Best Online Checking Accounts
The Internet offers us almost limitless possibilities. Especially when it comes to finances. Today you can keep your money at almost any bank in the country, rather than being limited to everyday choices in the region.
The best online banks offer the right combination of high APY, low fees and reasonable minimum requirements. Because these institutions often don’t have branches or have limited physical locations, they tend to provide intuitive online and mobile banking services with attentive and easily accessible customer support.
What is an online checking account?
Online checking is provided by online banks, financial institutions that operate entirely online. These virtual banks allow you to manage checks directly from your phone, computer or touch-screen tablet.
Online banking offers benefits such as lower fees and higher interest rates than traditional banks because of low overhead. You’ll pay lower fees, but stepping foot in a local branch won’t be easy.
Customer service for online checking accounts is mostly by phone, online chat or e-mail. However, some online checking accounts, such as the PNC Bank Student Virtual Wallet, allow you to get into a real location.
Although Chase Bank is a regular bank, you can open a general current account online and use it. You can also earn a $200 bonus if you meet certain criteria. While larger bonuses may exist elsewhere, this offer is one of the most affordable nationwide.
There may be a $12 per month service charge on total current accounts. However, if you meet one of the following criteria, you may be exempt from the fee. You will need a minimum of $500 per month, a minimum daily balance of $1,500, or a minimum of $5,000 per day for your eligible Chase account. No minimum initial deposit is required, but funds must be deposited to qualify for the bonus and avoid commissions.
It’s hard to go wrong with a Discover Bank cashback account. There are no minimum initial deposit or current balance requirements, and Discovery does not charge a monthly fee on this account. Discovery Bank keeps fees low across the board and charges nothing for things like standard checks, swift delivery of replacement cards, insufficient funds, and official bank checks.
If you’re a fan of rewards, Discover’s online checking account offers 1% cash back on debit card purchases up to $3,000 per month. If you maximize that rewards, you can collect up to $360 a year.
The Axos Rewards current account has no monthly management fees, monthly balance requirements, overdrafts or underfunding fees.
You can also earn interest of up to 1.00% on this account. This is a higher annualized yield (APY) than most high-interest deposits.
To unlock all the interest opportunities, you must use it as a savings account, and there is a monthly programmed direct deposit. To earn the first 0.40%, you must receive a direct deposit of $1,500 or more per month.
If you use your Axos Visa debit card for more than $3 per 10 transactions per month or enroll in the Personal Financial Manager(PFM) program, you will earn 0.30% interest.
Each of the three measures you can take to earn the remaining 0.30% can increase your rate by 0.1%. The average daily Axos Investment Management portfolio account balance is $2,500 to service an Axos Investment self-direct trading account and an average monthly consumer loan payment of $2,500. Please check your current Rewards account.
Capital One 360.
Capital One 360 offers an interest-bearing current account at 0.10% APR with no fees and minimum limits. There are 70,000 free allpoints and Capital One ATMs available. You’ll receive a MasterCard debit card at the time of purchase.
The Ally Bank Current Interest Account is an easy-to-use account that requires no monthly administrative fees. Ally Bank has been prominent in the online banking industry for several years, providing banks with many opportunities to improve their offerings. Current deposits require no minimum deposit to open an account, receive some balance interest, and standard checks are always free.
When you need help, Ally Bank has a 24-hour on-call representative. Ally J.D. ranks well in. The Power 2020 U.S. Direct Banking Satisfaction Survey and the bank’s mobile app also ranked first in banking app reviews.
We chose PNC Bank for college students. The reason is that the virtual Student Wallet is more than just a current account. That’s because there are 3 accounts in one account.
The spending account acts as the default current account. Students who work here can earn a paycheck or receive a transfer from their parents.
The Earned Account functions as an interest-bearing account that helps you meet short-term savings goals, such as saving for spring break or buying a new iPad.
The Growth Bankbook, on the other hand, serves as an interest-bearing account for long-term goals, such as moving to a new city after graduation or making a down payment on a mortgage loan.
The Student Virtual Wallet offers automatic reimbursement for initial overdraft or chargeback fees, up to two ATM transaction refunds at non-PNC Bank locations, and free transfers for the statement period.
The account also has budgeting and spending tools to help students manage their money.