We Are The Number One Resource For Online Banking.
Online Banking has quickly become the most desirable way for many Americans to securely save their money while also avoiding outrageous fees and charges. Our focus is to compile the top offers from the best online banks. We Have Been Featured On:
Here at OnlineBanks.com, we provide you with all the resources you need to save more of your hard earned money. For millions of Americans, online banking has proven to be the ultimate solution: online banks not only come with all the security of a traditional bank but also provide two essentials, convenience and low costs. With an “Online Only Bank,” managing your accounts is as easy as browsing the Internet - check your balance, manage your deposits, and arrange for automatic bill payments all in the blink of an eye. Online only banks have much lower overhead, so they often offer completely free checking and savings accounts. Many reimburse for ATM fees and in some cases there aren't any costs to having an account at all. So you can stop worrying about all those pesky fees.
With online banking becoming a part of so many people’s lives, we believe it’s important that you remain informed with the highest quality and most recent information available. That’s where we come in - at OnlineBanks.com, we highlight all the benefits of using an online bank, review plans offered by the top companies within in the industry, and explain how you can get started with one today. With our dedicated team of authors at the helm, you can feel confident that you’re in good hands; we do our best to ensure that you’re always kept abreast of the latest info on online banks and their top offers. With our help, you can open your first account in minutes and have confidence that you’ve made an educated decision.
With that in mind, feel free to take a look around and see for yourself what information we have to offer. Our authors have written a number of articles that explain the fundamentals of online banking, review today’s best offerings, and keep track of major changes in the industry - and for those who want to stay on the cutting edge, we also encourage our users to subscribe to email alerts. With these resources at your fingertips, there’s no reason you can’t join the millions of Americans who have already made the switch to online banking.
OnlineBanks.com - America's Number One Resource For Online Banking
So What Banks Offer Truly Free Checking Accounts?
Good question and in the following article we’ll get into some of the benefits and features that each company offers. We still encourage you to use the links found within our site to research all of the offers and then select which online bank is right for you.
Ally Bank
Ally bank is a direct bank which means it is part of the new breed of “online only” direct banks. The bank and their services are accessed by phone, online or by ATM. Bank customers do not go to a brick and mortar location like they are typically used to. Customers use ebanking for depositing checks or transferring money between accounts and bill paying online. There is never an ATM fee at any ATM around the world. These are all features that potential customers indicated they would like to have so Ally Bank has responded by giving them exactly what they want. We like that they seem to be very consumer friendly and very customer service driven.
Additional features of Ally Bank
Money can easily be moved within accounts.
No ATM fees.
Online statements and alerts.
Online bill paying convenience.
Very competitive banking rates.
Customer care 24/7.
Very low fees.
No minimum balance to open an account.
Free online bill paying.
Special online security.
Scan and deposit check images to your online account.
Direct payroll deposits.
Transfer deposits from another bank.
Wire transfers of money accepted.
Deposits of checks accept by mail.
Basically, you are branch-free. Traditional banking features are available such as vehicle financing and
mortgages. In those instances, everything is also done over the internet.
American Express Banking
Most people know American Express because of their credit cards, but the company also does
banking for savings and checking accounts. When you sign up for a bank account with American
Express, you get a host of benefits added to your account. The bank does not charge a monthly
fee to open an account, and you never pay any fees for using your account either. As long as you
have a positive balance in your account, you are in the clear. Better yet, the company does not
require a minimum balance to maintain your account. When you bank with another company,
you might find that you get charged a monthly fee if you drop below a certain amount. With
American Express, you can keep your account going even if you are not keeping some kind of minimum balance.
American Express offers two big features for those interested in opening an account. The first is
that you can keep using any other bank. When you open a bank account with American Express,
you can attach an account from another bank to your new one. This lets you transfer money from
one account to the other simply and quickly. It is actually one of the main features that many
people like the most. Essentially it makes taking that leap from a traditional bank to an online
only bank a little bit easier.
