What Makes The Best Online Checking Accounts
What Makes The Best Online Checking Accounts
In these highly unstable economic times, what works best for one consumer does not necessarily work well for another. In this article, we will give a brief overview of what constitutes the “best online checking accounts” for consumers.
Essentially, the best rule of thumb for finding the best online checking accounts is in the area of interest earned and how much. Additional bells and whistles such as fees, minimum balances required, ATM/debit card offers, maintenance fees needed to remain free of below balance levels and overdraft protection all are important — however, not for everyone.
Typically, a quality online checking account is more convenient and offers more perks than the old “brick n’ mortar” bank. Following is not an endorsement of any one online financial company; rather, a brief sampling is provided of what one online bank may offer as opposed to another.
The EverBank online group, as of this date, offers what many consider to be the highest APY. On a deposit of up to $100,000. with a following 1.51% APY, there is required a $1,500.00 opening deposit; however, there is no minimum required balance to start earning interest. Neither are there any monthly fees needed.
Additional perks include: free unlimited check writing privileges, debit/check card offers, online banking and an exceptional unlimited ATM fee reimbursement if the balance is maintained at $5,000.00. In addition, bill pay is totally free with a minimum monthly $5,000.00 balance.
Kiplinger’s Choice for “Best Checking Account” 2008-2009
The Schwab Bank High Yield Investor Checking account has a no minimum opening balance requirement and no ATM fees. Also offering free online bill pay and a .75% APY, there is a downside — account holders will need a Schwab One brokerage linking account.
PerkStreet Financial – The New “Kid” On The Block With The Best Rewards
PerkStreet Financial , while not being an interest-bearing online checking account, offers something for debit card only users which other financial institutions do not — opportunities to earn considerable beneficial rewards.
The only thing needed is a low $25 initial deposit. With it, participants can receive free online banking and bill pay facilities and the most appealing attraction of all, the rewards. Currently, PerkStreet Financial is now negotiating a new savings account option so consumers should be monitoring this promising feature well and regularly.
ING Direct – One of the Oldest, Established Online Checking Offerings
ING Direct and their online checking account counterpart, Electric Orange, are among the most experienced and successful of online savings/checking account services.
Extremely easy to open and access, their yields are sometimes the highest and/or most relatively competitive. Free debit card and online bill pay services with convenient access to Allpoint ATM network all make this one attractive checking account for the public.
In these highly unstable economic times, the Internet with its vast reservoir of information, offers a lot more than mere convenience for many consumers. Accessibility, reliability, rewards and incentive bonuses are just some of it’s multifaceted features for consumers.