Of all of the modern conveniences the 21st Century has brought to us, online banking tops the list. No more waiting in lines on your lunch break. In fact, some banking services have completely eliminated the brick-and-mortar aspect of their business. They can provide increased convenience without losing stability, security, or service. By reducing their building and payroll banks can now offer higher interest rates as well as reduced service fees across the board, with account availability day or night. The three-best online-only banking services, Ally Bank, Capital One, and Bank of Internet USA, offer higher interest rates, reduced fees and 24/7 accessibility for customers.
Top Online Banks:
- Ally Bank
- Capital One
- Bank of Internet USA
Ally Banking provides mobile banking, a 24/7 call center as well as real time chat. They provide real competition with traditional banks because not only do they waive the traditional minimum beginning deposit, but they also have no monthly fees. Their person-to-person transfers, electronic deposits, and ATMs all come free of charge. Even if an Ally customer uses an ATM that charges a fee, Ally provides surcharge forgiveness. Without the costs of traditional banks, Ally can easily pass along savings to you the customer.
- 24/7 accessibility to banking
- No minimum deposit requirement
- No maintenance fees on your money
Capital One and the 360 Account
If teaching yourself better budgeting habits is important, then the 360 savings and checking account that Capital One offers is a good option. This account helps protect you from overdrafts so you can learn to budget without losing the money you’re trying to budget with. There are also no monthly account maintenance fees and no minimum balance required. Your money works for you, not against you. Even non-network ATMs have no service fee associated with their use. The Capital One mobile app makes on-the-go banking quick and convenient, which is especially helpful for younger banking customers.
- Protection from overdrafts
- Requires no monthly or transaction fees for the account or ATM usage
- Has no minimum balance requirement
Bank of Internet USA with Essential Checking
Bank of Internet USA offers a personalized money management tool called FinanceWorks with their Essential Checking account. Like other online-only banks, Bank of Internet USA also provides free services including mobile checking, person-to-person transfers, electronic checking, no-fee ATMs and no overdraft fees. They also offer other checking accounts that earn even higher interest than usual in this day and age.
- Fee-free ATM
- No-fee overdraft protection
- Free monthly services
Online banking is changing the way we save money and spend it. Convenience and ease of use are extremely important for mobile banking customers as many of them work online, get paid online, order movie tickets online, and more. Banking online can be secure, dependable, and conveniently accessible. Without the higher costs that traditional banks run into, online-only banks save money, passing on the savings to the customer.