The other big benefit is that you no longer need to visit your bank to deposit a check, transfer
funds or make a withdrawal. All you need to do is log into your American Express bank account,
and you instantly have access to everything you need. You can even link your bank account to
your cell phone. When you need to move money around or find out the balance on your account,
you can do so quickly by using your cell phone. American Express bank accounts make it easy to
manage your bank finances even if you have multiple accounts from several banks.
Everbank
Everbank's goal is to allow its customers 24/7 access to their bank accounts through an online
account manager.
With the EverBank online account manager, customers can view their balances, look at recent
transactions and view pending transactions that have not officially cleared yet. EverBank also
keeps two years of check images on file and available through their online account manager.
This is a feature we really like here at OnlineBanks.com. Additionally, the online account
manager allows customers to transfer funds to other EverBank customers instantly, and there is
no charge to do so. Customers can even transfer money to bank accounts outside of Everbank;
the money arrives within three business days.
In addition to keeping up with account balances and the ability to transfer funds, customers can
also take advantage of internet check deposits. To deposit a check through the online account
manager, the customer only needs to scan the front and back of an endorsed check and then
upload the images to the bank's website. This is a free service and people can see the status of the
online deposit within one business day.
Through EverBank's online account manager, customers can also update their contact
information, request new checks and find ATM locations. Additionally, if someone has multiple
accounts, such as for checking and savings, all of their accounts are tied into one banking login.
This simplifies tracking money and transferring back and forth between accounts.
EverBank has created their online account manager so that its customers can manage their
money from anywhere at any time.
FNBO
Online banking has become more secure and more convenient for consumers in handling their
daily banking transactions. The First National Bank of Omaha (FNBO) has been a part of the
banking industry, for over 150 years and today, is a leader in online banking. A variety of online
products are available for individuals and businesses, which are easier to manage and less time
consuming. FNBO offers direct deposit accounts with a .65% annual percentage yield on account
holders savings.
FNBO also offers some very specific types of accounts, designed specifically to meet individuals
unique needs. This is a feature and approach that we really appreciate. For example, if you
wanted to save money for a college fund or general education the Nest 529 Plan would be a great
option.
The FNBO's Nest 529 Savings Plan, allows account holders to make easy online investment
options, for savings for educational purposes. It carries tax advantages, payroll direct deposit and
an automatic transfer from your checking or savings account. How easy is it to pay bills online
without receiving annoying paper bills with a constant reminder. Arranging an online bill paying
account with FNBO, provides consumers paperless transactions and you save gas on visits to the
bank. To improve your credit, apply for an FNBO Direct Visa Check Card and an Extra Earnings
Visa credit card.
Your Visa Check Card doubles as access to your online savings account and bill paying
transactions. Both cards are secured for all online transactions with features that include time
out, which will log off after a short period of inactivity. Quality firewall programs are built into
the system, SSL encryption, and a user name and password identification system. The FNBO
Visa Credit Card program provides discounts and special offers at many popular retail stores
throughout the FNBO network. Saving goals are more attainable through the FNBO Direct CD
savings accounts which provides customers with guaranteed high yields. The FNBO CD's are
available from 6 months to 60 months with a locked in percentage rate and customized terms to
help you accomplish your savings goals.
Free Online Banking, Why Is It Becoming So Popular?
Online banking, be it a savings account or checking account is offered by most major banks. Even smaller banks usually offer online banking, sometimes it is just on a smaller scale and with fewer options than a larger bank. One of the major benefits of using an “Online Only Bank” is that they often don’t charge you any kind of monthly fee like a traditional brick and mortar bank would.
Convenience
One major advantage to online banking is that you can save time and money. When you access your account online, you can look at your checking and savings accounts, manage deposits, and schedule bill payments with only a few mouse clicks. You also can access your account and control your money at any time of the night or day, without going to a physical bank with limited operating hours. Some banks even feature account management apps for your mobile phone.
Online Bill Pay
Most banks allow you to pay your bills online. You can make a one-time payment or set up regular billing payments to be recurring. This is very convenient feature for paying bills like car insurance, auto loans, or your mortgage. You can set up your payments whenever it is convenient and know precisely when your payments go through, often in real time.
Online Banking Security
One concern particular to online banking is the increased need for security. You definitely don't want some hacker stealing your password and looting your bank account. That's why it's important to take some precautions when banking online.
