back for online purchases at top retailers, including Amazon.com, Walmart.com, Apple.com, BestBuy.com, Target.com and iTunes. She can also earn 2% back for in-store purchases at those stores if she carries a $5,000 checking balance.

Finally, she can earn 5% back on rotating categories. For the month of March 2012, she’ll get 5% back at Barnes & Noble, Dollar General, and Newegg.com. This changes every month, and the new categories are posted at the PerkStreet website or on their twitter account. This is a nice perk, and even if she doesn’t use the card at these stores she still gets her 1-2% back.

Additional Benefits of the PerkStreet Account

Finding an rewards account with no monthly fee are the primary reasons Tag moved to PerkStreet, but there are some other really great reasons she chose PerkStreet for her checking and debit card needs. The most important is the ability to deposit cash at over 18,000 locations including all Wal-Mart stores.

Many online checking accounts don’t offer the ability to deposit cash. Tag babysits and does other things that pay her in cash, so she needs an account where she can deposit her money. Perkstreet has that. It also has:

  • Over 42,000 fee-free ATMs
  • No credit check
  • Deposit checks free with overnight UPS shipping
  • Free paper checks
  • FDIC Insured

This is actually the perfect account for Tag with one minor exception; they don’t have the ability to deposit a check through a mobile phone application. Some banks allow customers to take a picture of a check with their phone and make a deposit without physically sending in the check. I contacted PerkStreet and they assured me that they are working on this functionality, so hopefully it will be available soon.

This is a Great Rewards Checking Account

I’ve always said that personal finance is personal. This account is great for Tag and anyone else who uses their debit card for all their purchases. Between the rewards she’ll get for purchases and saving money on a monthly fee, she’ll save over $100 a year with this account.

On the other hand, I am personally better off with a checking account that pays interest like Ally Bank because I use credit cards for all my purchases and carry a high balance in my checking account.

If you are looking for a rewards checking account, PerkStreet is the one for you!

Please note that the opinions expressed in this article are my own. I am happy to recommend awesome financial products when I believe in them. Please also note that links above are affiliate links and I may be compensated if those links generate business for any affiliate sponsors.