If you can’t remember the last time you went inside your local bank, it might be time to consider moving your bank online especially if your paying those high fees to keep your accounts alive. Recent studies even show that those who keep their money in a regular bank pay an average of $218 in fees per year with $160 of that in overdraft fees. That’s insane! Online only banks also known as bank less banks or virtual banks are becoming much more mainstream largely due to their low fees and better than average interest rates. What are some other benefits?
- Mobile deposits
- Greater access to ATMs
With great benefits online only banks just seem like a no brainer right? But, if you havenet made the switch yet, how do you know which one to pick?
- If your tech savy: Try ‘GoBank’ or ‘Simple’
- For the familiar approach: Try ‘Capital One 360’ ‘Charles SCHWAB’ or ‘USAA’
- For the slow transition: ‘American Express’ Discover’ or ‘SallieMae’
So, if you haven’t made the transition you need to check these banks out ASAP. They will not only save you money but will help your accounts avoid nasty fees! Let us know what you think and make your change today.