We are conducting more of our activities online. We meet potential clients online. We meet potential mates online. We make major purchases online. We can even get college degrees online now. Did you know there was something else you could use the Internet do to? Banking. Yes, that’s right you can buy a fly handbag and a Certificate of Deposit right from the comfort of your own computer. The rest of this article will list some online banking options and the pros and cons of each.
Capital One 360 (formerly know as Ing Direct)
Capital One 360 has many options available to you. You can open a checking account or a savings account, even a Mortgage if you like . You have the ability to link your Capital One 360 account to a Sharebuilder account so you can buy stocks. There are no minimums with an Capital One 360 account. You also won’t keep getting hit with fees every time you turn around. The only bad part of having an account with Capital One 360 is that they don’t have their own branches and ATMs but they have a robost network of ATM’s that you are able to use with no fees. It is not something I find much of an issue. It may be cumbersome if you have a paper check to cash right away and you don’t live near one of their physical branches known as cafes. So, what you would do is use the app to deposit your check. So overall not bad at all.
Ally Bank
Ally Bank is another good option for a bank account. You can also get auto loans through this bank. Another good thing about banking with Ally is that all checking accounts are eligible for earning interest no matter what the balance is.
American Express
American Express also has an online savings account. What’s great about this account is that you get the same benefits as the people that have American Express cards. Also, their interest rate is higher than most of the other online banks. The only drawback here is that it is difficult to retrieve your password if you forget it.
Online banking can be one convenient tool to use, especially with gas prices being as high as they are. I wouldn’t recommend doing all of your banking online. Keep an account at a traditional branch for emergencies. If you’re having trouble getting a checking account, check out the article here on how to get out of chexsystems and dispute any wrongful reports.
Andrea is the Chief Chick of Smart Money Chicks. After filing BK twice (once because she panicked, second time because the pro messed the first time up), she realized that it all could have been avoided if she understood more about how her Finances worked and the options available. At that point, she wanted to help as many as she could never make the same mistakes again. Our Promise is that all the content you read on here is created or edited by Andrea