It has been over a year since we have visited the topic of online banking. As there are apps for this and apps for that, online and mobile banking have become a larger part of daily life. Will younger generations even know what a deposit slip is? Maybe not. As traditional banks charge fees and are normally less convenient for the busy student/worker/professional, many people are turning to online banking for their saving needs. Because the student of today is connected virtually to more than ever, online banking is a great option, especially if you are looking for a place to save money for longer periods of time. Many non-traditional online banks offer better interest rates on checking accounts, savings accounts and more. As everyone should start an “emergency” savings fund as soon as reasonably possible, these online banks are great vehicles for doing just that.
- HSA Banks: Health Savings Accounts offer a great way to put money away for medical needs in the future. You receive a tax deduction for contributing regardless of your income level and you can open the account and track it entirely online. HSA Bank is a great place to start!
- Everbank: This online bank offers high yield checking accounts and money market accounts. With Everbank, there are no monthly fees and allowed mobile check deposits, along with electronic transfers. Ally Bank is another online bank that offers high yield savings accounts. Both of these banks currently offer almost 1% in interest per year (rate is partially dependent on maintaining a certain balance).
- Simple: Newer to the block, Simple offers a one stop shop for mobile banking and budgeting. Its budgeting tools claim to help you know what you CAN spend versus what you HAVE to spend.
Whether you have $1,000 to start or $30,000 to save, check out some of these online banking tools. They may help save you time AND money.
What are some other online banking resources that you have found helpful?
~Megan Mathers, JD, Pesavento & Pesavento