In this article, we are going to give you information regarding online checking account interest rates. In other words, how much interest can you earn from having your money sitting in a checking account?
Gone are the days when you were required to make a physical appearance to the bank to open a checking account. The old-school processes of providing extensive papers with details about you and your employer, have been made fairly obsolete in the past few years with online banking. Those online banking services allow you to set up an account conduct virtually all your banking transactions from anywhere on the planet as long as you have a internet connection.
To open an online account, you only need your some personal info (including your social security number) and employer details. The information you provide will then be quickly verified before they approve you – and you are good to go!
This simple online process has eliminated loopholes that were often used by more traditional banks to siphon money from clients for monthly maintenance fees, and pay for thousands of employees working at physical branches all over America.
Let’s dive into it! Here are the best online banks when it comes to interest rates:
Best online banks that offer checking accounts
This is a unique bank as it does not charge anything whatsoever (yes, it’s true). You can set up a checking account with $0 and use their ATM for no fees. Aspiration will also reimbursed ATM fee you are charged when you withdraw money from any ATM in the world. Furthermore, you can earn an interest rate of 0.25% on balances up to $2,499.99 and a yearly APY of 1.00% on balances above $2,500.
Aspiration has of course a mobile platform that let you perform any transactions at no fee. This online bank really offers great opportunities for any type of online transactions.
2. NBKC Bank
This bank, known as the National Bank of Kansas City, is another bank that caters for their clients nation-wide with low fees. They have an online and mobile platform that clients can use to perform their transactions.
To open an account you are required to deposit at least $5. If you know you keep a low balance (less than $2,500), the interest rate here are higher than Aspiration’s. You will be able to earn a 0.90% APY on any amount of cash you have in the account. They don’t charge on ATM withdrawals if you withdraw money from ATMs belonging to the money pass network. NBKC will also reimburse fees that come from withdrawing from other ATM networks (up to $12 over a defined period of time).
They openly disclosed that the only fees they charge are $5 for a domestic wire transfer and $45 to send or receive international transfers. This is the one of the best options if you are looking for a bank with low fees that allows you to earn some interest on the side.
3. Nationwide Bank
Open a Nationwide checking account with only $25 and automatically start earning a 1.00% APY on your cash. You will even get a 1.15% APY if you keep a cash balance of $10,000+. This bank has no weird charges and allows you to perform unlimited free withdrawals at their ATMs and 8 free withdrawals at non-Nationwide ATMs. If you are a premium member, you get unlimited ATM transactions at no fee!
FIND OUT MORE>> Are you looking for accounts with no deposits specifically? Read about free online checking account with no deposits
Banks that offer the best online experience
We all put a lot of importance in what we called a good “user experience”. This is true for our car, phone and our bank’s website! We are becoming more impatient (I think) and can get easily upset when the product we are using are weirdly configured.
And we all know that websites can be very confusing, if not properly set. This is why online banks are putting a lot of effort (and money) to improve their users’ experience. There has been a lot of in-depth research done to try finding out the most user-friendly banking websites. We also read a lot of customer reviews to make a list of what seems to be five banks with the best online experience. The lucky institutions are:
- Bank of America
- US Bank
Best online banks with overdraft
If you are tired of incurring exorbitant overdraft fees that can easily add up to hundreds of dollars per year, some banks are there for you. Here are 5 of the best online banks that don’t charge overdraft fees:
- Bank of Internet USA
- Fidelity Cash Management Account
- Ally Bank
- Capital One 360 Checking Account
- Simple Bank of Internet
READ MORE>> Find banks with no overdraft fees
Best online bank for savings
If you are looking for a bank that offers no minimum balance, high interest rates on your money, and unlimited ATM access, these are the banks you should look at:
- Goldman Sachs Bank USA – 1.60% APY
- Synchrony Bank – 1.55% APY
- American Express National Bank – 1.55% APY
- Barclays Bank – 1.50% APY
- CIT – 1.55% APY
Online banking has made it easier and cheaper to find the best bank for your transactions and savings. Now, it is just up to you to make the right call and choose the perfect among the many choices you will have.