How to Choose an Internet Bank

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By almommabear
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Confused about choosing an internet bank?

It is important to do all of your research before choosing an internet bank. No two banks are the same, so you must evaluate each one on various subjects. Here is some criteria for choosing an internet bank that meets your needs.

Difficulty: Easy

Instructions

Things You'll Need:

Internet

Step 1

Find out what the APY (annual percentage yield) is. The APY is usually higher for internet banks than traditional branch banks, however not every internet account has the same APY.
Step 2

ATM

Find out how easy it will be to get to your money. If you need to use the cash, do they have ATMs or debit cards? Where are those ATMs located? Are they in close proximity or on the other side of the state?
Step 3

Does your existing bank offer internet banking accounts? If so, this may be worth looking into. Most banks will offer rewards if they maintain all of your business.
Step 4

What else do they offer? Do they have CDs or linkable accounts so that you can transfer money as you please? What are their rates for the CDs?
Step 5

Make sure that you understand how to get in contact with the bank as well. You are bound to have a question or need assistance sometime, and you need to have easy access to customer service.
Step 6

Lastly, you ALWAYS need to make sure that the internet bank you choose is FDIC insured. If the answer is no, steer clear of that bank.

Comments

Thims said

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on 12/19/2008 Excellent information. Just let me add. I don't think Credit Unions are "FDIC" insured, they are insured by NCUA, but do not discount some of these. Research is the key. Good article.