Until a few years ago, having funds in a savings account of an online bank was not considered to be a wise option. During the years that followed, this concept of thinking has changed and more people began taking to the web for savings, CDs and checking accounts. Although most of the checking accounts charge fees in some form to the account holders and do not offer interest, it is still possible to find a few of the online checking accounts that offer interest and charge virtually no ATM fees. The following free online checking accounts can be very beneficial in increasing your savings.
A free online checking account is offered by ING Direct in which the money in the account earns interest. A checkbook is not provided and this account is most suited for online bill pay. Though the interest offered might not be as high as in the case of reward checking account, it’s simple to get qualified for a competitive rate with the ING Direct Electric Orange Checking Account.
There are a few downsides to the online checking account of ING Direct. The account holder cannot walk into a branch. Also, in order to transfer the money through Electric Check towards any payment to your payee’s bank account directly, it necessitates endeavor and exchange of payee’s bank account information. This account can be a cause of trouble under certain circumstances. Due to lack of access to a branch, a cashier’s check cannot be obtained for urgent situations. To overcome this issue, it is advisable to maintain an account at a brick and mortar bank to hold certain amount of emergency cash in your account in that bank. In the absence of checks, it becomes hard to access cash.
The normal usage of the card is not charged with any fees for this account but fees has to be paid in special circumstances such as overdraft line of credit, overnight delivery of a check, overnight delivery of a replacement card, rejected check, stop payment and foreign transaction. Interest has to be paid if the balance drops below zero and if Overdraft Line of Credit is used. There is no fee charged for the usage of overdraft or to sign up for it, but interest has to be paid on the amount borrowed.
The good feature of the account is that interest can be earned on the cash in the account and the payments can be made from the interest bearing money. This eliminates the need to transfer money into checking account from high yield savings account, in order to make payments unlike most other banks. Check deposit into this account has also been made easier by letting remote deposits from wireless device or home computer.
Ally Bank has one of the best free internet checking accounts. It has the following features:
- No fees, no minimum balance and no direct deposit requirement
You don’t need to have a minimum balance to open an account, no requirement to maintain balance in your account and no requirement to make direct deposits. There is no botheration for the avoidance of monthly fees. The initial deposit can be funded online through ACH, by wire or by mail.
- No ATM fees nationwide
Ally does not charge any ATM fees across the US. Any of the ATM fees of external banks are rebated. Free rebates on international ATMs are not offered any longer.
- Higher Rates of Interest
Ally offers even higher rate of interest on balances of $15,000 or more.
- Free Overdraft Transfers
Ally offers free Overdraft Transfer Service. In case of overdrafts, free automatic transfer of available funds from online savings account to online checking account takes place. As an alternative measure, balance alerts can be scheduled to transfer a specific amount, in the case when checking account attains particular threshold.
- eCheck Deposit
Ally has eCheck Deposit feature with which deposits can be scanned and submitted from home or office. It is free, easy to use and secure.
- Free Stuff
Ally offers free Online Banking, Mobile Banking, Bill Pay and Popmoney®. You also get free Debit Mastercard®, checks and unlimited check writing.
- 24/7 Customer Service
With Ally, you get 24/7 customer service, by phone or by live chat.
Perkstreet is best suited for those who are on the lookout for a free checking account that not only provides the basic checking services but much more. It serves as an alternative to using credit cards or cash towards purchases with the usage of its debit card, assisting you on your way to be debt-free. The online checking account of Perkstreet is free and you receive very good cash back rewards upon using their Visa debit card.
When you use a debit card to pay for your purchases, careful budgeting of the expenditure can be carried out and efficient management of money comes into place. In this manner, you can avoid the debts caused by credit card usage and be debt-free. The rewards checking account offers 5% cash back on your purchases and helps you to remain out of debt. The online checking account is free and has added benefits such as bill pay, generous rewards, free usage of ATM, easy mailed-in deposits, etc.
Features of Perkstreet Online Checking Account:
- Free usage of over 42,000 ATMs whose network is one of the largest in the nation. It’s ATMs can be found at several retail locations across the country like CVS, Walgreens, 7-Eleven, Target, Costco, etc. and several thousands of ATMs are accessible through STARsf.
- The funds in the checking account are FDIC insured.
- Free paper checks and free electronic money transfers are offered.
- Its online system offers benefits such as balance checking, Bill Pay (for the payment of bills), browse through transaction history, money transfer out of your account or into your account, setting up mobile alerts, ATM locator, etc.
- 24/7 customer service.
- Mailed-in deposit feature is available. Deposits can be sent through standard mail or through overnight delivery. The service is free and the postage paid envelopes of Perkstreet can be used for these purposes. It is also possible to avail the direct deposit option.
- You are not charged with any fees to start up an account. When you use any of the 42,000+ ATM machines within their network, no ATM fees is charged. You are also not charged with any mailing fees for the deposit of your checks. They offer the first book of checks for free and as long as the account is active, no monthly service fees are charged.
Originally posted 2012-11-28 06:00:07. Republished by Blog Post Promoter