Who has the time to go to the bank?Banking online has never been easier or more secure.Online banking is not just convenient.Online banks can offer better interest rates and lower fees because they don't have as many overhead costs as brick-and- mortar banks.You may be wondering where to start with so many options.Not to worry.If you know what to look for, choosing an online bank is very easy.
Step 1: To make sure the bank's website is secure, look for HTTPS in the URL.
It is a good idea to pull up the online bank website and check out the URL to make sure it is secure.To confirm that the website is secure, look for a locked lock icon near the address bar.A secure website is important when choosing an online bank.It keeps your money safe and protects you against identity theft.It is a good idea to steer clear of a bank's website if it isn't secure.
Step 2: You can look up the bank on the FDIC website.
The Federal Deposit Insurance Corporation is a government agency that protects banks in the US if they fail.If you want to make sure the bank you are considering is insured by the agency, you should look for the logo on the website.The website of the FDIC is: https://www.fdic.gov/.It is a sign that the bank is legitimate and your money will be protected if it is insured by the FDIC.
Step 3: The bank has a rating from BauerFinancial.
BauerFinancial analyzes the performance of US banks.The industry standard for evaluating how well a bank performs is Bauer Star Ratings.When looking at a bank, look at their BauerFinancial rating to see what their score is.The banks are rated on a scale.There are banks that have a 4 or 5-star score.Bauer has a 3-star rating on online banks.You can find BauerFinancial's website at: https://www.bauerfinancial.com/star-ratings.
Step 4: Ask if a bank requires passwords and backups.
Highly-secure banks will have high standards for customer passwords.Users will be asked to provide a back-up or secondary verification to help prevent fraud.Ask the bank about their password standards to find out how much security they value.Whenever a suspicious charge is made to your account or if you spend over a certain amount, some banks will send you a text alert.
Step 5: You can research the bank's assets online.
Search online to find out how much money a bank has and how many assets it has.A large amount of money and assets is indicative of trust in the bank.Find out how long the bank has been open.A long history is a sign that the bank is successful and will last.These aren't perfect measures of a bank's stability, but they can help you make your decisionIf the economy takes a downturn, brand new banks can be more vulnerable.
Step 6: Check for an easy to use interface.
If you plan to use your mobile device to access your bank account, make sure the app is easy to navigate and use.You can find out how easy it is to find things on the bank's website.The bank's app has been reviewed by other people.If you want to check your deposit statements and transfer money between accounts, you should locate the features on the website.
Step 7: If the bank reimburses ATM fees, you should look for an ATM network.
If an online bank has its own network of ATMs, you can use them to withdraw cash without paying withdrawal fees.If they don't reimburse you for the fees you pay when using another bank's ATM, you should.You don't have to pay extra fees to use an ATM if you choose a bank that makes it easy.
Step 8: The bank offers different levels of customer support.
If you want to get in touch with a representative if you need help, look at their website to see if they have a phone line or online chat.Check out what they offer to see if it fits with your needs.You will want to get in touch with your bank if your card is stolen or someone is making fraudulent charges to your account.If a bank doesn't offer customer support, you may want to look at other options.
Step 9: If their customer service is good, read reviews and consumer reports.
There are online reviews about the bank.The reports discuss the bank's customer service.If you ever have a customer service issue, read up on how the bank handles it.It is possible to see what other users are saying about a bank by checking out its Facebook page.The Consumerist website has consumer reports.
Step 10: CDs and money market accounts are offered by the bank.
A certificate of deposit is a type of savings account with a fixed interest rate.If you want to invest in CD or money market accounts, you need to find out if the bank offers them.Make sure the bank you choose has everything you need, because online banks may not have all of the products and features that traditional brick-and-mortar banks have.Some online banks may not have a long-term savings account.If you are interested in having that, look for banks that offer it.
Step 11: Look for banks that require personal info to open an account.
When choosing an online bank, you should consider how easy it is to set up your account.Look for banks that don't need your personal info or your bank account numbers.The security of your personal information can be compromised if you open an account at a bank that has a lot of online forms.To find out what other people think about how easy it is to set up an account, check online reviews of the bank.
Step 12: If you need paper checks, make sure the bank offers them.
Not all online banks offer paper checks, so if you need them, check to see if the bank you are considering can provide them.Keep searching for a bank that can.If you have to make regular check payments, it's a good idea to use an online bank that offers checkbooks.
Step 13: If you need to deposit cash or checks, learn how to do it.
Some online banks will allow you to deposit checks by taking a picture of them with your phone or computer.Check deposit services are offered by a bank if you need to receive funds by check.Find out how the banks allow you to deposit cash.You can forward a paper check to an online bank and have it deposited.If you plan to receive regular payments by check, you may be better off choosing a bank that allows for faster deposits.You can deposit checks and cash at a branch of an online bank.
Step 14: You can choose a bank that doesn't charge monthly fees.
You can find out if you need to maintain a minimum account balance or link the account to an existing one.You should look for a bank that will let you skip monthly fees.If it's a better fit for you, you may want to look for a checking account with a minimum balance of $100.
Step 15: The bank may charge additional fees.
Take a look at the contract of the bank to find out what other fees are included.Make sure you understand what extra fees are when you read the section about them.If they aren't a good fit for you, compare them to another bank.Maintenance fees, overdraft fees and minimum balance fees are some of the fees that some banks have.Check the fine print to make sure you are aware of any extra fees your bank may try to charge you with.You can find the best option for your needs, even if you can't get out of paying online bank fees.
Step 16: You can compare banks to find the best interest rates.
Online banks pay higher interest rates.Use the best rate you can find to help you make a decision.The top online savings accounts are paying an annual percentage yield of 1.00%.The national savings account rate is.05%.
Step 17: Beware of rates with low returns.
When comparing interest rates on deposits, keep an eye out for rates that only apply to a portion of your balance, as well as temporary rates.Most banks offer small returns on CDs and deposits, so watch out for banks that offer a high return.Don't be fooled by marketing strategies that try to make you think you're getting a better deal.