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9 March 2018
Do you consider that banking the traditional way is a very boring and no cost-effective option? Are you tired of having to run to a local branch in order to deposit a check, or dealing with too many fees and minimum requirements? In this case, the best solution for your needs is the opening an online checking account.
Most of online checking accounts have unique features, for example, no minimum balance, no monthly fee, the possibility to earn interest – and those are just the basics. They also offer up-to-date mobile apps, making “on-the-go” banking easier than ever before. There are many great choices for online banking today, so we have whittled down the list of the top online banks that could be a good fit for your money.
Capital One 360
Capital One 360 is the best choice of no-fee checking accounts. Its distinctive feature is the absence of monthly recurring charges and maintenance fees. Besides, you do not need to have minimum balance in order to open an account. It also provides the customers with great online and mobile tools and fee-free access to almost 40,000 ATMs. Bill pay and person-to-person payments are also free.
The absence of overdraft fee is a uniquely generous policy of Capital One 360. In this case, a charge makes up approximately 3 cents per day for every $100 of negative balance. In addition, it offers a 0.2% APY on balances up to $50,000, which increases to 0.75% on balances up to $100,000 and 1.00% thereafter.
If your business mostly uses online payments, then Everbank is your choice. Thanks to its large suite of financial management tools, it can help streamline your finances. The bank currently offers a 1.21% intro APY for the first year, and 0.25% on balances below $10,000 from that point on. After that point, Everbank promises that the yield on your account will stay in the top 5% of leading banks.
However, you need $5,000 to open the account, but there is no account minimum or service fee after that. Moreover, the bank does not charge ATM fees, if you do keep your balance at $5,000. Since they take on only a limited set of customers, they strive to treat them like kings. Everbank provides customers with award-winning online banking, live customer service 24/7, unlimited check writing, and mobile check deposit.
Ally is a great online bank for those, who is not going to have monthly fees, minimum balance or direct deposit requirement. The interest is 0.10%, if you have a balance under $15,000, as well as 0.60% – for balances over $15,000. Ally charges no ATM fees, and it reimburses up to $10 per month using out-of-network ATMs.
Another feature offered by Ally Bank is that cashier’s checks, incoming domestic wires, and incoming international wires are all free of any fees. Ally has its own internal transfer system, and it is a member of the Zelle network offering same-day transfers to anyone with an account at a participating bank.
Are you looking for the best cost-effective option for a high checking interest rate? Then Bank5 Connect is the most preferable for you. This account has a 0.76% APY and charges no a monthly fee. Customers can use ATMs in the SUM network surcharge-free. In this case, Bank5 Connect reimburses up to $15 in ATM fees per month. The minimum opening deposit makes up $10. However, you will need a balance of at least $100 to accrue interest.
One of the distinguishing features of the account is that it does not charge anything for overdraft transfers and incoming wires, so you have more than one way to transfer money into your account without undue costs. However, if the overdraft is not covered, the overdraft fee is only $15.
|Account Name||Best for…||Minimum opening balance||APY|
|Capital One 360 Checking||Second chance accounts||$0||0.20%-1.00%|
|Everbank Business Checking||Online business banking||$5,000||1-year 1.21% intro APY|
|Ally Interest Checking||No deposit to open||$0||0.10%-0.60%|
|Bank5Connect High-Interest Checking||No activity requirements||$10||0.76%|
Lately, online banks have all the convenience, and maybe even more in comparison with traditional banks. They have great mobile apps that allow you to do banking no matter where you are. And the best part is the very low fees. The interest is just a bonus, really. Consider one of the above-mentioned online checking accounts if you are not getting much benefit out of your current one. Online checking gives back more and takes less.
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