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With the addition of online checking accounts, there are more options than ever when looking to open a new checking account. Because banks with online accounts are often able to save money on overhead costs, they are also able to offer more benefits and perks.

There are online checking accounts that even offer interest — something scarce in the world of checking accounts. If you’re paying your bank for the privilege of loaning out your money, it might to time to find yourself an online checking account.

The Best Online Checking Accounts

If you’re on the hunt for an online checking account, check out a few of our top options.

CIT Bank eChecking Account

With a CIT Bank eChecking account, you’ll earn a modest interest rate. There is no monthly fee to keep the account, and the minimum balance is just $100.

CIT is not part of an ATM network, but you can still use other banks’ ATMs and CIT will reimburse you up to $30 per month in ATM fees.

Monthly fee: $0

Minimum balance: $100

Why we like it: Earn interest on your checking balance. No monthly fee or hidden fees. FDIC insured.

Additional features: Reimbursement of up to $30 in ATM fees per month.

Axos Bank Rewards Online Checking Account

If you plan on using your online checking account heavily, the Axos Bank Rewards online checking account might be a great option for you. With $1,000 in direct deposits and at least 15 debit card transactions each month, you could earn a high APY on your balance. Make a minimum opening deposit of $50 and watch your money grow!

Monthly fee: $0

Minimum balance: $0

Why we like it: Earn interest with at least $1,000 in direct deposits and 15 debit card transactions each month. No monthly fee or minimum balance. FDIC insured.

Additional features: No overdraft fees or insufficient fund fees. No ATM fees on domestic ATM transactions. Reimbursement for any ATM fees charged.

Axos Bank Essential Checking Account

If fees are what you loathe most about banking, the Axos Bank Essential Checking account might be a breath of fresh air. This account has no fees — no monthly fees, no overdraft fees, no non-sufficient funds fees, and no hidden fees. What’s more is that you’ll enjoy unlimited ATM reimbursements!

Monthly fee: $0

Minimum balance: $0

Why we like it: No fees or minimum balance requirements. Get access to your direct deposit funds up to two days early. FDIC insured.

Additional features: No hidden fees, overdraft fees, or non-sufficient funds fees. Unlimited reimbursements on domestic ATM fees.

Nationwide by Axos Interest Checking Account

If you want to earn interest on your checking account funds, Nationwide Interest Checking account might be a good fit for you — a product that features interest tiers based on different balance amounts. This account even comes with no monthly fee or minimum balance requirement!

Monthly fee: $0

Minimum balance: $0

Why we like it: Earn higher interest rates as your balance grows. Access direct deposit funds early. No monthly fee or minimum balance requirements. FDIC insured.

Additional features: Get reimbursed for up to $30 in domestic ATM fees per month.

What is an Online Checking Account?

An online checking account works much like a traditional checking account. You can use it to pay your bills, transfer money, and withdraw cash at an ATM via a debit card. The difference is that most of your typical banking functions can be performed from the comfort of your own home. No more standing in line at your local branch!

Pros of an Online Checking Account

With an online checking account, you’re more likely to benefit from the bank’s lower overhead costs. Often, this means better interest rates, fewer fees, and sometimes even no fees!

What’s more? Online checking accounts offer greater convenience to the user. Skip the hassle of driving over to a physical branch, and instead make transactions, deposit checks, and review your account activity from your smartphone or computer!

Cons of an Online Checking Account

Because online checking accounts depend on the internet and technology, there may be times every so often when the bank’s online service goes down — whether it’s due to maintenance or a system error.

Many people are also wary of security threats and identity theft concerns with regard to online checking accounts. While the protection of online accounts has improved by leaps and bounds, cybersecurity might still sway you to stick with a traditional checking account.

What’s the Best Online Checking Account For Me?

With hundreds of different banks competing to hold your money, you shouldn’t have to settle for an account that charges heavy fees, imposes high minimum balance requirements, and yet pays you little to nothing in interest.

Instead, check out a few online checking accounts and be sure to compare line items such as the following:

• Minimum opening deposits
• Minimum balance requirements
• Interest rates
• ATM networks
• ATM fees
• Foreign transaction fees
• FDIC insurance

Should I Have More Than One Online Checking Account?

If you’re living with someone and you share expenses but your finances are not 100% combined — be it a partner, a spouse, or someone you trust — having more than one online checking account can make splitting expenses less complicated. You have your own account, as does the other person, and ideally, you have a joint account from which shared expenses are paid.