You need a secure password to access your account. It should be a long password with many different characters, as well as numbers. This minimizes the chance that someone could guess your password. Never use your name or commonly known information about you as your password. You are just asking to be hacked this way. Make your password unique and change it periodically.
That being said, security for their clients accounts is the number one priority for any bank. Be it online or off so many of the concerns that were once valid in the past can be put to rest as all of the banks featured within this site as well as within the industry exceed all of the security regulations that need to be in place. It is more likely that someone will be more likely to get your account information than hacking into a major banks network.
Cost Savings
This is where things get really interesting, when it comes down to saving you money. Let’s face facts, it is much easier for an online only bank to offer totally free checking and or savings accounts than it is for a traditional brick and mortar bank. Online only banks don’t have all of the expenses in their overhead. Aside from the dozens of employees needed to run just one bank branch, the physical cost of the location (rent), insurance and all of the regulatory expenses that’s just the starting point really. It is estimated that for someone to open a safe and secure bank in a good location and have enough funds to cover any potential losses the minimum amount needed for operations is just over $10 million dollars.
So while we do think that some banks charge a little too much for some of their services, in all fairness we understand why they can’t all compete with the online banks in terms of real savings.
The drawbacks that most individuals fear they’ll face when it comes time to actually use an online bank are the following:
How do I deposit funds?
How do I get money (cash) from my account?
A couple years back, it was honestly kind of a pain to use an online only bank. Thankfully things have changed and many of the online banks featured within our site have features where you can use any number of ATM’s and get cash out and not get charged any ATM fees. Seriously, how many traditional banks offer that? Last time we checked….none.
Some have also teamed up with traditional brick and mortar banks and allow you to deposit funds (cash) into your account through them. Ironic that a brick and mortar bank would actually help an online bank which is most likely taking business away from them. Hey who are we to judge, we say just enjoy the perks! Another great feature is that some online banks even allow you to snap a picture of a check and digitally deposit it into your account. That kind reader is where things have really turned a corner.
In summary we think that online banking is awesome and the future of banking. Thankfully it’s here and we don’t have to wait around any longer to really enjoy the convenience and savings. We encourage you to explore our site and the different offers from the banks within the site. We assure you that it is going to be time well spent.
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Rates as of 05/25/2013
Type: Savings
Rate: 0.80
APY: 0.80%
MIN: $500
Details: Earn over 5X the National Savings Average. Low $500 minimum opening deposit.
Why Switch To An Online Bank? We Can Give You A Lot Of Good Reasons...
Okay, well first of all jumping on any fast moving and popular bandwagon is not always the best move, however when it comes to avoiding bank fees it’s the only way to go.
With most paychecks being capable of direct deposit and with the necessity for cash becoming less and less, online banks are becoming increasingly popular as a convenient and cost effect way to do banking. A curious customer, who is interested in receiving more information on online banks, can use OnlineBanks.com, which is a complete guide to online banks and features links to different online banks, boasts the latest offers, and provides information regarding the perks and benefits of using an online bank as opposed to traditional brick and mortar bank.
Although it may be a little scary for a person who has always used a traditional brick and mortar bank to make the transition to an online bank, a new customer should not fear that their money is not just as safe in an online bank, because online banks are fully insured by the FDIC. This security and assurance will protect your money in case of a bank failure.
In addition, online banks keep electronic records and usually imbed a code into every instance of activity on your account, which means you don’t have to worry about papers being lost or destroyed or the possibility of your transaction being lost.
Another perk of switching to an online bank is that they are generally able to offer higher interest rates on savings accounts and CD accounts, which means you get to save more money. You can also obtain information on present-day interest rates by visiting OnlineBanks.com. Although the interest rates of savings account and CD’s change daily, here is a brief synopsis of where they are sitting as of mid April 2012.
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Looking For An Online Checking Account? Start With An Online Bank.
The days of free checking accounts from your local bank are long gone and now the key question seems to be, which bank charges the least amount of monthly fees for a checking account. Some banks may waive a monthly fee so long as the account maintains a certain balance, but with the constant uncertainty in the job market and the general economy, it is sometimes difficult to meet that requirement. If you feel daunted by the task of comparing bank rates, we’ll give you a hint of where to start – drop your local bank and check out an online bank.
