July 8, 2020

The Many Benefits of Online Checking Accounts

Benefits of Online BankingOnline checking accounts are quickly becoming a hit, and there are many solid reasons for their popularity. Most online banks can now offer the same tools and resources that traditional banks offer, and actually these traditional banks are starting to turn to online ones to see what is on the cutting edge of modern banking. The biggest advantage online-only banks have over brick-and-mortar banks is the ability to save you money while at the same time earning you more money.

A Convenient Option

Obviously, with the widespread use and availability of the Internet, online checking accounts are a very convenient option. Anyone who owns a computer can access their accounts at any time, and those with laptops, smartphones, and tablets can access them in public places with free Wi-Fi or anywhere in the world with 3G or 4G services. The services are also available 24 hours a day/7 days a week and anything you need to do can be done quickly and efficiently. For example, with just a few clicks you can check out other investment options offered by the bank like certificates of deposit or IRA money market accounts.

Two Kinds of Online Banking

There are two different ways that people can get online checking accounts. One way is through the online version that many traditional banks are now offering, and another is via online-only banks which don’t have any physical locations. Each has their benefits and drawbacks.

Some online-only banks can provide you with checking accounts that have lower fees and higher rates of interest. There also are no minimum balance requirements and so no fees for low balances. Some even reimburse you for ATM fees. The downside to online-only banks is that they are fairly simple and cannot offer much more than the basic checking accounts. Their perks may be good, but you might be able to find better results in a high yield checking account through the online portion of a traditional bank.


Online Checking AccountsRegardless of which way you choose to acquire your online checking account, the fact still stands that online banking in general is the new and best way to bank. You can view your account and transaction history online, pay bills, transfer money, and keep tabs on your spending and saving. Online tools such as graphs to track spending and money management apps are other useful resources that are available. And the effectiveness of online banking is continuing to grow as banks come up with more ideas and efficient practices, such as some banks now allowing checks to be deposited remotely by snapping a photo of them with a smartphone. Many people hate having to go to the bank, and even those that don’t mind it find themselves having to go less and less because of online options. For all of these reasons and more online banking is quickly becoming the new standard.