Online Bank Accounts
November 29, 2009 by · Leave a Comment
The future of banking is changing rapidly as more and more people avoid branch banking and choose, instead, to open online bank accounts. Many banks are exclusively online but most financial institutions also offer services thru their secure websites. Because you aren’t using their in-branch personnel and facilities to process your transactions, they usually offer better deals for doing your banking business online. They money they save in overhead is passed onto you as a consumer as a perk for using their online services.
There are a wide variety of online bank accounts to choose from. Checking, money market and investment accounts are all offered online and there are some great rates out there, much better than you’ll find in person at most banks. You can order your checks and debit cards, open multiple accounts depending on your personal needs, pay bills, transfer money, do stop payments and wire transfers. You can open an investment account, apply for an auto or mortgage loan, print bank statements, move money from one bank to the other and download your financial information to software such as quicken to help you with budgeting.
Some people are suspicious of having online bank accounts because they feel more at risk of loss but there are ways to keep yourself safe from the viruses and fishing scams aimed at stealing your money. Your identity is protected through the use of usernames and passwords at the websites that you access. It is simple to educate yourself on how to protect your online identity as you navigate these websites.
Whether you are looking for a student checking, senior checking, minor child’s savings account or a retirement/investment account, you can find what you need on the web. You can find all major banks online but if you are using one that isn’t as popular, check out the bank you are using. Make sure they are legitimate and FDIC insured to protect yourself and then you’re on your way. Opening online bank accounts is safe and easy and the process provides you all the tools necessary to access your account thru debit/credit cards, checks and ATM’s.
Banking online offers you money management from home, work or even on the go. If you can log onto the internet, you can access your account no matter where you are. Your time is valuable and probably comes at a premium in this faced paced world we live in but as you log onto your online bank accounts to do your banking, the service and functionality you find will greatly enhance your experience.
High Yield Online Savings Account
November 24, 2009 by · Leave a Comment
I’m sure you’ve heard of them, but what do you know about any product referred to as a high yield online savings account? It may sound like it’s over your head, but I assure you it is not. Online banks around the world are competing for your business and you’re your account and a high yield online savings account is one you should definitely check out.
First of all, you should understand what yield means. Yield is your annual rate of return on an investment or savings account. It is written as a percentage. In this article I’m talking about high yield online savings accounts which have specific features. Most are based on amounts of $10,000 or higher, most have a very short-term guarantee period higher interest paid (3-6 months), and many have fees associated with them.
Don’t just let the interest rate offered be the deciding factor in your decision to deposit with an online company. Make sure you check them out. Learn how long they have been in business. Check the FDIC website to make sure they are a legitimate bank and you are insured for the funds you deposit. If they require you to have a checking account package to get the higher rate on your savings, what is the minimum balance requirement. If they charge fees for the account, make sure the rate you are getting offsets that fee and you are really coming out ahead.
As recently as 12 months ago you could get a high yield online savings account for a rate up to 5.00% from many companies. We have all seen the crash that happened since then. There is a great site for you to check bank rates . I saw rates there for as high 1.63% with no minimum balance requirement. Your bank most likely can’t come close to that in this environment for a deposit account.
With savings account interest rates so low, it is more important than ever to find a good savings rate. Higher savings rates lead to higher account balances which can lead to fee waivers on related accounts and many other benefits. It might take a little research, but it is still possible for you to find a good rate on a high yield online savings account. Rates won’t stay this low forever, but shopping for the best you can get right now will make your future easier in the long run.
Bank Online The Benefits
November 20, 2009 by · Leave a Comment
If you’re like most people and busy 15 hours a day, a great solution could be to bank online. Many people are cautious about taking this electronic step in their banking, however most banking sites are very safe. The banks are federally insured and are therefore required to have strict security standards on their websites. There are many reasons why online banking can be a great asset to you and your financial success.
