FREE Checking That Earns Money!

by Kimberlee Stokes Affiliate Link Disclosure B

[Editor's Note: Unfortunately, this program is no longer available.]

Since we talk a lot here about saving money, I thought I would tell you about our favorite FREE checking account through Perkstreet Financial!

I only recommend products on the blog that I personally use, or which I believe are a good value for my readers. I can very highly recommend Perkstreet! (Perkstreet does pay me for accounts opened through these links, but I recommended them before I received payment because we have had such a great experience with them. They are also recommended by Dave Ramsey.)

Perkstreet is an online banking service through Bancorp Bank that we have been using for about two years now. Checking accounts are totally FREE and super convenient because withdrawals can be made at lots of local ATMS for FREE. Deposits can be direct deposited or mailed in with the postage paid envelopes provided by Perkstreet.

The very best part about the Perkstreet FREE Checking Account (besides the FREE part :) ) is the fact that you earn cash back rewards just for using your debit card for your normal everyday purchases (as a signature-based, non-PIN transaction), and they rack up rather quickly! We normally get the $100 Walmart gift card which we use to buy household needs like clothing, food or toiletry items.

You can also get gift cards to Target® other retailers like T.J. Maxx®, Marshalls®, and Macy’s, as well as gift cards for restaurants like Dunkin’ Donuts®and Olive Garden® !   You can also get cash, but you have to pay a small fee (redeem $22 in points to get $20 deposited into your account).

Earning cash back with your Perkstreet Debit card is a definite help to the budget and a great alternative for those of you who like to earn cash back, but don’t want to use a credit card.

It’s a no-brainer: Instead of bank fees, get a FREE Perkstreet checking account and start earning money!

Click here to sign up for a FREE account!


*Affiliate links are included in this post. Read our disclosure policy here.  

{ 37 comments… read them below or add one }

Sara B July 27, 2012 at 3:45 pm

How long does it normally take you to earn the $100 gift card?


Kimberlee July 27, 2012 at 7:11 pm

My husband just told me it takes more like 6 months for us to get a card, but hey, we aren’t paying any fees and we’re basically getting $100 free because we aren’t spending anything we wouldn’t normally spend. :)


Kimberlee July 27, 2012 at 6:46 pm

You earn up to 2% on purchases (there may be some exceptions). Because we don’t spend very much, it takes us about 3-4 months to get a gift card. Of course, if you use the debit card for all your purchases you could earn it much faster.
You can read all the fine print on the website.


Tammy July 27, 2012 at 11:22 pm

Arsure you sure you can trust them with our social security numbers and all of the other personal info. we give them?


Kimberlee July 28, 2012 at 5:23 am

You will have to do your own research. All I can tell you is that I am a conspiracy theorist when it comes to online security. My husband actually had his identity stolen online, so I am very careful to say the least. We have had our account for almost 2 years now and have never had a problem. Dave Ramsey also recommends Perkstreet if that helps. You could do some research on Bancorp Bank if you are interested.


Julie F. October 2, 2012 at 12:22 pm

Dave Ramsey recommends it? I feel like it’s too good to be true…is there a catch??


Kimberlee October 2, 2012 at 12:34 pm

We have been using it for two years now and the only issue is the fact that we have to either make our deposits at the atm or mail them in if they are not direct deposited. They provide postage paid envelopes for the mail option and the turn around is very quick. I really like getting those $100 gift cards so I am willing to put up with the small hassle factor. I would have to drive to the bank to make a deposit anyway. :)


Linda July 19, 2013 at 7:16 pm

You can transfer money into this account from another account you might have. I just opened a perkstreet account and I am keeping my other account, so it’s simple to transfer the money.. Then no worries about deposits.


Jennifer December 20, 2012 at 11:50 am

Thanks for the info, I’ll definitely be looking into this! I’ve been using USAA which is also online-only since I don’t live near a bank, but they recently got rid of their points system for debit, they only do it for credit now. I usually just use my discover card since I earn pretty good rewards with that, but it’d be nice to have a debit card that earns rewards too!


Sarah December 20, 2012 at 4:13 pm

I have just started using Perkstreet and my understanding is that you get the Perks when you use the card as credit not debit. It is all the same card just like you would normally use but you have to press credit not debit to get the Perks.


Kimberlee December 20, 2012 at 4:21 pm

Yes, thank you for mentioning that Sarah. I will add it to the post.


Toney December 21, 2012 at 3:22 pm

I have USAA and I’m thinking about opening a perkstreet just for groceries this coming year…can you deposit from one account to another online. Ex. USAA to Perkstreet?


