Ally Bank, one of my favorites, announced a rewards program for their interest checking account today. With partnerships already lined up with the likes of iTunes, Bed Bath and Beyond, Target Online, Lowes, and Barnes & Noble Online and strong marketing power, Ally enters the debit card perks arena as a legitimate player. The checking account pays .5% on accounts less than $15k and .9% on accounts $15k or above.
This presents some direct competition to the PerkStreet Financial Debit MasterCard®. I will be curious to see how the PerkStreet team responds.
Currently, I would have to lean towards the PerkStreet account if I was choosing between the two. They have a wider range of perks and there is more transparency around the offers. However if Ally raises interest rates or greatly expands their program, it will be a tougher call, especially since it seems there's no limits on their perks vs. the $250 limit on 5% rewards at PerkStreet.
What would it take to make you switch from PerkStreet to Ally?
Not familiar with PerkStreet? Check out my reviews.