I’ve been an ING Direct customer for several years. We have a portion of our emergency fund stashed there, and we have a number of small sinking funds there to save for things like vacations, car tag renewals, insurance premiums, etc.
News broke a couple weeks ago that Capital One has acquired ING Direct. I cringed. I had a Capital One credit card back in my spendthrift days, and after many problems with their lack of customer service, I decided to mail them their card back…in pieces.
It might be a bit premature to expect that same level of customer no-service for their former ING Direct customers, but I’m not going to stick around and find out.
The PerkStreet FinancialSM Checking Account With Rewards
Over the last several months I’ve been hearing good things from fellow bloggers about PerkStreet Financial. Over the weekend, I decided to give them a shot, and plan to move part of our tri-level emergency fund there, as well as our sinking fund balances (I’ll just keep the balances separate in a spreadsheet, since it looks like the sub-account feature may not be an option).
One of the most impressive offerings at PerkStreet is a 2% unlimited cash rebate on purchases for your first 3 months (and longer, if you maintain more than a $5,000 balance). If you keep less than $5,000 on hand, they will still give you 1% cash back after the initial offering.
Throughout the year, they also offer 5% (with a $250 annual limit) on various categories and retailers. That’s a fairly generous offering for a checking account!
We currently use one credit card for similar rewards, but even they aren’t as generous. I’ve always felt a little conflicted about using a credit card for paying household utilities and the like, so if I can move these expenses over to the The PerkStreet FinancialSM Debit MasterCard®, and earn an even higher cash rebate, well that sounds even sweeter.
I’ll probably have some of my regular paycheck deposited at PerkStreet to cover our regular, recurring household bills (utilities, Netflix subscription, etc), and run those charges through their debit card. Might as well earn some cash back on things I’m already paying.
Applying for an account was simple – just the standard contact information. You can fund your account using your existing checking account or a credit or debit card.
If you are interested, here’s more information from PerkStreet on their checking account offering: