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Banks Ramping Up Their Competition on Fees and Rewards

by on September 30, 2011

Almost all of the big banks today are hiking fees on everything, but some nontraditional start-ups like BankSimple and PerkStreet are shaking things up a little. The bonus for customers? Lower rates and fees.

BankSimple will be launching at the end of the year, but they’re an online company that doesn’t deal with hidden fees or overdraft charges. They offer checking accounts and debit cards. With several partner banks, customers can make deposits, get loans, and process other transactions. BankSimple is just the interface. Visa is their debit card partner, and customers get access to more than 43,000 ATMS nationwide.

PerkStreet is another online bank. They offer checking accounts, online banking, and a debit MasterCard. Customers get 2% cash back for all non-PIN debit card purchases during the first thre months they have the card.

Once that period is up, you get unlimited 2% cash back any day your account balance is at least $5,000 at the beginning of the day. If you fall below that, you still get 1% cash back on non-PIN debit purchases. Additionally, you get 5% cash back when you shop at their partner stores. They even offer a choice of rewards. They have a network of 37,000 ATMS, too.

Source: http://www.thestreet.com/story/11252763/1/new-banks-compete-on-fees-rewards.html
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