Once upon a time, checking accounts were an integral part of the banking industry. No matter where you lived there was a local bank that could provide you with the right checking services to meet your needs. However, today the banking industry has seen major changes in how they can help you to manage your financial affairs and when it comes to checking accounts you have a world of options to choose from. Now you don't need to have physical bank to get a checking account. As a matter of fact, some of your best options come from online banks that may be located far away from your home.
Making the best choice for a bank account will depend largely on making an online checking account comparison. This way, you'll find an account that can give you the most for your unique set of needs.
What To Compare:
One of the first things you need to compare are the interest rates each bank offers. The best online banks should offer a higher than average interest rate and their banking fees should be considerably more favorable than the traditional banking establishments. This is because online banks do not have the same overhead expenses as a brick and mortar bank. By not owning physical branches that need to be maintained they save a lot of money, which should naturally be passed on to you.
You should also take a look at customer service offered at each of the banks you are taking into account. Just because you won't be able to walk into a physical bank doesn't mean that you should not be serviced when you need it. They should have some type of call center, preferably staffed 24/7 that offers real time chat support, a means of sending messages online, and alternative options to reach bank personnel when needed.
Another feature to check when you do your online checking account comparison, is their overdraft policy. As a customer, you should be able to apply for an overdraft line of credit or be offered some option for short-term borrowing with a reasonable interest rate to keep you from falling into the red from time to time.
When it comes to online banking, the number of options for ATMs is essential. While most online banks do not own their own ATMs they should be partnered with other banks so that you're not hit with excessive fees every time you use an ATM. Even if you are hit with fees, find out if they have any arrangements for reimbursement of those fees when you are charged.
There are many features offered by online banks and you'll find that there is a lot of money to be saved when you use them. However, when doing an online checking account comparison, make sure that you find a bank that you can live with for the long haul. Those that do will discover many rewards for the taking. And always check to make sure that they are FDIC insured so that your money is just as safe as it is with any other insured banking establishment.