BankingDeal.com

Here at BankingDeal.com we love online banking. Not only do we see this web 2.0 internet as a time when anyone ca mass publish articles, but it’s also a time when other areas in our life such as banking can be made more efficient. Finding the best online bank is actually a rather easy task, but first; why should you choose an online banking account over a traditional bank or local branch?

By using an online bank for your savings account you can typically expect higher interested rates than traditional brick and mortar banks. This is primarily due to less overhead and a stream lined purpose. Traditional banks have to create products to fit a large variety of potential clients to be successful, but the best online banks operate like fine tuned machines.

So here are 4 Tips to help you choose the Best Online Bank:

1. Interest Rates – Find the bank with a good interest rate. It’s not uncommon to see online savings accounts reach interest rates as high at %4.00 – %5.00 APY. Dollar Savings and Everbank usually have great interest rates and seem to constantly rank among the best online banks.
2. Customer Service – If you show me a online bank who is committed to offering only the best customer service and I will show you the best online bank. We all can think of a time when we had a problem with a product or service, the company that was able to resolve our problem while maintaining a courteous smile won us for life. This is no different with online banking. Make sure to read customer service reviews for online banks. I have created a page where you can vote on your experience and rate various banks. (Compare Banks)
3. Usability – This probably goes without saying, but there are some online banks with extremely cumbersome controls. To me, this goes hand in hand with customer service. It’s called, customer experience. In order to choose a online bank that is going to work for you, make sure that you can easily manage the user interface and controls.
4. Balance Requirements – Not everyone has $100,000 to invest right away. Some online banks offering lucrative high % APY accounts will also have lucrative high balance requirements. Make sure to double check this when searching for the online bank account of your choice.

There you have it, 4 tips rather things to consider when selecting an online bank that will work for you. It’s important to remember that there is no perfect fit, so learn to make your priority list and stick to it. You might find a bank with a %10.00 APY (not likely) but find out it has a terrible interface. Would we care?

Let me know your thought or experiences!