Best Checking Accounts Online
These days, opening a new checking account doesn’t need to mean a trip to the local bank branch. Instead, many banks allow you to open a checking account completely online, and oftentimes a new account can be opened in just a few minutes. Online checking accounts are becoming increasingly popular, and with good reason. Not only do they offer the convenience of starting a new account online, but many offer highly competitive interest rates, zero fees and other incentives to draw customers in. While most banks these days will allow you to begin the process of opening an account online, a truly online checking account has no requirements to visit a local branch to provide identification, like many of the larger brick and mortar banks do. With growing popularity, however, there are now an abundance of online banks to choose from, which can make choosing the right one for your financial needs a frustrating process. To make things easier, the top three online checking accounts to consider are Capital One 360 Checking, Bank of Internet USA Rewards Checking and Simple. Keep reading to learn more about the top three online checking accounts, so you can choose the one that’s right for you.
Capital One 360 Checking has one of the best overdraft policies around, even better than most standard banks and credit unions. There are several ways to handle overdrafts, including opting to have Capital One decline any charge you don’t have the funds to cover. Unlike most banks that will process the charges and charge you an overdraft fee, Capital One’s option allows you to avoid overdrafts completely. In addition to great overdraft policies, Capital One 360 Checking also offers fee-free access to over 40,000 ATMs, an excellent set of online and mobile tools, and customers will also enjoy virtually no fees, no high balance requirements and good interest rates on your checking.
Bank of Internet USA Rewards Checking is another great online checking account option. Several checking options are available and all of them come with excellent perks, like no overdraft fees, no monthly fees, no minimum balances and unlimited domestic ATM reimbursements. The Rewards Checking option will earn customers up to 1.25% APY, as long as you meet the requirements ($1,000 per month direct deposit and use your debit cards at least 15 times per month). Bank of Internet USA is an entirely online banking option, and the lack of physical locations means lower overhead and savings passed on to the customers. This is an excellent option for anyone looking to earn an impressive interest rate, along with plenty of perks and rewards.
Finally, Simple is a new take on banking that aims to change the way you think about money. Instead of making purchase decisions based on your available balance, as you might with most banks, with Simple you’ll get a “Safe-to-Spend” balance, which is an estimate of how much you can safely afford to spend based on your balance, upcoming bills, savings goals and more. Simple also offers fee-free withdrawals from any of the ATMs in the massive Allpoint ATM network, as well as no overdraft fees. You’ll also enjoy totally fee-free banking, instant mobile notifications for all transactions and you can easily link other checking or savings accounts to your Simple account.
When choosing which of the top three online checking accounts to apply for, be sure to consider your overall financial goals, spending habits and banking needs. Also, be sure to check current rates before signing up, and look for any current offers or promotions that may be available. Happy banking!