Since online banks don’t have several branches and offices the same way as traditional banks, there are usually no maintenance fees to worry about for keeping the account running. A bonus of having the best online checking account is cash back or APY % perks.
One of the biggest annoyances of having a traditional checking account is that the banks usually charge fees when an account balance requirement isn’t met. There are also overdraft fees and ATM fee charges. Every financial institution has its own rules, but for the most part, online banks and credit unions have rules that are beneficial for customers.
There are usually a few different types of accounts, each tailored towards individuals with specific needs. For example, some web-based banks offer a “Direct Deposit” Express account, which is an automatic feature for checking account holders who want access to their direct deposits ASAP. On the other hand, those who tend to use their debit card and ATMs often may find a “Cash-back Checking” account ideal.
Of course, an essential thing that the best online checking accounts should have is FDIC insurance. Your money should always be safe and insured with the FDIC. The maximum amount may vary, but it’s usually in the several hundred thousand.
Best Online Checking Accounts With ATM Access
An extensive ATM network is a benefit for those who need to have regular access to their cash. The more ATMs that work with the bank-issued debit card near your home or place of work – the better. If there are any fees involved, they should be as low as possible. Once again, nobody wants to have to pay any unnecessary high-fees from any bank.
The bank should build a website to access your finances with the best online checking information and tech security protocols. Ideally, all bank documents are encrypted and appropriately stored in a “Secure Message Center” accessible to the account holder. Fraud alerts are also crucial, as you need the assurance that they will monitor your account for unusual activity. If anything suspicious occurs, you will be contacted and informed right away.
Some security features to look for include firewalls, Secure Socket Layer encryption, and automatic log-out technology after a period of inactivity.
This article is just an overview of the most critical features, services, and technology offered with the best online checking accounts. One bank to consider is Axos. It provides up to $250,000 of insured money per depositor, backed by the FDIC. Axos Bank is also highly rated among consumers.