It seems that almost everything is offered to us online. We can shop online in our pajamas, keep up with old friends via social networking, get car insurance, and even read my wonderful blog. We trust the internet for so many things, yet many people are weary about choosing an online bank account. Something about putting all of our money into the hands of some person we have never met, into a bank that we have never seen scares the crap out of us. We get railroaded by large banks every day, whether it is by imaginary fees that we never knew existed, or sad interest rates that don’t even match inflation. All of this puts a sour taste in our mouths, yet we are still apprehensive about making the change. Hopefully, what I’ve found about these online banking accounts will change your mind about the matter.
I was reading a great book called I Will Teach You To Be Rich by Ramit Sethi, where I first learned about these bank accounts. ( Great book by the way) He talked about the pros and cons of all sorts of online, and traditional bank accounts. Here are some of the great accounts that he recommended in his book.
High Interest Checking Accounts
Schwab Bank Investor Checking with Schwab One Brokerage Account.
This bank offers its services with 0 monthly fees and a $0 account minimum. On top of that, they have unlimited ATM fee reimbursements, so say goodbye to hassle. They also insure up to $250,000 backed by the FDIC. Some accounts even offer up to .3% to .5% interest on all funds in your account (most banks offer about .01% interest). This also comes with a Schwab One Brokerage Account (also no fees no minimums), so what isn’t there to love about this bank account?
Capital One 360 Checking Account
This is also a very popular no fee no minimum checking account. It offers variable interest rates, so the more money you put in, the more that it will earn. You can get money out of any Allpoint or Capital One ATM, but you will be charged to use any other atm. It gives you a free Mastercard debit card for all of your purchases, and mobile check deposits. This is a pretty good account also, even if it isn’t the best out there it is probably better than your local bank.
High Interest Savings Accounts
This is a great bank to use for your savings account, because it usually has one of the top interest rates available. This account also offers no fees no minimums. Are you starting to see a trend with these online accounts? This account will automatically be linked to your current checking account, so you don’t have to go through the hassle of changing your checking account. The best part about an online bank is that they are open 24/7!
HSBC direct is very similar to Emigrant Direct, and just as good. It also has some of the highest interest rates available, with very convenient features. They make sure that you can easily transfer money between your HSBC and non-HSBC accounts without getting a headache. You won’t be disappointed with either one of these great accounts.
No matter what online account you choose to use, it is better than your local bank. Every second you have your money in a regular bank account, you are losing money due to inflation. High interest banking accounts are the best deal around because they help you keep the value of your money, while still providing you with the convenience and reliability of your local bank.