Kimberlee December 21, 2012 at 9:10 pm

I think it would depend on USAA’s policies. You usually have to pay a fee at your bank to have them transfer to another bank. I would check with them and see.


Christy Panzarella December 23, 2012 at 8:20 pm

IS there a referral code we can use so you get credit??


Kimberlee December 24, 2012 at 8:42 am

Thanks Christy–I will get credit if you use the link in the post. (That’s why I have the note at the bottom that it is an affiliate link.) :)


Esther January 1, 2013 at 1:18 am

The transaction fee for purchases made outside the states ie Canada is very low. 1% of the transaction amount I believe verses 3-5% or a flat fee. Happy to find this out since we travel to Canada often


Kimberlee January 1, 2013 at 4:25 pm

Thank you Esther–I was not aware of that.


Jeri January 15, 2013 at 2:51 pm

Most credit unions don’t charge a fee for checking or savings accounts. We are prior military and have accounts with 2 credit unions and we earn points for using them too, and you get to choose who you want your gift cards from like Wal-mart or Applebees. Your local credit union may offer the same advantages.


Bee January 27, 2013 at 12:22 am

Do you have to claim the $100 gift cards on your taxes as income?
Just wondering?


Kimberlee January 27, 2013 at 12:57 pm

That is a great question Bee. I would check with your tax accountant or with Perkstreet. (I’ll be checking too. :) )


Christa February 11, 2013 at 8:20 pm

I signed up for a Perk Street account and I love it. I’ve already earned a gift card and the best part is that they are located in my home state of Delaware. I’m so happy! Thanks Kimberlee – if it wasn’t for you I would have never found out about Perk Street because I live in central DE and don’t make it up north to Wilmington too much.


Kimberlee February 11, 2013 at 9:43 pm

Woohoo! I am so glad you like it. Thanks for letting me know Christa. :)


Jeanie February 15, 2013 at 11:16 am

I have been using Perkstreet for my banking needs for two years. I cannot say enough good things about Perkstreet. I always opt for the cash back into my account. It’s free money. I love it. I did keep my credit union account open along with my credit union savings account. That way, I can deposit checks if need be into my credit union account and then make electronic transfers to Perkstreet. I have all my accounts linked together. Makes it very convenient.


Kimberlee February 15, 2013 at 11:50 am

We feel the same way. :)


Kathy Gunthorpe Ashdown March 8, 2013 at 7:30 pm

I was wondering if you can’t make electronic transfers to the Perk Street account from another bank account.


Kimberlee March 9, 2013 at 11:48 am

I think that you can, but your other bank may charge a fee.


Robin March 9, 2013 at 8:58 pm

Do they have old fashioned checks? I don’t use them often but every now and then… Also do they charge a fee for ATM withdrawals?


Kimberlee March 9, 2013 at 9:17 pm

Actually I am not sure because we rarely use checks now. They don’t charge an ATM fee if you use one of their approved ATMs. In my area they are practically on every block–LOL!


Danee April 11, 2013 at 3:34 pm

What is one “perk” equal to? It says 22 perks are redeemable for $20, so I’m just wondering how quickly you can rack up “perks”. Thanks for this info, definitely something to look into :)


Kimberlee April 11, 2013 at 3:39 pm

It is my understanding that the perks are a percentage of what you spend, and that purchases earn different amounts based on what type they are. We earn a $100 gift card about every 4-6 months and we do not spend a lot on our card because we usually use cash. You could call customer service for more detailed information. :)


Danee April 11, 2013 at 3:46 pm

will, do! thanks for the quick response!!


Kimberlee April 11, 2013 at 4:05 pm

You happened to comment when I was checking the blog. :)


Amelia May 16, 2013 at 4:00 am

Hello! I have been reading the comments and I am a USAA member and I have accounts with other banking institutions as well. I just wanted to let anyone who has USAA know that if you add the external account on your USAA online banking you can make transfers to and from the different accounts at no cost to you. Also if you are transferring into your USAA account from another the transfer is credited immediately. I am excited to look into this PerkStreet account!


Louise Marie July 8, 2013 at 2:58 pm

Is your money insured like at any other bank?


Kimberlee July 8, 2013 at 6:37 pm

Yes, Perkstreet is a member of the FDIC and with banking services provided by Bancorp Bank. :)


Callie July 19, 2013 at 12:19 pm

First visit to your wonderful blog by way of Pinterest, can’t wait to explore the site AND the Perkstreet possibility. Thank you so much for sharing! :)


Kimberlee July 19, 2013 at 12:31 pm

Welcome Callie! :) I’m glad you found me. :)


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