|
 Online
Checking Accounts offers (as well as opening deposits and minimum
balances necessary to avoid fees) vary, so it is a good idea to compare offers. We have links to a number of available
services on this page.
With an online bank checking account, as long as you have access to the Internet, you can check your balance, transfer
funds electronically, pay bills and see past statements--virtually anything you could do if you were in a physical
bank branch (without, of course, having to stand in line).
Some benefits of online checking accounts may include:
- Free initial check order
- Free unlimited check writing
- Free ATM or Debit Card
- Free unlimited online account access
- Free unlimited online telephone account access
Interest Checking Accounts
If you are able to maintain a bit more of a balance, online banks offer easy access to checking accounts that are not only free but
earn interest, getting much more efficient use of your money. In all cases you will need to carry a minimum balance,
but instead of your checking account--your "working capital"--sitting there earning nothing, you can
get a tangible (and save-able)
return on your money. Some banks will combine both checking and savings accounts giving you the advantage of interest
and check writing ability.
Examples of Online Banks with
Free Regular Checking Accounts
|
Bank
|
Minimum Initial Deposit
|
Balance Needed to Avoid Fees
|
|
Bank
of Internet 
|
$500
|
$5000
|
|
WaMu
Free Checking
|
$1
|
$.01
|
Comparing Interest Checking, Money Market
and CD Accounts
|
Benefit
|
Interest Checking
|
Money Market
|
CD
|
|
Check Writing
|
Yes
|
Yes--Limited
|
No
|
|
Fixed Term
|
No
|
No
|
Yes
|
|
Interest Rates
|
High
|
Higher
|
Highest
|
Hints on Online Checking Accounts
|
H
I
N
T
S
|
Initial Deposits. Compare
the amount of the initial deposit--they can vary from $100 to $1000 or more, depending on the bank and the type
of account. |
| Minimum Balances. Go
with the bank and the account whose minimum balance requirements best match your normal balance levels. Not having
to pay fees is one of the biggest advantages of banking online. |
| Telephone Access. Does
the bank have telephone access available if you can't access a computer? What hours is access available? |
| Paper Checks. Is the
initial order free? Can you reorder checks online? |
|