Another thing to keep in mind is that the FDIC insurance maximum is $250,000 per account. If you happen to be sitting on that kind of money and are keeping it in an online checking account, you should open multiple accounts so that no single account contains more than $250,000.

And of course, it’s wise to have both an online checking account and a savings account. Putting your savings into a separate account that is dedicated for savings can help prevent the temptation of spending that money.

Do Online Checking Accounts Earn Interest?

Most checking accounts, traditional or online, don’t offer interest; but there are exceptions, and it’s more common among online checking accounts. Some of the online checking accounts on our list pay interest!

Can I Open an Online Checking Account With No Money?

Many online banks do allow customers to open an account with no opening deposit and some even allow you to open an account with no minimum opening deposit and no minimum monthly balance.

It’s Time For a Change

It might be that your current checking account isn’t doing you any favors. Tired of hidden fees, high minimum balance requirements, and low interest rates? Consider making the switch to an online checking account today!

The post 4 Best Online Checking Accounts Of 2024 appeared first on Wall Street Insanity.

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Today, a bank account is a necessity. Without one, tasks like paying bills, saving money, and accessing your paycheck are less convenient and more expensive. In the past, you would have had to open a new bank account at a brick and mortar location — which limited you to what was available in your immediate area.

But thanks to the proliferation of online banking, consumers have more choices than ever and can open an online bank account that offers greater benefits. If you’re on the search for a top online bank account, you’ve come to the right place!

The Best Online Bank Accounts

Ready to make the leap from a traditional bank account to an online bank account? Check out a few of the best options available.

CIT Bank Savings Builder Account

By funding this account with just $100, you could reap the many benefits of a CIT Bank Savings Builder online account. The bank offers a generous interest rate on your balance and doesn’t even charge a monthly fee!

Monthly fee: $0

Minimum opening balance: $100

Why we like it: High interest. Daily compounding interest to maximize your earning potential. FDIC insured.

Additional features: Deposit checks remotely and make transfers with the CIT Bank mobile app.

Axos Bank

Axos Bank Rewards Online Checking Account

Do very few fees and interest on your balance sound too good to be true? With just $50, you can open an Axos Bank Rewards online checking account — an account that comes with no monthly maintenance fees, overdraft fees, or insufficient fund fees.

Monthly fee: $0

Minimum balance: $0

Why we like it: Earn interest when you have at least $1,000 in direct deposits and 15 debit card transactions per month. No maintenance fees, overdraft fees, or insufficient fund fees. FDIC insured.

Additional features: No charges on domestic ATM transactions, plus reimbursement on any charges from ATM operator.

Axos Bank Essential Checking Account

If you want to switch over to online banking and avoid all of the fees that typically come with a traditional account, check out the Axos Bank Essential Checking account. In addition to no monthly fees, no overdraft fees, no non-sufficient funds fees, you’ll even get access to your direct deposit funds up to two days early!

Monthly fee: $0

Minimum balance: $0

Why we like it: No fees and no minimum balance requirements. Access direct deposit funds up to two days early. FDIC insured.

Additional features: No overdraft or non-sufficient funds fees. Unlimited domestic ATM fee reimbursements.

Nationwide by Axos Interest Checking Account

The Nationwide Interest Checking account allows you to earn interest on your checking balance without any minimum balance requirements. With that said, keeping a larger balance will allow you to earn an even higher interest rate! Not to mention, this account has no monthly fee, and even reimburses you on up to $30 in domestic ATM fees each month.

Monthly fee: $0

Minimum balance: $0

Why we like it: Earn interest, including higher rates on higher balances. Access your direct deposit funds two days early. No monthly fee or minimum balance requirements. FDIC insured.

Additional features: Reimbursement on up to $30 in domestic ATM fees each month.

Nationwide by Axos My Savings Account

If you’re all about interest, check out the Nationwide My Savings account — an account that will allow you to earn a very generous interest rate on your balance. All you need is $100 to fund your account and you’ll enjoy all of the features of this online savings account, including no monthly fee and no minimum balance requirement!

Monthly fee: $0

Minimum balance: $0

Why we like it: Earn a high interest rate on your balance. No monthly fee or minimum balance requirements. FDIC insured.

