Internet offers us almost unlimited choices, particularly when it comes our finances. You can now choose to store your money in almost any bank across the country, rather than limiting yourself to brick-and mortar options in your area.
You can turn to the Internet if you’re not happy with what your local providers are offering. Online checking accounts are available with no fees and even some that pay you a yield on your balance. Online checking accounts can offer more generous terms because they have lower overheads.
What to Look for When Choosing an Online Checking Account
You want to be sure that your money will remain safe. Check the reputation of the credit union or bank. You don’t want a fly by night operation.
Take into account your personal needs. Consider whether you are able to maintain a large balance. Do you plan to use your checking account as a primary account or more for an emergency fund. Consider the following: paper checks, ATM access, remote depositing of your checks and other benefits.
It’s also important to remember that yield doesn’t mean everything. You may not want to keep a large balance in order to receive a higher yield.
Check out these great online checking account options.
Capital One 360
Capital One 360 is a checking account that pays interest. It has a 0.10% annual percentage yield (APY) and there are no fees or minimums. Access 70,000 ATMs that are fee-free from Allpoint and Capital One. You will also receive a MasterCard Debit Card for purchases.
You can also read about how to use
Simple is a free online bank that offers all the features of a traditional bank, without the fees. Visa debit cards are accepted at over 50,000 ATMs and anywhere Visa is accepted. Your account comes with a variety of saving and budgeting tools, such as advanced record-keeping, separate savings pools to meet your goals and the Safe-To Spend feature that subtracts pending transactions and upcoming bills in order to provide you with an accurate estimate of your money.
Discover Cashback Checking
Discover Cashback Checking gives up to 1% back on debit purchases up to $3,000 per month. You don’t have to pay any monthly fees, or maintain a minimum balance. Plus, you can use over 60,000 ATMs for free.
Ally Interest Checking account
Ally’s checking account offers a very competitive yield (currently as high as 0.25%). If you wish, you can receive unlimited checks to write checks. Online bill payment is also free. There are no monthly fees and you can open a new account without making a deposit.
Ally offers excellent customer service and eCheck Deposit, which allows you to add money to your account remotely.
