Almost every bank is offering free online banking accounts on the web and if you do a simple search you will find numerous. Online banking is prosperous for banks who have realised that people want convenience and ease of transactions. You can simply have your money deposited automatically and use your ATM card to withdraw your money when needed.
What are the benefits of online banks
What are the benefits of online banks? You as a customer will save money, time and stress. The banks are saving you money with a teaser account in hopes you will use one of their other services, such as loans, credit cards and CDs. Online banking saves you from standing in line on Fridays and saves the banks from hiring extra employees to service you. If you live out of the country and not next to a specified ATM for the bank, there may be service charges. Most banks do not charge for bill pay, but they still charge for overdraft protection. Bank of America charges a hefty $35 per item (17.07.11). Is there such a thing as secure online banking? Most accounts online are guaranteed by the FDIC, but not all. Make sure to check the terms and conditions when signing up for a new online account. Hacking of online bank accounts occurs also. When using a free online banking account, regular withdrawals may be your best security.
Top online banks
These are the top four banks that offers the best services. Free online banking offers a multitude of minor perks. Each bank will be different with their free online account packages.
1. Ally Bank
Ally bank was formerly GMAC Bank. They have been number one consistently and offer a tiered interest rate. Some online bank accounts do not offer any interest at all on their basic accounts. ATM fees are reimbursed if you do not use an Ally bank Allpoint ATM.
2. USAA: Free Checking
USAA has consistently been a bank that offers low rates on every banking service. They were known to cater to the military in the past, but actually anyone can open an account with them.
3. Ing Direct: Electric Orange Checking
Ing offers potential to earn high interest rates for deposits. Ing Direct does not reimburse non-Allpoint ATM withdrawals like Ally Bank. 4. PerkStreet Financial: Cash Back Checking
PerkStreet is not a bank, but does offer some perks to consider: 2% cash back on all purchases using your credit card for the first three months.
2% cash back when you use your debit card and the balance is over $5000.
5% cash back at specified retailers.
Money can be deposited via MoneyGram Express Payment. Source Mybanktracker.com