Wednesday, July 7, 2010

Consumer Boomer

Consumer Boomer

PerkStreet Financial Review: Free Online Checking

Posted: 07 Jul 2010 12:27 PM PDT

PerkStreet Financial is a new online bank that offers a checking account with above average rewards. These rewards come in a variety of choices that you the owner of the account get to chose from. PerkStreet is FDIC protected so your money is safe up to $250,000 dollars. Opening an account is simple and can be done online, or through there 24 hour telephone service. There is no minimum balance on the account, but there is a $25 minimum when opening a new checking account.

PerkStreet Financial Options are Attractive

There are a few attractive options for depositing money into your PerkStreet account which include online transfer from an existing account, deposit using an existing credit/debit card, or you can write a check and it will be mailed for free from any UPS or Mail Boxes Etc. and deposited into your account the following business day. When it comes to withdrawing money from your account you can use their online ATM finder to locate their STAR ATM locations. They are typically found in Walgreens, Target, Costco as well as CVS and 7-eleven's. At these STAR locations there is no ATM fee, but if you use your PerkStreet debit card at any non- STAR locations, you will be charged a $2 fee on top of any fee that the bank charges. These dilemmas can easily be avoided by using your debit card and receiving cash back on your purchase with no fee.

Perkstreet Has Some Sweet Rewards

The rewards that PerkStreet offers are some of the most attractive and applicable out there. They vary from cash back, to a new song off Rhapsody, or even a cup of coffee from StarBucks. Your rewards can vary based off the amount of money you have in your account at the beginning of each day. If you have under $5,000 at the beginning of the business day, you will receive 1% cash back on all non-pin transactions. A non-pin transaction is simply sliding your card and choosing the credit option opposed to the debit option. With your account balance under $5,000 you will receive a cup of coffee from a variety of popular coffee houses for every $200 you spend or a song from Rhapsody for every $100 that you spend. You will receive your 1% cash back through a gift card to a variety of stores, or a visa card that you can spend on anything.

More Money, More Rewards…..

The major advantages of Perkstreet comes when you have over $5,000 in your checking account at the beginning of the business day.  With a balance above $5,000, you will earn a significant 2% back on all of your expenditures. This higher yield also applies to the coffee and music as well. Instead of receiving one cup of coffee for every $200, you will receive two. Likewise with the music for every $100 spent, you will receive two songs. Your perks are easily redeemable online in seconds with no fee required. You will have to choose which perk you would like your debit card purchases to go towards up front, but you can change at anytime with no fee. There is also the possibility of 5% cash back rewards at certain retailers; these locations are updated via PerkStreet's twitter or Facebook page.

Beating the Competition

PerkStreet offers these attractive rewards that are significantly higher than the competition because they do not have any actual bank locations. So if you still enjoy walking into a bank location then PerkStreet may not be for you. They also offer online bill pay just like any other bank, and these charges will count towards your Perks. With the average bank offering roughly a half percent reward, the 1% and possible 2% for maintaining $5,000 could be highly attractive to you. You have to pay all of your bills as well as pay for all other necessities in your life, so why not earn some of the highest rewards using your PerkStreet Financial card. PerkStreet will also make a donation to The Hunger Project with every perk you receive, so if you're looking to make money with your purchases, PerkStreet Financial could be a perfect fit for you.

Want to open a free online checking account with Perkstreet Financial?

If so, just click this link to begin the easy process today and start getting your 2% cash back today.

How to Find the Best Money Market Rates

Posted: 07 Jul 2010 04:11 AM PDT

Saving money is an important component in the overall management of your personal finances. It is not enough to make money and avoid debt, you must also put money aside to be used in the event of an emergency or financial hardship. Beyond saving for short term goals, the need to save for long term goals such as retirement is also important.

Best Money Market Rates
Creative Commons License photo credit: cote
With so many different savings goals, it sometimes becomes confusing as to which type of savings vehicle is best suited to achieve these goals. Here we look at money market accounts and how to find the best rates available.

What are money market accounts?

Money market accounts (MMA) are sometimes referred to as money market deposit accounts (MMDA). Both types of accounts are basically a type of savings account made available through banks and credit unions. Unlike a traditional savings account which generally offers a very low interest rate, MMA’s typically pay a higher interest rate, giving the owner of the account more opportunity for growth. The higher interest rate offered by money market accounts is not without some restrictions to include higher minimum balance requirements and limited withdrawals from the account. While money market accounts are considered a deposit account, checks are permitted to be written from that account but not without restrictions. If the owner of a MMA exceeds the maximum allowable check transactions is the designate time period (3-6 per month), the financial institution that holds the money market account may impose high fees or even close the account. For this reason it is important to note the rules and restrictions on your account before making transactions that may result in penalties or fees.

The best money market rates.

Money market accounts are established to earn higher interest on deposits in a low risk investment. Finding the best money market rates is important to help you achieve your goal of maximum growth while using this type of savings vehicle. The interest paid on money market accounts is typically compounded daily and paid monthly. In order to find the best money market rates, you will have to do a bit of research. Banks often offer higher rates in an effort to attract deposits, while others have tiered interest structures that allow accounts with higher balances to get higher interest rates.

Search Online For Best Money Market Rates

To find the best money market rate available you can turn to the Internet and take advantage of the numerous websites that update and compare the rates from hundreds of different banks and financial institutions. Most of these online resources allow the visitor to review what type of account is available as well at the interest rate and annual percentage yield. In addition, you can compare the minimum balance required as well as other promotions or special features associated with that account. As with any other type of savings or investment account, it is important to compare all the features before making your final decision. Interest rates are important for the growth of your savings, however other factors such as minimum balances, fees, penalties and restrictions also play a big role in the overall value of the money market account and how well it will meet your financial goals.

Best Introductory Rate

Right now there are tons of options for money market rates (although most aren’t paying much do to the low interest rate environment).  EverBank has had an attractive introductory offer on their newly opened money market accounts paying 2.25% for the first 90 days.  Want to learn more?  Check out our review post on EverBank or head straight to their site and open a high yield money market account today.

Ready to start making money? Click here or the Apply Now button to get started today.
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