| |
|
 FreeNet® Checking Account |
- Minimum $1,500 |
|
| Yield Pledge Money Market Account |
- Minimum to open $1,500 |
|
| Yield Pledge CD |
- Minimum $1,500 |
|
| Insured Advantage CD |
- Minimum $10,000 |
|
| EverCard® Visa® Platinum Account |
- Credit lines start at $5,000 |
|
|
Checking/Savings Things to Consider
How will You Use the Account? If you are planning to use your online banking account as your primary checking account you need to make sure it's the right move for you.
Here are a few things to consider:
- Does your employer offer direct deposit? - If you are still being paid with a paper check you will have a longer time until you can access your funds.
- Do you cash your checks? - If you like to cash your checks when you get paid, you may be better off with a brick and mortar bank. Trying to cash a check and deposit the remainder into an online checking account will be a hassle.
- Make sure you have an ATM card - ATM cards are really the only thing that bridges the "convenience" gap between regular banks and online banks. If your checks are directly deposited, and you have an ATM card, there is very little difference in the two.
- What hours is their customer service open? - When you use online banks the customer service reps' are your virtual bank tellers. Make sure they are available during the hours you generally handle your banking business.
- Are you online Already? - Since your reading this, it's a pretty chance you are internet savvy. However, if you are new to the internet or not very fluent, we asvise that you stick with brick and mortar banking.
- Time - If you pay a lot of bills each month online banking is the best bet. Online banking, paired with direct deposit, creates a seemless bill management system, which saves you time and money.
Security
All money transactions carry a security risks whether you are walking into your bank or making an online transaction. The fact is, you are just as likely to be a victim of fraud walking into a bank as you are using an online savings account. Either way, the banks guarantee replacement of fraudulent activities, so I wouldn't worry about the security factor.
Will I Save Money?
The short answer is "yes". Online banks have a lower overhead than brick and mortar banks. This allows them to offer higher interest rates on saving and checking accounts. As of this article, E*Trade and Ing Direct are offering around 3.25% for opening a savings account and the traditional banks are offering around 1.0%.
