8 Features To Look For When Choosing An Online Bank

Issac Glantz
By Issac Glantz 8 Min Read
features to look for when choosing online bank

It’s no secret that more and more people are moving their money online. In fact, a recent study showed that over 60% of American adults bank online. Given this trend, it’s no surprise that online banks are becoming increasingly popular. If you’re thinking about making the switch to an online bank, it’s important to do your research first. There are many different options available, and not all of them are created equal. So, what should you look for when choosing an online bank? Here are 8 features to consider.

Security

This should be your number one priority when choosing any kind of bank, online or otherwise. Make sure the institution you’re considering is FDIC insured and that their website is secure. The last thing you want is to have your personal information and money stolen. In addition, look for features like two-factor authentication to further protect your account. Also, don’t forget to read the fine print before signing up for anything. This can help you avoid any unwanted fees or charges. Also, don’t forget to check out reviews from other customers to get a sense of their experience.

Competitive Interest Rates

Interest rates on savings and checking accounts vary widely from bank to bank. When you’re looking at online banks, be sure to compare the interest rates they offer. You don’t want to end up with an account that has low-interest rates. The whole point of banking online is to earn more interest in your money. You will want to take advantage of the higher interest rates that are often available with online banks.

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Some other things to consider when looking at interest rates include:

  • The minimum amount required to open an account
  • The monthly maintenance fees
  • The requirements for earning the highest interest rate possible

Keep in mind that interest rates can change over time, so it’s important to stay up-to-date on what your bank is offering.

Read The Reviews

Finally, don’t forget to read the reviews before choosing an online bank. This can give you a good idea of what other people think about the institution. Be sure to pay attention to all kinds of reviews. Namely, if you want to avoid any potential headaches down the road. It’s also a good idea to read the reviews of multiple online banks. For instance, this review of Chime banking can show you pros and cons of that app, its features and fees. That way, you can get a well-rounded view of each app you check. Then, you can make an informed decision about which bank is right for you. Once you’ve read the reviews and considered all of these factors, you should be ready to choose the best online bank for your needs!

ATM Access

If you need to withdraw cash from an ATM on a regular basis, make sure the online bank you’re considering has ATM access. Some online banks have partnerships with physical banks or credit unions, which gives you access to their ATM networks. In other cases, the online bank may have its own network of ATMs. This can be convenient if you live close to one of their ATM locations. However, it’s not as helpful if you’re frequently traveling or if there are no ATMs near you. Either way, be sure to check before signing up for an account.

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Customer Service

Even though you’re banking online, you should still have access to quality customer service. When you’re considering an online bank, be sure to find out what kind of customer service they offer. Can you reach a live person when you need to? What are their hours? Is there a way to chat with them online? These are all important things to consider. Similarly, the online bank’s website should be easy to use and navigate. If it’s not, you may end up frustrated with the whole experience. Even more so, if you can’t reach customer service when you need them.

Ease of Use

The whole point of banking online is to make your life easier. Be sure to choose an online bank that has a user-friendly interface. Namely, you should be able to easily find the information you’re looking for and perform the tasks you need to do. For example, you should be able to easily view your account balance and transactions, transfer money, and pay bills. Therefore, the modern bank’s website should also be mobile-friendly, so you can access it from your phone or tablet when you need to. Also, a good online bank will also have a mobile app that is just as easy to use as their website. So, you can do your banking on the go, whenever you need to.

Mobile App

In today’s world, it’s important to have a mobile app for everything. This includes your online bank. Be sure to choose an institution that offers a well-designed and user-friendly mobile app. This can be a make-or-break factor when you are looking to choose an online bank. After all, you should be able to do everything on the mobile app that you can do on the website. For instance, you should be able to check your account balance, transfer money, pay bills, and more. If you’re not able to do any of that, it’s not worth your time. Lastly, you should also make sure the app is available for both iOS and Android devices.

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Fees

Many online banks don’t charge monthly fees, but it’s still important to check. Some may have other fees, such as for ATM use or transferring money to another bank. These fees can add up, so be sure to take them into account when you should choose an online bank. Likewise, some online banks have higher interest rates for accounts with larger balances. This can be a good thing or a bad thing, depending on how much money you’re able to keep in your account. So, be sure to consider both the fees and the interest rates when making your decision.

When choosing an online bank, be sure to keep these eight things in mind. By doing so, you’ll be sure to find the best possible option for your needs. With a little research, you can find an online bank that offers everything you’re looking for. So, what are you waiting for? Start looking into online banks today!

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I'm Stuart, a tech enthusiast and experienced writer. I've worked with multiple tech blogs over the years, leveraging my 8 years of digital marketing expertise. My journey began when I was searching for ways to make money online and stumbled upon blogging. Back then, starting a blog on Blogspot was the norm. Aspire to be one of the best bloggers in the world, I've witnessed how the age of the internet has revolutionized technology journalism. In this era of social media and video marketing, it's essential to recognize the importance of reading articles to gain in-depth knowledge and insights. Let's explore the fascinating world of tech together!
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