A checking account from an online bank has many advantages over traditional banks, including higher interest rates, lower fees, and convenient ways to access your money.
However, each bank offers slightly different features, so it’s important to look at the whole picture before you choose an account.
To help you find the best online banking accounts that meet your needs, we’ve compiled this list of our favorite bank accounts from some of the top financial institutions in the country.
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Choosing an Account
There are a lot of different options out there, and sorting through them can feel overwhelming. Thankfully, there are a few easy ways to filter down your choices.
First, make sure you open an account that’s FDIC-insured—which basically means it has government protection in case it goes under.
This is always a good idea with any bank you’re thinking about opening an account with.
Second, think about whether you want a checking account that charges monthly fees or one that doesn’t.
In some cases, it’s worth paying a little bit more in exchange for more financial flexibility and fewer fees.
Finally, you’ll also want to think about how you’re going to make your money work for you.
If your goal is saving money and growing wealth over time, you should prioritize an account with great rates on both deposits and withdrawals.
Otherwise, find an account that will give you access to other services—like mobile check deposit or online bill pay—that can help save time and hassle.
Compare Banks by Checking Reviews
If you’re looking for a good place to keep your money safe and secure, finding a bank that offers more than just great products is essential.
While interest rates and services are important, there are many other factors you should take into consideration before settling on an online banking account.
Thankfully, using social media as an avenue to learn about your preferred banks is a lot easier than it was even five years ago.
More importantly, if people have recently had a bad experience with one of your favorite banks—and they’ve taken time out of their day to tell others about it online—you don’t want that to happen again.
The best online banking accounts will have a solid customer base of current and former customers who will happily share their experiences on social media, meaning you can quickly learn more about each bank before making a decision.
Check Fees on Each Account
With so many online banking options available today, it’s important to understand all of your fees. Each account will have different minimum balance requirements and monthly fees, so it’s best to figure out what fees you can afford.
To do that, simply divide your expenses into three main categories: fixed expenses (mortgage, rent/utilities), variable expenses (groceries), and recurring income (salary).
Once you know how much money you have coming in every month, match that up with your fixed and variable expenses.
You can then subtract those numbers from your gross income amount and determine how much money is leftover that you can allocate toward an online bank account fee.
The Best Banks for Online Checking Accounts:
Capital One 360 Checking Account – No monthly maintenance fees if you meet their minimum balance requirements of $500. They also offer free ATM withdrawals worldwide, which is a huge perk if you travel often.
Bank of America – This option offers unlimited check writing and no monthly maintenance fees as long as you keep a minimum daily balance of $1,500 or more in your account.
Bank of Internet USA – Also no monthly maintenance fees as long as you maintain a $1,500 minimum daily balance. Plus they offer free online bill pay, mobile check deposit, and unlimited check writing.
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