Additional features: Open a Nationwide My Checking account, set up a $1,000 direct deposit, and you’ll earn an even higher interest rate!

The Rise of Online Bank Accounts

While online bank accounts relatively new, online banking is quickly becoming the norm. The millennial generation, in particular, has spearheaded the preference of online bank accounts, and it’s estimated that more than 161 million Americans already use online banking today.

Pros of Online Bank Accounts

Better rates and fees: Because online bank accounts typically have lower overhead costs, they usually come with better interest rates and fewer fees — sometimes no fees at all!

A better user experience: By spending and investing in technology, today’s banks offer online bank account services that are easier and faster for customers.

ATM fees: One of the downsides of an online bank account is that it typically isn’t part of a major ATM network. However, customers are often reimbursed for fees after using another bank’s ATM.

Easy integration: An online bank account can often be integrated with software such as Slack, QuickBooks, and budgeting programs, so that users don’t have to manually enter financial data.

Cons of Online Bank Accounts

Occasional downtime: As online bank account services need to be updated and maintained, you may not be able to access your account every now and then.

Potential security issues: Although cybersecurity has come a long way and online bank accounts are highly guarded, security threats still lurk online— however rare such an event may be.

How to Open an Online Bank Account

You can open an online bank account in less time than it took you to read this article, and of course, everything is done online. Provide your personal information, including your name, address, date of birth, and social security number. Some banks require that you submit verification documents, such as a valid ID and a utility bill in your name at the address you listed. Most will allow you to upload copies of those documents through their online portal.

Be prepared to fund your online bank account with an opening deposit, although some online bank accounts do not have minimum deposit requirements.

Join the 21st Century!

Ready to enjoy the convenience of an online bank account? While there are a handful of great options out there, be sure to compare items such as monthly fees, minimum balance requirements, and interest rates!

The post 5 Best Online Bank Accounts Of 2024 appeared first on Wall Street Insanity.

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If you’re planning to launch a new venture or are looking for a better banking situation for your company, you’ll need to open a new business bank account — ideally, one that offers unique advantages.

Account bonuses, low fees, better interest rates, and high transaction limits are just a few of the many perks you’ll want to consider before partnering up with a new bank and trusting them with your business’s finances.

Best Business Bank Accounts

Your business keeps you busy enough — don’t waste time and money with a bank that isn’t helping you succeed. Check out these banking options to see which one is right for you.

1. Found Business Banking

Are you self-employed? A freelancer? Sole proprietor? Single member LLC? Gig Worker? 1099 Contractor? Small business owner?

Monthly fee: $0

Minimum balance: $0

Managing your finances can be a big task when you are your own boss. Fortunately, there’s a company that has built an all-in-one banking solution for the self-employed. Found offers an online bank account, along with bookkeeping, taxes, and other financial tools, to help self-employed individuals grow their businesses. It’s free to sign up in a few minutes, with no credit check, no minimum balance, and no hidden fees. Deposits are insured up to $250K through their banking partner, Piermont Bank.

Why we like it:

• Free bank account, free debit card, no credit check, no minimum balance and no hidden fees
• Banking, taxes, bookkeeping – all in one place
• Real-time expense tracking and categorization with easy receipt capture
• Simplify tax season with automated tax saving, write-off tracking, and the option to pay taxes directly from Found
• Customize and send professional invoices in seconds for free
• Integrates with popular business apps, including Quickbooks, PayPal, and Stripe
• Sign up in minutes. No credit check. No minimum balance and no required fees

Sign up for an account here for free in under 5 minutes.

Disclaimer: Found is a financial technology company, not a bank. Banking services are provided by Piermont Bank, Member FDIC. The funds in your account are FDIC-insured up to $250,000 per depositor for each account ownership category. The Found Mastercard debit card is issued by Piermont Bank pursuant to a license from Mastercard Inc. and may be used everywhere Mastercard debit cards are accepted.

2. Novo Business Checking

Check out Novo, an online bank that allows you to perform all banking functions right from your smartphone or computer—whether it’s depositing a check or communicating with human-powered customer support!

Monthly fee: $0

Minimum balance: $0

Why we like it: Award-winning online and mobile banking for businesses. No hidden fees, transaction fees, or cash deposit limits. Transfers are free and easy. Accepted worldwide and all ATM fees are refunded. Account can be synced with Apple Pay and Google Pay.