Your daily transactions are harder to keep track of with the switch to debit cards, ATM machines and limited use of checks. Most people don’t even have personal checks anymore. Unless you carry a written register with you at all times, it can be very difficult to keep track of where you used your debit card for each purchase. This is a great reason to bank online. You can check your account balance, transactions (almost up-to-the-minute,) fees, print your statement, get copies of checks that have cleared and transfer money from between accounts with a few easy steps. It is easy to check your balance often so you don’t have a deduction that surprises you and messes up the balance you think you have in your account.
Signing up for online banking can seem complicated but most banks are more than happy to spend the time with you to set it up in the branch. Many of the things you can do on the bank website are services they might charge you for in person.
The following transactions can all be performed online: opening extra accounts, electronic bill payment, loan applications, bank statements, investments, wire transfers, account balancing, ordering checks, past statement printing and usually 7 years of transaction history all at your fingertips. If you have credit cards or a mortgage with your bank, you can pay it with a transfer from your checking account instead of standing in line at the branch, waiting for a teller. So many other services are also available.
Another fantastic benefit? You can download your budget and banking information into personal accounting software such as Quicken or Quick Books. This provides you with great financial management support and allows you to follow all of your finances in one location no matter how many banks you may use for your personal needs.
Always make sure you have a firewall on your account for online banking and your security , plus you scan often for viruses and Trojan software that can put you at risk. You should also change your password often and if you use a public computer make sure it doesn’t record your sign on information. In the end, if you educate yourself about how to bank online and take just a few steps to protect yourself and learn the process, you can save yourself time and money by banking online.
Is Banking Online For You
November 20, 2009 by · Leave a Comment
Are you banking online? So many people have taken this important step towards simpler management of their finances. It is such a valuable tool and saves you time and money when used for account management.
More and more of us use debit cards for purchases now instead of checks. The funds come out of your account quicker than they used to because funds now move electronically instead of a paper check being presented for payment at your bank. Daily transactions are harder to keep track of now. Unless you carry a paper register with your debit card to write down each purchase during the day, they can get ahead of you but they are listed within minutes online, so checking daily or every few days gives you the opportunity to balance your account without waiting for the statement to come.
Many of the services you get in the bank are available thru banking online which saves you time (no standing in line for a teller) and money. You can check your account balance and see all of your transactions (almost up-to-the-minute,) fees, print your statement, get copies of checks that have cleared and transfer money between accounts with a few easy steps. It is easy to check your balance often so you don’t have a deduction that surprises you and messes up the balance you think you have in your account. Most banks charge a fee for these services if you do them at the branch and they can all be performed online. Obviously you need to find the best online banks to deal with.
More features while banking online? Opening accounts, electronic bill payment, loan applications, bank statements copies (7 years back,) wire transfers, account balancing, ordering checks and many other services. A great financial planning benefit is the ability to download your budget and banking information into personal accounting software such as Quicken or Quick Books. This provides you with great financial management support and allows you to follow all of your finances in one location no matter how many banks you may use for your personal needs.
If you have difficulty at the bank website getting signed up, go to the branch. Most companies are happy to help you with the initial sign up and will walk you thru the website so you have a better idea of how it works. In the end, if you educate yourself about how to do it and take just a few important steps to protect yourself, you can save yourself valuable time and money by banking online.
Bank Online, Online Savings Accounts
October 7, 2009 by · Leave a Comment
If you are contemplating opening an online savings account at the end of the day there really is only minor differences between the best online banks. Personally I want the best interest rates for my online savings accounts, and I want quick and easy access to my money. Finding the best interest rates for online savings accounts is generally not difficult. Finding the online savings account that makes site navigation and is user friendly might be a little more challenging. Regardless of what bank online you choose ultimately you are at the mercy of their customer service department.
Online banks generally make money with various fees for transactions. So you want to make sure you understand the fee schedule of the bank that you choose. These days the banks online are extremely competitive when it comes to pursuing new business and new accounts. Incentives to open new online savings accounts vary from personal gifts to higher interest rates.
Keep in mind that while your account balances will be accessible 24 hours of the day transfers between accounts and withdrawals may require a few days to occur. For many people these delays can be a nuisance however, for many people it offers a built-in discipline for reckless spending.
