Online Banking Buyer's Guide

The reality is that free checking being provided by various financial institutions is becoming increasingly scarce. This trend has inspired people to proactively make the move toward smaller banks or credit unions where they won't have to worry about as many unwanted fees. Additionally, you can look into online banks as another viable route that could save you supple amounts of money in the long run. You'll also stand to benefit from being able to easily open your online bank account in a matter of minutes, you'll have 24/7 access to your online bank, and your finances will be backed by enhanced security features.

Overview

When shopping for an online banking provider, it’s important to know what to look for so you can easily compare products. Here are some considerations to keep in mind:

• What is online banking?

  Online banking allows customers to easily carry out financial transactions without ever having to leave the comfort of their homes. Plus, if you find yourself traveling and not nearby any physical banks you can simply make use of your phone or computer to carry out banking transactions, put a stop order on a check, or manage your credit card.
  
  In order to access the services provided by online banking, you'll need internet access, a device, and a bank card to register. From there, the registration process is designed to be time-efficient. In no time you'll stand to have 24/7 access to online banking.
  
  

• Is online banking worth it?

  In this day and age technology continues to evolve at a rapid rate, and its very purpose as a whole is to make our daily life obligations that much easier. With online banking, you'll be able to manage your financial transactions on the go and won't have to take time out of your day to make trips to an actual bank.
  
  Plus, online banking is able to offer you higher interest rates on your savings account and fewer fees due to the fact that there isn't the added element of the bank having to pay for a physical location. Also, if you're someone who relocates often and/or uses direct deposit you'll soon come to learn that online banking integrates much more smoothly with your lifestyle.
   

• What are the important features of online banking?

  With online banking you'll be able to easily view your transactions history, transfer money between your checking and savings account (both likely set up with higher interest rates), pay bills without having to write physical checks, register for paperless statements, view images of processed checks, and even earn cash back with a "Purchase Rewards" incentive system. 
  
  

• How does online banking work?

  Online banking aims to make the management of your financial resources as easy as possible. For starters, with online banking, you'll be able to deposit physical checks by simply scanning the front and back of whatever check you need to deposit, and then uploading the pictures to the online bank's website.
  
  Online banks will oftentimes offer you the option of downloading apps to do this. Online banking also works by offering you high-interest checking and savings account that will often not even require you to have a minimum balance. Some online banks will also offer you loans, automobile financing, and mortgage options as a customer as well. 

Online Banking FAQ

So how do you choose an online banking provider that’s right for you? These are the questions consumers are asking when shopping for an online banking provider.

What can you do with online banking?

With online banking, you'll be able to view your account balances, check your transactions history, transfer money between your accounts, and oftentimes easily sign up for online bill payments so that you don't have to worry about remembering when certain bills are due. You'll likely end up saving money in the long run by not having to juggle unnecessary late fees. 

Are there any requirements to maintain your access to online banking?

Most often online banks will require you to access your account at least once every 3-6 months. This requirement is put in place for security measures. Additionally, you may lose temporary access to your online banking account if the online bank suspects that your account has been hacked. 

What is the Online Bill Pay feature provided to you through online banking?

With Online Bill Pay you'll be able to make payments to anyone else within the United States. More often than not you'll be able to make payments to people that don't even use the same online bank as yourself. With Online Bill Pay you'll be able to save valuable time by not having to write out physical checks, and will also not have to worry about paying any extra fees for stamps.



Final Thoughts

Online banking is specifically designed to make the management of your financial resources much less stressful and time-consuming. By taking the time to quickly register for an online bank you'll set yourself up for future success by cutting down on the risk for avoidable late fees, and putting time back in your day by not having to take trips to an actual physical bank.

Chime Details:

Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank or Stride Bank, N.A.; Members FDI

*Out-of-network ATM withdrawal fees may apply except at Moneypass ATM in a 7-Eleven location, or any Allpoint or Visa Plus Alliance ATM.

**SpotMe eligibility requirements apply. Overdraft only applies to debit card purchases and cash withdrawals. Limits start at $20 and may be increased up to $200 by Chime. SpotMe is not a credit product, cash advance, loan, or overdraft protection. Comparing SpotMe to any of these other products is not accurate and would diminish the integrity of the product's structure. See chime.com/spotme.

***The Annual Percentage Yield (“APY”) is variable and may change at any time. The disclosed APY is accurate as of May 22, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

^Early access to direct deposit funds depends on payer.
Investment advisory services offered by Stash Investments LLC, an SEC registered investment adviser. Investing involves risk and investments may lose value. 

Stash Details:

*Fee-free ATM access applied to in-network ATMs only. For out-of-network ATMs and bank tellers a $2.50 fee will apply, plus any additional fee that the ATM owner or bank may charge.

**All rewards earned through use of the Stash Visa Debit card (Stock-Back® Card) will be fulfilled by Stash Investments LLC. Rewards will go to your Stash personal investment account, which is not FDIC insured. You will bear the standard fees and expenses reflected in the pricing of the investments that you earn, plus fees for various ancillary services charged by Stash. Stash Stock-Back® Rewards is not sponsored or endorsed by Green Dot Bank, Green Dot Corporation, Visa U.S.A., or any of their respective affiliates.

***What doesn't count: Cash withdrawals, money orders, prepaid cards, and P2P payment. If stock of the merchant is not available for a qualifying purchase, the security will be in shares of a predetermined ETF or from a list of predetermined publicly-traded companies available on the Stash Platform. See full terms and conditions.

^Bank Account Services provided by and Stash Visa Debit Card (Stock-Back® Card) issued by Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Visa is a registered trademark of Visa International Service Association.

Stash Subscription fee starts at $1/month. You'll also bear the standard fees and expenses reflected in the pricing of the EFTs in the account, plus fees for various ancillary services charged by Stash and the Custodian. Please see the Advisory Agreement for details. Other fees apply to the bank account. Please see the Deposit Account Agreement.

Offers is subject to T&Cs. **You must complete within the specific time period included in this offer: (i) successfully complete (or already have completed, or re-apply for and complete) the registration process of opening an individual taxable brokerage account ("Personal Portfolio"), (ii) link a funding source to your account; AND (iii) deposit at least $5 from your funding source into your Personal Portfolio. *T&Cs

Albert Details:

*Albert is not a bank. Banking services provided by Sutton Bank, Member FDIC. The Albert Mastercard® debit card is issued by Sutton Bank, Member FDIC, pursuant to a license by Mastercard International Incorporated. Cash Back subject to terms. See app for details.

Banking services provided by Coastal Community Bank, Member FDIC. Albert Savings accounts are held for your benefit at FDIC-insured banks, including Coastal Community Bank and Wells Fargo, N.A.

All investments involve risk. Advisory services provided by Albert Investments, LLC.

Securities products and services offered to self-directed investors through Albert Securities LLC, Member FINRA/SIPC.

See Albert’s Terms for additional information.