Additional features: Can be integrated with Slack, QuickBooks, and other small business tools. Users get access to up to $5,000 in savings with partnering companies.

What Factors Should I Look at When Choosing a Business Checking Account?

When you’re looking to open a new checking account for your business, there are a handful of factors you’ll want to consider:

• Interest rates
• Minimum opening deposits
• Minimum balance requirements
• Transaction limits
• Cash deposit limits
• ACH and wire fees
• Check fees
• FDIC insurance
• Online and mobile banking capabilities
• Branch locations
• ATM networks
• Monthly maintenance fees

Which Is the Best Bank for Small Business?

If you have a small business, the best bank for you is largely determined by your banking needs.

Do you want to earn interest on your balance? Are you able to maintain a large balance? How many transactions and deposits do you make each month? Do you need online, mobile, or in-branch services?

These are all questions you will want to ask before narrowing down your pool of options. Fortunately, all of the banks on our list are well suited for businesses of all sizes, but especially for startups and small businesses.

Can I Use a Personal Checking Account for My Small Business?

You shouldn’t use a personal checking account for your business.

One of the biggest advantages of forming a corporation or LLC is the legal protection it affords you; and by using a personal checking account for your business, you could lose that.

A corporation or LLC is treated as a separate legal entity, and therefore you can’t be personally sued unless you have personally guaranteed something. But by mingling your personal finances with business finances, you can pierce the corporate veil and lose the protection you have. This is because the company now looks less like a separate entity and more like you and the business are the same.

On a similar note, keeping your personal and business accounts separate will save you a great deal of trouble come tax time. Not only will you have greater clarity when tracking incoming and outgoing funds but you will likely have an easier time with the IRS when claiming business expenses.

A personal check can also look very unprofessional when coming from a business. If you’re looking to maintain credibility with clients, using a business account for checks and payment will help your company look top-notch.

Give Your Business an Advantage by Opening a Top Bank Account

No two businesses have the exact same financial needs. While your competitor’s bank account might be a good fit for them, it may not be a great product for your business.

With a few top options on the table and a better understanding of what to look for in a business bank account, however, you’re in a great position to open up a new account that will accommodate your business’s needs!

The post Best Business Bank Accounts Of 2024 appeared first on Wall Street Insanity.

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Banks are notoriously stingy, often paying customers mere pennies on their monthly account balances.

At a time when interest rates are up, doesn’t it seem unfair that you probably aren’t earning very much on the money in your savings account?

That all changes with CIT Bank (a division of First-Citizens Bank & Trust Company). This FDIC insured online bank account offers a savings account that pays high interest. With their Savings Connect, specifically, you could earn a 4.05% APY on your monthly balance. That’s 12 times the national average!

It takes less than 5 minutes to open your account now online.

Here’s How to Earn a 4.05% APY on Your Savings Account Balance

If you’re tired of low interest rates, hidden fees, and long lines at your local bank branch, CIT Bank will be a breath of fresh air.

And get this — to be eligible for a Savings Connect account and a high interest rate, the only requirement is that you make a minimum opening deposit of $100.

You can open a Savings Connect account in three quick steps.

• First, enter your information — including your name, address, phone number, email, and social security number (or taxpayer ID).
• Then, fund your account with your minimum opening deposit of at least $100. You can do this via electronic transfer, wire, or check.
• Finally, CIT Bank will send you a confirmation email and you’ll be able to start using your new account!

Beyond the account’s attractive interest rate, CIT Bank offers a host of other perks. Because they are an online-only bank, they don’t have the overhead that often comes with brick-and-mortar locations. This allows them to pass maximum savings down to you. There are no account opening fees and no monthly service fees.

What’s more, CIT Bank’s powerful mobile app allows you to make remote check deposits with ease and bank transfers from the palm of your hand. Finally, your money is FDIC insured with CIT Bank, so you can have peace of mind that your funds are secure.

Earn More Interest on Your Savings By Opening a CIT Bank Savings Connect Account Today

Ready to start earning up to 12 times the national interest rate on your savings account balance? All you have to do is open a Savings Connect account with CIT Bank today and fund it with a $100 minimum opening deposit.

Once your account is funded, you can start enjoying all of the benefits of your Savings Connect account — including the account’s high interest rate!

The post Interest Rates Are Rising And This Bank Is Paying 12x The National Average To Savers appeared first on Wall Street Insanity.