Updated on May 19, 2023
If you’re seeking for a hassle-free banking experience, online banks like Current should be able to help.
Despite the fact that their benefits and features differ, most online banks make it simple, fast, and inexpensive to send money.
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What Are We Going to Discuss?
The interest rates of online banks like Current may be high, but there are no monthly fees and a wealth of money management resources available.
Chime Savings Account, Discover Bank, Capital One 360, and many more are well-known online banks that compete with Current.
The fees, rates, and security features of an online bank are all factors to consider before making your final decision.
The List Goes On…
What Do Online Banks Like Current Offer?
For the first time, you may realize that interest rates on internet banking are quite high.
Despite this, they offer lower rates than the norm, such as for ATM usage and monthly maintenance.
Other account features include ways to save more money and incentives for making regular purchases, all of which can help you better manage your finances.
Intuitive mobile banking apps allow you to manage your money with ease 24 hours a day, seven days a week.
Like Current, these are the top six online banks.
No matter if you want to open a high-yield savings account or a single online bank to manage all of your needs, you have several possibilities.
Savings Account with a Chime
Online-only financial technology company Chime provides checking and savings accounts as well as other services like mobile check deposit and lending alternatives.
Deposits are safe because the Federal Deposit Insurance Corporation (FDIC) insures them, even though it doesn’t operate like a typical neighborhood bank.
What Are the Benefits of Using It?
Chime’s savings rates are competitive, its fees are modest, and it does not demand a minimum balance.
With this service, you can access a vast network of ATMs without incurring any fees.
With Chime, you can get your direct transfer up to two days early..
Direct deposit enables employees to get their paychecks up to two days earlier than they would otherwise.
Chime does not charge fees when you use your cash outside of the United States, but other banks often charge between 1% and 3% of the transaction price.
Identify a Web-based Financial Institution
High-interest savings accounts, personal loans, money market accounts, and CDs with terms ranging from three months to ten years are offered by Discover Bank.
What Are the Benefits of Using It?
Over 60,000 ATMs are available across the country.
Discover’s savings account has a 0.40 percent annual percentage yield.
Up to $3,000 in monthly debit card transactions earns 1% cash back with Discover’s Cashback Debit account.
The Discover costs are kept to a minimal.
There is also no charge for payment interruptions such as cancellations, returns, and overdrafts.
The Capital One 360 Performance Savings program is designed to help customers save money.
In addition to the 360 Performance Savings account, Capital One offers a free savings account that also provides a decent rate of return. Simple to use, you may deposit checks, pay with credit card, and monitor your savings all from your mobile device.
What Are the Benefits of Using It?
To open an online savings or checking account, you don’t have to make any initial deposits or pay any monthly fees.
Children can learn how to manage their own finances when their parents open a bank account for them.
Children as young as eight can open a checking account with Capital One and receive a debit card.
Young folks looking for minimal fees can find plenty to choose from at Capital One.
It has a wide range of credit cards on its servers.
Bank of Varo
In addition to the Varo Bank Account, Varo Bank offers a savings account (the Varo Bank Savings Account) for customers who choose to save money (the Varo Savings Account). Out-of-network ATM withdrawals cost $2.50.
What Are the Benefits of Using It?
The savings account interest rate at Varo Bank is among the best in the business.
Savings accounts offer 0.50 percent annual percentage yield (APY) on all accounts, with certain savers earning up to 3.00 percent APR.
There are no monthly fees or minimum balance requirements on the checking and savings accounts offered by this bank.
Paydays can be sent up to two days earlier if you opt for direct deposit.
Customer service professionals can be reached via phone or email seven days a week.
High-Yield Savings Account with Axos Bank
As of this writing, Axos offers five unique checking accounts; one savings account; a money market account; and CDs with terms ranging from three months to five years.
What Are the Benefits of Using It?
It maintains cheap fees and strong yearly percentage returns. A fair down payment is necessary.
Customers can withdraw cash from any of the almost 91,000 ATMs located across the country.
Axos offers round-the-clock customer service by phone and encrypted online messaging through the company’s website.
Axos also excels in the mobile banking arena.
The bank’s app has a high rating on both the App Store and Google Play, making it convenient for consumers to do basic financial operations while on the go.
Bank of America (Ally)
In addition to checking and savings accounts, Ally Bank also offers money market and certificate of deposit accounts with terms ranging from three to five years. Two- and four-year boost your rate CDs are also available, as is an 11-month CD without a penalty.
What Are the Benefits of Using It?
In terms of client satisfaction, Ally Bank scores highly.
Live chat, email, and regular mail are all ways you can get answers to your questions.
The Ally mobile app, accessible for iOS and Android, has received high praise in the app stores and Google Play.
In addition, Ally’s products are frequently available at low prices with no monthly fees or a minimum balance restriction.
It has an extensive ATM network and reimburses up to $10 every statement cycle in fees charged at out-of-network ATMs.
When Choosing an Online Bank, Here are seven things to look out for.
You can see for yourself how many options are there when it comes to internet banking, which might make it tough to chose. Here are a few factors to keep in mind before making your final decision on an ideal online bank.
Rates
It’s important to shop around for the best interest rates on your several types of accounts, including your checking, savings, certificate of deposit, and money market. Choose banks that pay out more money in interest each year (APY).
Monthly expenses for upkeep
Banking apps frequently have monthly upkeep options. With so many free options available, there’s no reason to use a bank account that requires a monthly fee.
Fees for using a debit or credit card at
Selecting an account should include consideration of whether or not it offers free or low-cost ATM access. You may still be charged fees by other institutions if you use an out-of-network ATM, but the best online banks now offer ATM fee rebates.
Overdrafts Having a bank with a cheap overdraft cost is a must, therefore look for it when choosing a financial institution. It’s also important to note that certain banks require a minimum monthly amount in order to maintain an active account.
Safety
Look for a bank that is insured by the Federal Deposit Insurance Corporation (FDIC), which provides up to $250,000 per depositor, per bank in the case of a bank failure.
The banking experience of customers
Digital banking has made it possible for customers to conduct their financial transactions whenever and wherever they want. The website and mobile app of an online bank are where you’ll do the majority of your dealings with the institution.
The finest online banks include simple internet interfaces and highly rated mobile apps for banking on the go. Check out the app’s ratings and comments from users on the App Store and Google Play.
The End of the Story
Online banks are known for their low fees, high annual percentage yields (APYs), and user-friendly digital banking facilities. In the end, the best online bank is the one that best meets your financial needs, regardless of whether it’s a single savings account or a full-service bank.
When searching for the best banking relationship for you and your family, keep in mind what you need most from an online bank.
FAQs about online banking services like CurrentCredit.com
Is using an online bank safe?
Overall, online banking is safe. The Federal Deposit Insurance Corporation should insure your bank accounts (FDIC). Online banks are subject to the same regulations as regular banks.
Internet accounts are safer than traditional bank accounts in many ways because of the use of electronic statements and digital transactions rather than physical checks.
The question is whether or not Current Bank is a web-based bank.
In order to access your accounts, use the mobile app provided by Current Bank. Savings Pods, a convenient way to set money aside for a variety of goals, as well as quick direct transfers and automatic gas credits, are just a few of the things it provides that its competitors do not.
What are the finest online banking options out there?
An online bank that meets your individual needs is the best. If you’re happy with your current bank but want to earn more interest on your savings, consider switching to an online bank with a competitive high-yield savings account. If you’re thinking about switching banks, look at the big picture.
