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If your account fees increase again, you may be wondering if there are better alternatives. Hint: there are probably some. Traditional brick and mortar banks have become surprisingly expensive for many people, with monthly fees, transaction fees and ATM fees.
A new generation of online banks only came into being with very competitive accounts and services. Most are resolutely "millennia" in branding and marketing, but everyone can sign up. Products are often more generous (benefits) and less expensive (fees) than similar services offered by traditional banks.
Online or traditional banks
From the perspective of the federal government, an online bank is no different than a bank with branches. They are subject to the same regulations and the accounts are covered by the same insurance.
The main difference you will notice if you use an online bank is the lack of access to branches. It may not bother you much, because online accounts will fill the gaps in online services that traditional banks may not have. Of course, there are traditional banking services that you can only get in the branch (bank checks, exchange offices, safes, etc.), but they are often available even if you do not have a bank account.
Keep a no-cost savings account at a traditional bank for "relationship services"
Some banks, such as Wells Fargo, provide only certain "relationship services" (such as currency trading) to existing customers. You can also get discounts on loans if you have an account with the bank. Fortunately, there is a workaround.
Most traditional banks still offer free services savings accounts. These are usually limited to a handful of transactions per month and yield little or no interest, but are considered an account for relationship purposes. By depositing a small amount into a no-cost savings account while closing your high-cost checking account, you can "cut the cord" with your bank more gracefully.
Online banks and credit unions with great benefits
These four financial institutions offer a variety of rewards and benefits, such as cash back on purchases and credits for ATM fees.
BECU
BECU is one of the largest non-profit credit unions owned by its members. Accounts at BECU are not strictly "online only" if you live in the state of Washington (or Charleston, South Carolina) where BECU has branches. However, BECU works effectively as an online bank: Even if you visit a BECU agency, most transactions are done online or via an automated banking machine.
BECU is a credit union. You must therefore comply with the eligibility rules to become a member. A $ 20 donation to the Northwest Credit Union Foundation will allow you to enter if none of the other criteria allow it.
It is difficult to pay fees with BECU, but it is also difficult to find a service that it does not offer. The BECU Member Advantage Checking account, one of BECU's two current account options, gives you free access to cooperative network teller machines, free shared branches nationally (so you can work with your account at any time). Office of the month for reimbursement of ATM fees and an impressive APY of 4.07% on your first $ 500 deposits.
No charge for writing checks, deposit checks (via an ATM or mobile application), or making payments online, either. In addition, BECU reimburses even the 0.2% foreign exchange transaction fee charged by MasterCard to your (free) debit card.
Varo Money
Although very hidden, Varo Money is a division of a large private bank called The Bancorp; it mainly serves businesses, but Varo Money is publicly available.
Varo Money is positioned as an excellent option for international travelers as it offers free access to Allpoint cash machines. There is a good network of ATMs in the United States, Canada, the United Kingdom, Australia and Mexico. Elsewhere, you will be subject to ATM fees, but there are no transaction fees abroad.
There are also no monthly fees, minimum balance, transfer fees (inbound or outbound) and debit card fees. Varo Money pays 2.12% on its savings accounts (or 2.8% for balances over $ 50,000).
You can deposit money into your account in any Green Dot item for a fee of $ 4.95.
Discover the cash back
Discover has the features you expect from an online check account – no minimum monthly fees, and a network of 60,000 ATMs that you can use for free – and its online banking interface is complete, allowing mobile check deposits and Pay bills.
If you are used to traditional banking, some features are particularly user-friendly. Discover offers printed checks and free check orders, as well as official bank checks (issued from its Delaware office). In addition, if your check jumps, Discover will not add insult to injury by charging you a fee.
Here is perhaps the best bet: Discover up to $ 3,000 in debit purchases per month, 1% refund in return (with a few exceptions, such as payments between individuals and loans).
aspiration
Aspiration is a registered dealer with FINRA, that is, a brokerage firm. Organized in the form of a B company, it addresses socially conscious people. As a separate corporation, Aspiration works in partnership with Coastal Community Bank in Everett, Washington for services such as large check deposits (which can not be made online) and debit cards.
The suction charge structure is an unusual method "pay what you think right", which means you can choose to pay no fees. His cash accounts are called Aspiration Spend and Save; there is no fee and an APY of 2% is paid on savings (nothing on control).
Checks are available, and the first order is free. Although 1% foreign transaction fees are not removed, there are no ATM fees (they are fully refunded worldwide), and some purchases made with your Debit card provide a refund of 0.5%. Plus, if you pay your cell phone bill with your Suction debit card, the company provides a phone insurance of up to $ 600.
If you pay more than zero for verification, you pay too much. Discover an online account that pays you instead.
For more online check account options, check out the offers of our partners:
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