Article 153 Financial Tune-Up - 1b. Best Online Banks According to Reports


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Financial tune-up should include checking out the online banks that are now easier to find and use. Not only do they offer better interest rates, but also they charge lower fees and sometimes not at all and they offer more options for their customers. There are quite a few of them online that perhaps the best way is to review and see which ones are the best.

Let's start with American Express (a Member of FDIC) that pays 0.90% interest on savings account. They also have no minimum requirements and no fees. As you can tell, their rates are competitive. Although they do not have enough products to offer as of the writing of this article, many regard it as one of the best among the online banks.

Ally Bank pays .95% interest plus there is no minimum deposit. Neither do they have fees and it is also a member of FDIC. Ally offers different CDs, one of which is the 9-Month No Penalty CD. Their rates being competitive, this bank can more than meet the online banking needs. This used to be GMAC but with the government auto bail out, a new image has emerged.

Ingdirect is where I keep whatever extra cash I have. It pays .80% interest and charges no fees and does not require any minimum amount and is an FDIC member. What I like best about this is its great customer service. And their checking account earns interest as well. In addition, they have quite a variety of services.

Discover requires no minimum deposit requirement so it is a great bank to park your emergency cash. The offer of an .80% interest rate on the savings account show their rates are competitive. They even offer a 10-year IRA CD that can earn 2.10%. That's better than my Manulife Insurance CD.

Here's one online bank Money Magazine named as the best place to park your emergency cash. FNBO Direct pays .65% on at least a maintained balance of $500. This First National Bank of Omaha also offers extra rewards on their credit cards but their CD rates are lower.

EverBank pays 1.01% savings account with no required minimum deposit but check this out as I also read this bank requires a $1500 minimum deposit. There's also a 1.25% Bonus Rate for the first 6 months and their checking account offers a high interest rate of 0.76% APY a year. They also offer a money market account and some CDs and with a $5000 balance, they will refund the ATM fees.

ParkStreet offers unlimited 2% cash back for customers who use their debit card but the daily average balance should be kept at $5000. Otherwise one will only earn 1% cash back. Account holders will also get 5% cash bonus on selected monthly purchases. Just like IngDirect, their checking account is really fee-free. And don't forget ParkStreet has over 40,000 free ATMs across the country.

E*Trade has checking accounts and online savings account plus various CD offerings, but their interest rates are much lower than the other online banks. The advantage though for having an E*Trade account is the convenience of money transfers when you are using this as a stock broker.

Also FDIC insured and no fees is Cit Bank that pays .89% on savings account of at least $100 and 1.05% if the balance is over $25,000 while ableBanking pays .90% on savings amount of $1000 and more. All these online banks are insured by the FDIC so there is no worry about losing your hard-earned money.

Now that you know the online banks that will offer you higher interest rates, perhaps you will make use of this information to help with the bottom line. All the rates are subject to change though so before you sign up, check out the current interest rates and their terms and conditions. Hopefully checking up on the online banks will help in the financial tune-up.

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