Online Banking Options For You

Are you tired of schlepping to the bank to do your business? Sure, you need to do your weekly trip to the ATM but even that is changing as cash back when using your debit card is one option. Perhaps you have wearied over the lack of service, long lines at the drive up, or are sickened by excessive banking fees. No matter what boils you, you have an alternative: online banking.

Yes, I know what you are thinking: how can I do all of my banking online? Well, I am not saying that brick and mortar banks are dead. No, they are useful for one thing: your checking account. However, if you have other funds which you want to set aside and are looking for a reasonable return on your monies, then a bank with a strong online presence is right for you.

Online banks make sense because:

You can earn a higher interest rate on savings and CDs then with most standard banks

Other accounts such as mortgage loans are also available to you

You can link you checking account at you old bank to the accounts you have at the online institution. Money can flow back and forth between the two at one click of your mouse.

Statements are completely online and downloadable to your computer.

There are several banks operating nearly exclusively online including:

ING Direct

E Trade Bank

Netbank

VirtualBank

EmigrantDirect

MetLife Bank

Ever Bank

Some of the names are recognizable such as Emigrant Direct which is a division of the Emigrant Savings Bank a noted New York City banking institution. ING Direct is a division of the big Dutch financial institution, ING while MetLife Bank is tied in with MetLife insurance. Sometimes these "tie ins" are an additional advantage for consumers as other consumer products are offered including insurance, stock brokerage, and more.

Rates on savings accounts are often several points higher than a standard account at you local bank. Tired of receiving a paltry 1 or 2 percent interest on your savings accounts? You should be: ING Direct's current rate is 4.35% and rising. Mortgages, too, are available and ING Direct has low rates and a $695 closing cost package that is as competitive as anything offered by most banks and mortgage lenders.

Clearly, online banking offers many advantages over your current bank. Learn what the various entities are offering to you and you can take advantage of the online banking revolution.