Nowadays, there are many online-only banks that are preferred by customers more than the traditional brick and mortar banks. It is not only about the services and facilities that online-only banks offer, but it is also because of their lows fees and charges that these banks score over regular banks. Some of the hallmarks of online-only banks include free ATM access, mobile-friendly features like remote check deposit, and robust websites that give them an edge over other financial institutions.
Like there are some best banks among so many traditional banks, there are some best online-only banks too. These banks are called the best due to their friendlier fee compositions and high interest rates. Now, you would wonder as to why online-only banks offer such incredibly low fee rates and high interest rates. Let me tell you the reason behind it.
This is because online-only banks do not have any ATMs or branches and the costs that they save from it is directed towards offering the best rates to customers, hence benefiting the customers as well the bank itself. And, this does not make them vulnerable or unprotected. They are fully secure and are supported by the FDIC.
Top 4 online checking accounts
The online-only banks offer checking account too, apart from other financial services. These checking accounts have their own fees and interest rates. Have a look at some of the top online checking accounts.
Ally interest checking
The Ally bank offers its checking account to customers. It is one of the best online-only banks in terms of its checking accounts and customer services. It offers strong interest rates and more than 43000 free of surcharge ATMs. Its outstanding customer service is one of its major attractions.
Additionally, Ally proves a nice digital experience to its customers, including all the essential details of online banking that is covered in a simple and convenient package. Ally customers can also perform their banking work on Amazon Kindle, which is quite a unique feature of this online-only bank. Some of its other banking features include:
- Real-time chat support
- A call center that provides services seven days a week and 24 hours a day
- Secure and safe messaging service in online banking
- Twitter reach
- Unsecure messaging service through a form available on the main website of the Ally bank
Simple is a banking startup that has gathered more than 100000 customers for its checking account in no time. It was till BBVA bought it in early 2014. For its huge clientele base, all thanks goes to its top-notch lineup of digital tools. One of the amazing features provided by Simple to its customers is the ‘safe to spend’ number. With this number, Simple tells the customers the amount that they can afford at the time depending on their balance, savings goals, and upcoming bills.
This makes it easy for the customers to spend by telling them about their spending limits, with an accurate figure instead of a misleading figure or focusing on their available balance. Furthermore, you can withdraw any amount of money through a Simple account, without any fees through its massive network of Star ATMs. However, total withdrawals are limited to only $500 within a period of 24 hours, which is lesser than a few other online-only banks.
Capital One 360 Checking
The 360 checking account of the Capital One online-only bank has one of the best overdraft policies. It offers its customers two methods to handle their overdrafts. These are:
- One of the ways is to apply for its overdraft facility through a line of credit, which is a borrowing option for a short period of time. It comes without any transfer fees and has a reasonable 15 per cent rate of interest.
- The second method is to enable the bank to not pay charges for which you do not have sufficient cash.
In both of the bank’s overdraft facilities, customers can save themselves of any trouble, as the former one offers them an inexpensive option with just a fraction of the regular overdraft fees and the latter one allows them to have no overdraft service. Besides these, the Capital One 360 checking account also provides a fantastic array of mobile as well as online tools, in addition to free of cost access to more than 38000 Allpoint ATMs. And, with its debit card, you can receive cash back without any fees at most of the stores in the market.
Moven provides its customers with a mobile-only account absolutely free of cost. It offers a debit card too with its checking account, which can be used at 40000 free ATMs. The graphics of this online-only bank are easy and simple to understand, so that users can know their finances in a better way.
The customer service of Moven is limited to only email tickets, but it can also be reached through Facebook and Twitter. There is no phone number of this online-only bank on its website. Nonetheless, if you prefer to handle your finances through your Android or iPhone device, then Moven is a great place to do so.
You can choose any of the above-mentioned checking accounts and enjoy the benefits.