Top 5 Online Banks

Posted on August 5, 2007

Waiting in line at a drive up teller at a local bank is something I will never do again. Rushing to the local branch of your bank trying to get there before it closes should be a thing of the past for many. Banks have committed to bringing all the features of the local branch bank online including depositing checks, viewing account summaries, and making bill payments. Aside from ensuring the bank you choose has all the right features online, you will want to ensure the customer service is satisfactory in the occasional event you need to speak to a live person to straighten a unique situation out. Here are five options that will allow you to go completely online without ever visiting a bank branch again:

USAA. Features include $15 a month ATM reimbursement, free checking writing, check scanning at home, and no minimum fees. Interest rates for savings is up to 4.26% (on a $25,000 balance) and checking is only 0.10%. Hidden fees: None, but must meet eligibility requirements.
EverBank.com. Features include $6 a month ATM reimbursement, free check writing, and solid interest rates on checking (3.41%) and savings (5.01%). Hidden fees: $1500 minimum balance on savings and $800 minimum balance on checking, plus you have to mail in your ATM receipts for reimbursement.
HSBC Direct. Most innovative and unique of the group, they provide online bill payment instead of a traditional checking account. This is an account that earns good interest rates (2.5% with no minimum) and allows the user to pay bills online but does not offer traditional paper checking writing. Other features include up to three free reimbursed ATM withdrawals per month, and a great savings interest rate (5.05%).
E-Trade Banking. Best known as a low cost brokerage house, but also providing feature rich banking services. Features include unlimited ATM reimbursement, check writing and respectable interest rates on checking (3.25% on $5,000 balances) and savings (5.05%). Hidden fees: Must maintain $5,000 in the checking account or have direct deposit to avoid a $15 monthly fee.
ING Direct. Another internet based option that is going paperless. The electronic, paperless checking account features interest rates starting at 3.93%, free ATM access but not reimbursed for other banks fees, and free overdraft protection.

There are numerous options if you are ready to go paperless and be done with the traditional brick and mortar banking hassles. Standing in line, rushing before closing time, and excessive fees are a thing of the past considering the reliable, high quality banking options available online.

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