[ad_1]
Tired of traditional banks’ high fees and poor customer service? If so, it may be time to consider switching to an online bank. Online banks offer many advantages over traditional banks, including lower fees, better customer service, and more innovative products. But there are so many online banks to choose from.
Here are some tips for finding the online bank that’s right for you.
1. Decide what kind of account you need
Not all online banks offer the same products. Some banks focus on savings accounts, while others offer checking accounts, savings accounts, mortgages, and all other products.
Decide what kind of account you want so that you can easily sort your options later. For example, if you want to keep your checking, savings, and investment accounts under one roof, you can quickly eliminate the many institutions that do not offer investment accounts.
2. Create a wish list of must-have features
Then create a wish list of all the features you want for your new online banking.
Some features are non-negotiable, such as FDIC insurance and low fees. However, there are some less obvious features that you might want to add to your wish list:
- Industry leading APY
- Free overdraft protection or cash advance
- early payday
- lots of free ATMs
- ATMs accepting cash deposits
- No international transaction fees (when traveling abroad)
- Automatic savings tools (such as rounding up debit cards)
- Tools for budgeting, investing, or paying off debt
- Multiple types of accounts (all under one roof)
Once you know what’s important to you, you can easily find a bank that meets all your requirements.
3. Start searching
The next step is to create a list of online banks that might suit you. A good place to start is to google our list of the best online banks.
Popular online banks include:
For example, it’s important to keep everything under one roof, and if you already have a Discover credit card or student loan, we recommend opening a checking and savings account as well.
If you’re struggling with cash and want an online bank that offers free overdraft protection, savings tools, and an early payday, Chime might be for you.
Use the features outlined in Steps 1 and 2 to guide your investigation. Then you will have an online bank that fits your needs.
4. Think Customer Service
One of the biggest drawbacks of traditional banks is poor customer service. Online banks often offer better customer service and often have 24/7 phone support and chat capabilities.
Once you’ve narrowed down your list of top online banks, it’s time to check out customer service. is.
Trustpilot and Reddit are two good places to look for candid feedback.
Want to go one step further? Call customer service yourself to see how long it’s been on hold and how much it really helps. After all, to see if online banking is right for you, nothing beats first-hand experience.
5. Check your mobile app
All online banks have mobile apps. So the question is, is it a good one?
To find out, look at app store ratings and read customer reviews for the online bank you’re considering. It’s a red flag if the app is having issues or crashing frequently.
Also, pay attention to how often your bank updates its app. Make sure you roll out new features and fix bugs on a regular basis.
6. Dig into the fine print
At this point you very close To find the online bank that’s right for you! But do some more research and dig into the details before making your final plans.
Here’s why: Finding a truly 100% free bank can be difficult. Some also have quirky restrictions that hinder the banking experience.
So before opening an account, read the disclosure or fee schedule carefully (this is usually a PDF you can find on your bank’s website). Specifically, check the following:
- Burial fee: Even if it’s just wire transfers and debit card exchanges, it’s entirely possible that online banks will charge their customers. SomethingThat’s why it’s important to read the price list carefully. Even if their website screams “no fees,” the fee schedule reveals the hidden things you need to know.
- Deposit and withdrawal methods (and limits!): Write down all the ways you deposit and withdraw money from your account. Also, be aware of applicable ACH transfer restrictions. For example, Bank A can send up to $10,000 per day, while Bank B can send up to $2,500. Depending on your situation, you may need a less restrictive bank.
7. Open an account
Once you have decided on an online bank, open an account. This usually takes only a few minutes and can be done completely online. Simply visit your bank’s website and click a button or link that prompts you to open an account. This will redirect you to your application page.
Tips: Opening a bank account online typically requires your name, address, social security number, and government-issued photo ID.
Once you’ve set up your account, take some time to familiarize yourself with the features and how it all works. Trying it out for yourself is the best way to find out if an online bank is really the right fit for you.
If not? no worries. You can always close your account and move to another bank. With so many great options, you’re sure to find one that’s right for you.
Conclusion
With so many good online banks out there, it’s important to do your research to find the one that’s right for you. Always read customer reviews, find out more, and test for yourself before taking the plunge.
[ad_2]
Source link
