Online banks want your business and because they don’t have the high overhead that traditional “grounded” banks do, they can typically offer higher rates on your CD’s and your savings account, more interest on your checking account, and more perks and benefits all around. Think about it – what would your financial life be like without housing expenses? That’s one reason online banks can offer more benefits and services free of charge to their customers.
If you’ve been sitting on the fence with online banking, check out these options for moving your money into the realm of the Internet. (If the links don’t show up in your reader, click through to read the article about online banking.)
(Perkstreet is offering a $50 bonus to new account holders through February 28th, 2010)
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There are two good things about online banks. Firstly, the interest rates as you say.
But to me, the ability to do everything on the internet and not have to phone someone up or go into a branch anywhere, gives me the most satisfaction
I’ve been contemplating moving my emergency fund to this bank. But as you say… I’m on the fence.
Money Market Savings Account @ Bank of Internet… 1.60%APY
Highly competitive interest rates
No fees
No minimum balance required
Free initial checks and the ability to write up to three checks per month
Online images of statements & paid checks – accessible the day they are paid (5yr archive)
ATM card available
FDIC insured
Personally I am a fan of online banking because it is more accessible and convenient for me. Perkstreet Financial seems like a really good one and I’ll probably give that a try!