The world is full of those who would rather face a shooting squad than talking to people they do not know. This can make it difficult to do normal, everyday things, including your banking. The good news is, with all the technology at our fingertips these days, this is entirely possible. From online banking to ATM banking, you can do your banking without talking to one person. What do you need to look for, and what are some of the best online banking options?
Know What to Look For
In online banking, you want to look at a few things to ensure it is a bank that will work best for you.
- Evaluate their fees. Do they have a monthly fee? Some banks offer no fees if you maintain a specific balance or link to another bank, while others offer no-fee accounts if you have your check direct deposited. Do they charge ATM fees, or are there ATMs you can use with no fees?
- What is the interest rate? Most online banks offer a higher rate than brick and mortar banks, so you want to be sure you choose an online bank offering a high savings rate.
- Look at both the website and app. Evaluate them and see if they are easy to use. Read the reviews of the app to evaluate it and see what issues others find with it.
- What is the level of protection and security? FDIC insured is essential, as it ensures your account up to $250,000. You also need to evaluate their computer security, since it is what you will be doing the majority of your banking on.
Online Banks to Consider
Now you know what to look for, so you are ready to choose your online bank. Here are a few you want to consider:
- Ally Bank – offers a variety of financial products, including home loans, auto loans, credit cards, and savings/checking accounts. This bank has an easy to use website and their app has 5 stars in the Apple Store. Interest rates as of 10/19 are 2.2% on savings and .1% on checking with the rate going up with a higher balance.
- Capital One – offers checking, savings, CDs, credit cards, and money market accounts. The have no monthly fees and their app is rated 4.5 stars in the App Store. Interest rates as of 10/19 are 1% on savings and 0% on checking.
- Discover Bank – offers credit cards, but also has an online bank that offers checking, savings, IRAs, CDs, and money market accounts. This bank offers cashback for their checking accounts – called Discover Cashback Checking. This account has no monthly fee and you can earn 1% back on up to $3000 per month in debit card purchases. Their app received 4.8 stars in the App Store. Interest rates as of 10/19 are 1.85% on savings and the 1% cashback on checking.
As you can see, there are several online banks that you can choose from in the Internet world. These are just a few of the choices. Do your due diligence and ensure it is a bank that works for you and how you want to do your banking.