Unfortunately, not every online bank offers checking accounts but as online banks become more popular and people start to realize their benefit, more online banks will offer checking accounts as well. One of the many perks of an online bank, which is also one of the reasons they are able to keep their fees so low, is that they do not have the added expense of employing bank tellers or leasing a building to conduct business, because everything is literally done online.
OnlineBanks.com is a great source to use to find the best online bank for your needs. The concept of using an online bank for some, if not all, of your banking needs is growing in popularity and with more and more companies getting in the game, it’s nice to have a single place to get all the right information. OnlineBanks.com is that place.
ING Direct, which is a hugely popular online banking institution, boasts that their ATM surcharge fee on their Electric Orange Checking is $0, compared to a national average of $2 for your typical brick and mortar bank. Their website also indicates that their monthly fee is also $0 compared to roughly $13 a month for traditional banks. Another great perk about online banks is that they more of an ability to make your money grow even in a checking account by offering highly competitive interest rates. Although the interest rates can change with the market, the interest rate as of mid April 2012 is .19%. The FDIC insures ING Direct.
Ally Bank, which is also a very popular online bank, describes their Interest Checking Account as having “the convenience of a checking account – the interest rate of a savings account” and advertises that they do not require monthly maintenance fees. They also offer free checks and unlimited check writing, the opposite of which is new trend at traditional brick and mortar banks, no ATM fees nationwide, and no overdraft transfer charge. Another great perk to the Ally Bank checking account is that they offer cash back on debit purchases at certain shops and restaurants and money back with Ally Perks when you shop use your Ally Checking Debit Card and participating stores. Ally Bank also offers competitive interest rates on your checking account balances so that even though your money is just sitting in your account, it is still growing. As of mid April 2012, the interest rate for balances less than $15,000 is .40% APY and for balances over $15,000 the interest rate is .75% APY. Basically, Ally Bank’s debit card and checking account program is a hybrid of credit cards and savings accounts, which is a great benefit to the consumer. The FDIC insures Ally Bank.
HSBC Bank USA, NA has different checking account options with different perks and each program is designed to cater to a consumer’s banking needs. The base model checking account imposes a $3/month maintenance fee, which is far below the fees assessed at traditional brick and mortar banks. This account does monitor the amount of free processing for checks and withdraws; however if you go over the amount allotted per month (eight) they charge only $0.35 per additional processing. The middle-ground checking account is called “Choice Checking” and offers free direct deposit, no monthly maintenance fees, and no monthly fees so long as you maintain more than $1,500 in your account. Otherwise Choice Checking only costs $8 a month, which is still less than most traditional brick and mortar banks. There are two higher-grade checking accounts as well that have even more perks for the consumer, but also have minimum balance requirements. HSBC is FDIC insured.
Discover Bank also offers different types of checking accounts based on the consumer’s needs. There is a particular type of checking account for businesses and for consumers over the age of 55 years of age. Discover Bank’s “traditional” checking account requires a $50 deposit to open, but does not require any additional minimum balance requirements and also does not impose a monthly service charge. The “Super Now Interest-Bearing Checking “ is the upgraded checking account option. This checking account requires a $1,000 minimum balance. Discover Bank is FDIC insured.
EverBank calls their checking account the Yield Pledge Checking and they boast that it is the most competitive on the market right now. EverBank requires a $1,500 minimum deposit when you open your checking account; however they do not have any minimum monthly balances in order to interest on your account. Right now, EverBank is offering an interest rate of 1.05% to all new checking account holders for the first six-months of activity. After the six-months is up, the interest rate will adjust based on your account balance. EverBank also offers free ATM and debit card services. If your account maintains an account balance below $5,000.00 EverBank does charge $8.95 a month on using their Bill Pay program. However if you maintain more than $5,000 in your checking account, Bill Pay is free. Finally, EverBank is FDIC insured.
E*Trade Financial services more than 4.3 million customer accounts, and offers investors low pricing, education resources, unlimited ATM transactions and...