If you have never opened an online savings account it would probably behoove you to start off with an account to help you experience the differences in a traditional bank account.
Remember that your online savings account is exactly that, a savings account. Generally speaking with online savings account there are limits to the amount of withdrawals you can make in a given month. If you find yourself having to make withdrawals beyond account limits you probably need an online checking account instead of an online savings account.
New online savings accounts generally have holds placed on the accounts. This can be frustrating, but it is part of the process of establishing your account online.
The Best Sources For Online Savings Account Rates
Presently interest rates are very low for savings accounts. However, inflation is low as well. Seeking out a high yield online savings account will maintain your buying power versus inflation. Everyone needs an emergency savings cushion and the present market conditions allow you to make significant gains versus inflation. Savings is never easy for anyone but conditioning yourself to a few basic fundamentals of saving money can help. Pay yourself first. Set up an automatic withdrawal if possible from your paychecks and deposit them directly into your online savings account. Here are a few onlien banks that can help with your financial goals.
ING DIRECT – High Yield Savings with the Orange Savings Account. offers up to 1.65% APY, on their Electric Orange interest checking account on high balances. They feature a web interface, free bill pay, free ATMs at 35,000+ locations and an online application and is truly a leader in the industry.
HSBC Direct offers 1.45% APY, no fees, web interface. $1 minimum to open. Named “best online savings account” by Kiplinger’s Personal Finance in 2006.
WTDirect Savings Account offers a variable rate currently at 1.66% APY on all balances for first 60 days. Beyond that, accounts >$10,000 continue at the variable 1.66% and lower balances are adjusted to a lower variable rate. No Fees. FDIC Insured. No minimum deposit to open the account and no checking account required in order to get the high rate.
Online Banking And Your Security
October 6, 2009 by · Leave a Comment
It is hard to imagine but it wasn’t too long ago that online banking did not exist. In fact, in it wasn’t all that long ago that anything online existed. Internet shopping and Internet transactions have evolved into a safer environment for consumers. Still people want to know is banking online safe? Frequently concerns are centered around someone stealing someone else’s personal information and cleaning out a bank account online. So let’s take a look at online banking and see if your money is safe.
Online banks consider security priority one and commit extensive resources to protect the consumer against online banking fraud and identity theft. Certainly you have heard all the advertisements about identity theft and theft of credit card numbers. At the end of the day online banking and online banking transactions are secure and safe.
Perhaps what is overlooked is that traditional banking methods have their own security concerns. Think about it, your mail, i.e. your bank statements could easily be intercepted and abused. Most banks communicate a pin number, PIN, via mail. This pin number often follows an ATM card sent a few days before. Assuming you pay your bills via a paper check, you are at risk for exposing your account number, perhaps your Social Security number, and your phone number, which are often printed on the check. This does not include the potential for bank employees stealing your personal information during counter transactions.
The point is, nothing in banking either traditional or banking online is 100% secure. So how do you protect yourself against fraud and theft with online banking? Most online banks, for example Bank of America offered guarantees when it comes to the security of online bank accounts.
Clearly stated on their online bank account website is, “With our Online Banking service, you can be confident that your Bank of America accounts will be secure and protected. Our safe online banking measures guarantee $0 liability for any unauthorized activity originating from Online Banking”. That would probably be enough of a guarantee for most consumers but let’s look further at what personal responsibilities and actions we can take to secure our online bank accounts.
Obviously all online banks systems, computers are protected by firewall, and all data transfers use SSL transfer.
On a more individual level you can make sure that you maintain access and control of your own computer and limit its use to yourself. When you complete a transaction online with your bank make sure you break the connection with your bank’s computer. That sounds very simple but it is surprising how many people walk away from a computer still logged in to an online bank account.
You should regularly review your online bank accounts online so that in the event of a fraud you can report it to your bank quickly. In other words, just like you would monitor and audit a traditional paper bank account, those same managers should be implemented with your bank accounts online.
