Online Checking Accounts Review September 2011

Online checking accounts are designed to offer consumers simple and easy checking options combined with a higher rate of return than is generally available with traditional checking accounts.  While there are numerous advantages to online checking accounts including higher interest rates, they also have some drawbacks.  The biggest drawbacks to an online checking account are the lack of additional services and personalized customer service. 

Online checking accounts are simply a good tool for paying bills, managing expenditures and maximizing your rate of return on your funds used to pay monthly bills.  Before using one of these accounts, you need to shop and compare the best online checking accounts available since not all online checking accounts are created equal.  Checking account rates will vary as well as the checking account fees and service provided.

Flagstar Direct Express Checking Account

The Flagstar Direct Express checking account has no monthly maintenance fees.  The checking account can be opened with a minimum of $1.00.

The checking account from Flagstar currently offers an interest rate of 0.85 percent on all balances. 

The Flagstar Direct Express checking account is now offering a bonus interest rate of 1.00 percent for new accounts.  The 1.00 percent bonus interest rate is applied to balances for the first four months.  At the end of the four month bonus interest rate period, the account rate will revert to the current posted variable interest rate.

The checking account offers unlimited check writing and free checks for life paid for by Flagstar.  Unlimited no fee access to over 40,000 ATMs in the Flagstar, Allpoint® and Presto!® networks.  A transaction fee may be charged for using a non Flagstar Bank ATM.  The account has free online banking allowing around the clock account access with free transfers and bill pay services.

The checking account at Flagstar can be opened by phone or mail.  The contact number for Flagstar Direct is 800-642-0039.

Flagstar Direct is the online division of Flagstar Bank.  Flagstar Bank has approximately 160 banking centers in Michigan, Indiana and Georgia.

Ally Bank Interest Checking Account

The Ally Bank interest checking account starts off with no minimum balance requirement and no required opening deposit. 

The variable rate checking account earns a rate of 0.50 percent for balances less than $15,000.00 and 0.90 on balances of $15,000.00 or more.

There are no monthly maintenance fees with the account.  The checking account comes with free online banking and bill pay services.  The account also offers a free debit MasterCard®, free standard checks and unlimited check writing (there are no limits on the number you can write).  There are no ATM fees; Ally Bank has no ATM fees and the bank reimburses ATM fees from other banks each checking account cycle.

Ally Bank customer service is available at 877-247-2559.

EverBank Yield Pledge Checking Account

EverBank’s checking account offers an interest rate of 0.61 percent on balances of $10,000 to $24,999.00 and rate of 0.51 percent on balances below $9,999.00.  Higher rates of return are offered on larger balances as well.

This is a tiered, variable rate, interest earning checking account.  The checking account has a required minimum opening deposit of $1,500.00.  There is no monthly maintenance fee.  If the checking account balances goes under $5,000.00 there is a fee for the optional online bill pay feature, otherwise that feature is free.  EverBank also reimburse accountholders for ATM charges.  Per the bank’s website: EverBank will automatically reimburse non-EverBank charges on U.S. ATM transactions during any month that you maintain a minimum average daily balance of at least $5,000.00.  The account also offers free check writing and a free debit card.

EverBank customer service is available at 888-882-3837.

First Internet Bank Interest Checking Account

The First Internet Bank interest checking account has a minimum $100.00 opening deposit and pays interest on balances of $500.00 or higher.  The current interest rate on the First Internet Bank interest checking account is 0.71 percent.

There is no monthly maintenance unless the balance on the account falls under $500.00.  Checking account holders that have a balance under $500.00 will be charged a $10.00 monthly maintenance fee.  Online banking and bill pay is free.  First Internet Bank reimburses ATM fees up to $6.00 per month.

First Internet Bank customer service can be reached at 888-873-3424

Aurora Bank Checking Account

The Aurora Bank checking account has minimum opening deposit of $1,000.00.  The account also requires that you maintain a minimum $1,000.00 average balance to earn interest on the account.  If the checking account falls below the minimum balance, there is a $5.00 monthly maintenance fee otherwise there is no monthly fee.

The current interest rate on the account is 0.83 percent for balances of $1,000.00 or greater.

The checking account offers standard check writing, check card purchases, electronic transfers, online banking and direct deposit.  Overdraft protection is available with the account.  Aurora Bank is a member of the STAR® network of ATMs.

Aurora Bank customer service is at 1-888-522-9295 if you need assistance.

Century Bank Direct Checking Account

The interest earning online checking from Century Bank Direct has no minimum balance requirement.  There is an opening deposit requirement of $100.00.

The Century Bank Direct checking account currently earns 0.64 percent on balances up to $50,000.00.

The checking account offers unlimited check writing, a monthly e-statement, and a VISA© Check Card or debit card.  Century Bank Direct will refund up to five ATM surcharges each month.  The first order of 50 checks is free.  The account also has free online banking.

Century Bank Direct is a division of Century Bank of Kentucky.  The customer service center can be reached at 877-444-2259.

Bank of Internet High Interest Checking Account

The Bank of Internet High Interest checking account has a $500.00 minimum deposit requirement to open the account.  There is no minimum monthly balance requirement but, account holders need to maintain an average daily balance of $5,000.00 in account to avoid monthly service fees.  If the balance is under $5,000.00 the fee is $7.50 per month.

The current interest rate on the Bank of Internet High Interest Checking Account is 0.71 percent.

The account has no restrictions on the number of checks written.  The Bank of Internet account offers free online banking with free bill-pay, mobile banking, email and text messaging alerts.  ATM fees are reimbursed by the bank up to $8.00 per month.  The first order of initial checks is free.  Overdraft protection is available with the account.  A free Debit Visa® card is available with the checking account.

Bank of Internet can be contacted at 877-541-2634.

Ascencia Bank Interest Checking

The Ascencia Bank Interest Checking account has $50.00 initial deposit requirement to open the account.  There are no monthly maintenance fees and no minimum balance required once the account is opened.

The current interest rate for the Ascencia Bank Interest Checking account is 0.59 percent on all balances.
 
The account offers free unlimited online banking and online bill payment.  There is a free ATM/Debit card with the account.  The account has no restriction on the number of checks written per month.  The first 50 checks ordered with the online checking account from Ascencia are free of charge.  Money transfer electronically from your accounts at other banks to an Ascencia checking account has no charge.

Ascencia is a division of PBI Bank and is headquartered in Louisville, Ky.  The bank can be reached at 877-369-2265.

All online checking accounts listed are variable rate accounts and the interest rate and annual percentage yield may change daily.

The listed online checking account information is deemed to be reliable and timely but is presented without guarantee.  Checking account offers are subject to the current terms and conditions of each bank.  Review the checking account details before applying for a new account.

This entry was posted on Thursday, September 29th, 2011 at 11:27 am and is filed under Online Checking Accounts. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.