I am very intrigued by online banks.I'm not talking about online banking, but rather a bank that replaces the local brick and mortar building. After doing a little research, it seems that an online bank can now legitimately replace my traditional bank and branch model completely.
What caught my attention initially with online banks were their great rates. A typical online bank's saving account may have a 5% yield. That's about 10 times the return on most traditional bank savings accounts. Some online banks allow you to use any brand ATM and they automatically reimburse any fees that may occur. Now that's pretty cool.
Now don't think I'm getting ready to switch any time soon. I ran this by the family banker (Macy) and she was not too impressed. But at least she listened.
I am intrigued. For more information on online banks, check out this Money Magazine article.
1 comment:
If it wasn't for those pesky minimum balances. Then again, with the thousands upon thousands of disposable income I carry in my account I wouldn't have an issue...
I like the the flexibility and convenience of the local brick and mortar for day to day banking, and the online banks (ING for me) for short term savings.
I like www.bankrate.com for all the latest info on banks and rates.
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