Be Your Own Banker
May 25, 2009 by · Leave a Comment
Banking is not what it was fifteen years ago, or even ten years ago. The cost of doing business has risen dramatically and it just isn’t cost effective to encourage in person banking anymore. More and more banks are encouraging their customers to do business online. Part of this is starting to charge fees for things that used to be free. But how can you avoid these fees and still manage your finances with smart banking.
If your spending a lot of money in fees every month, first you need to examine the banking products you’re using. This is things like cost checking accounts, high interest savings accounts, and other such things. Most of these services charge a fee unless you meet certain requirements. Maybe these services no longer meet your needs and you’re getting charged unnecessarily. Meet with a banker to determine if there’s something else that would better suit you needs.
Try to determine if your using in person bankers for things that you may not need to be. Part of smart banking is doing what you can by yourself. If another human being is required to service you, this is highly expensive for the bank and there will likely be a fee involved. So, if you just want to know your balance it will be cheaper for you to check it online or with the automated phone system. This also applies for in person banking. There will be more fees simply because it costs so much to hire, train, pay, and supply uniforms for the employees.
Also the type of transaction you use could be the problem. Some banks are charging fees for check usage because so much more work is involved to process it. Electronic transactions are much less expensive so likely would be fee free. All you need for this area of smart banking is a debit card. Anything done without actual paper if going to be much less expensive. Educating yourself about your bank’s procedure is the best way to avoid unnecessary charges and bank online.
Banks Online – How to Find the Best Online Banks
April 9, 2009 by · 1 Comment
More and more people are discovering the ease of convenience that comes with using banks online as opposed to a brick and mortar financial institution. Banks online can not only offer convenience but also access to your accounts any time of the day and night, as well as every day of the week (including Sunday’s and holidays!). There is no more rushing to the bank before it closes to discover that you are five minutes late, or worse, you got the hours wrong!
The best online banks can offer you as many financial options as your former banks can and many people argue that the security of banks online is actually better than many brick and mortar institutions and getting better all of the time.
Advantages of Banks Online
Banks online offer a tremendous number of advantages including the time saving element of paying bills directly from your home or work computer, as well as the ability to transfer money from one account to another and from different banks and brokerages, not to mention the ability to view your cancelled checks right in front of you on the screen. Some banks online will send you an e-mail if your balance is running low. Yet another advantage- many of the best online banks have reduced the amount of time it takes for payments sent electronically to clear. It has dropped from five to seven business days down to two to three.
There are banks online that are only online but there are also well known brick and mortar institutions that now allow customers to do much (if all) of their banking online. The well established banks have plenty of resources to build an online presence and offer an assortment of valuable banking opportunities. Some customers enjoy being able to bank online as well as having the option of going into their physical bank if they need to. In this way the banks online offer the best of the banking world!
The best online banks at the present time happen to be two of the biggest. These are Bank of America which boasts 13.6 million online customers, and Wells Fargo is not far behind with 6.8 million online customers.
Best Online Banks- Which Really is the Best?
When it comes to banks online there is plenty of competition. Watchfire GomezPro is an Internet research firm that recently ranked the top 10 best online banks. The criteria they used were the features that customers deem as most important. Read on to find out what they discovered about the best online banks.
All of the banks online that the firm looked at adequately provided for the main services that customers are looking for. These services include such things as guarantees against late bill payments and protection against computer fraud.
Banks Online- The Top Five
When the list of banks online was narrowed down further into the top five best online banks, the differences between each became very minor. For example, Wells Fargo ranked as the number one bank online because it offers Quicken-style tools for viewing a customer’s spending habits. However, Citibank, which was ranked number two of the best online banks, was considered to do better than Wells Fargo when it came to “money movement”. In other words, transferring money from one account to another or one bank to another.
Bank of America came in on the list as the third best online bank which then gave rise to the fourth best online bank- that of E*Trade Bank. Ranking fifth on the best online banks list was Huntington.
Banks online can offer the personal touch that you may be used to at your brick and mortar bank but in a different way. As more and more businesses goes online and the world of banking changes to reflect this, it is well worth your while to learn more about the best online banks and to look at all that banks online have to offer you!
