Fintech News | Fintech Zoom

Best Online Checking Accounts of 2020

Best Checking Accounts

Best Online Checking Accounts. Checking accounts are yet another aspect of everyday life that is increasingly moving online. The days of meeting staff in a physical institution to sign up for a bank account and returning each time you need to deposit money or make a payment are long gone – it’s now far more convenient to manage our accounts online.

BBVA

  • Best for students and military personnel
  • Get $250 for opening checking & savings
  • Zero-fees for students and military
  • Apple, Google, & Samsung Pay compatible

Chime Bank

  • Manage accounts from your phone
  • Earn 0.01% APY
  • No foreign fees
  • Free Visa debit card

Chase

  • Premium full-service online bank
  • Earn 0.01% APY
  • No transaction fees
  • User-friendly & secure app

Axos

  • Range of digital banking tools available
  • 5 types of checking account available
  • ATM fee reimbursement
  • Earn 1% cashback

Radius Bank

  • User-friendly app with robust features
  • Earn 1.00% cash back
  • Apply online in less than 3 minutes
  • Free ATMs available worldwide

 

How to Compare Online Checking Accounts

No 2 online checking accounts are equal, so it’s worth doing a comparison shop before settling on an online bank. The following is a checklist of things to focus on when comparing online checking accounts.

  • Monthly Fee: Some online checking accounts come with no monthly fees while others come with a flat monthly fee (typically ranging from $1 to $50). Typically, banks agree to waive the monthly fee if the customer keeps their balance above a minimum amount (e.g. $1,000 or $10,000). Always ask what you’re getting for your fee. For a basic checking account, there shouldn’t be any fee. For an account that’s packed with features, a fee is considered acceptable.
  • Additional Fees: Online banks always charge a fee for international transfers and some also charge for domestic transfers. Most online banks offer free ATM withdrawals from their own ATMs and reimbursements from third-party ATMs.
  • Customer service: Some online banks have physical branches, while others operate exclusively online. Some offer personalized customer service (usually for a monthly fee) while others make you wait on the phone with everyone else. Some offer live chat straight from your online or mobile bank account, others don’t. Many online banks offer round-the-clock customer service.
  • Savings accounts: Some banks only offer checking accounts. Others offer a selection of checking accounts, savings accounts, and certificates of deposit. Better yet, some banks offer hybrid checking-savings accounts that let the customer simultaneously have everyday access to their account and save money.
  • Credit or debit cards: Like regular checking accounts, online checking accounts usually come with the option of linking a credit or debit card to the account. Online banks are increasingly offering customers a choice of credit card plans, each with a different rate and different set of features and benefits.
  • Loans: Another benefit of opening an online checking account is it can give you easy access to loans. Depending on the bank, there may be personal loans, home loans, auto loans, and many other types of lending products. Online loans offer the same benefits as online checking accounts: greater convenience, lower fees, and quicker applications.
Read