5 Incredible Online Banks You Should Know

In this modern world, people prefer to make their transactions on the internet – from shopping goods to paying bills. They love the idea of “instant” compared to actually traveling to stores and payment outlets. Saving money in the bank can also be done in our homes. Digital banks or online banks have gradually gained popularity to the people.

Here are five of the most trusted online banks you can save your money with:

Ally Bank

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From the word ally, this bank boasts its 7,000 teammates who can be your relentless allies for all your financial concerns. They started during the 1920s in which they financed millions of cars for consumers. They have expanded their financing capabilities to home loans in 1989. Due to significant economic downturns, the bank reviewed their business. Until they converted into an online bank in 2009. Now, they continue to become one of the leading digital financial services companies in the world.

Capital One 360

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This bank was often called ING Direct. They are one of the original digital banks that is customer-driven. They offer financial services to individual consumers and businesses. They have a very competitive interest rate on your savings and their network of free ATMs is substantial. Their checking pays interest that is substantially higher than the national average of 0.04%. Further, if you love to travel, you can enjoy their 0% foreign transaction fee.

Schwab

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According to their website, you can save “up to 0.250% interest rate discount on eligible home loans”. They also boast their savings and checking account services with no ATM fees worldwide, no minimum and 24/7 banking. Schwab has some of the lowest ETF fees in the digital banking industry. One of the strengths of their checking account is their offer to reimburse you for all ATM fees with no limits. They also have various trading and investment programs.

Simple

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Simple has been launched four years ago and has rapidly developed a huge following because of their incredible customer service and fantastic financial banking programs. They have an FDIC-insured checking account which can help you save money. They offer free accounts with no hidden charges. Simple has also great budgeting tools that help you save up for bigger purchases. However, they lack competitive interest rates.

USAA Bank

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The United Services Automobile Association (USAA) is a Texas-based financial company that provides banking, investing and insurance services. However, this bank is not open for everyone, they only serve for military and the family of soldiers since 1922. They have property, casualty and life insurance, savings and checking account services and various loan programs. They don’t have any minimum balance requirements on their basic checking or savings. They also have minimal fees compared to other digital banks.

Before choosing the online bank fit for your preferences, you should know about their interest rates, programs and other services.