You want to make sure that it's well above the national average. That's the biggest thing, because online banks are supposed to have the higher interest rate because they don't have the overhead of the brick-and-mortar. "When it comes to online banks, you want to be a little bit more strict about what type of interest rates they're providing. Is it same day, next day? Is it pretty easy to sync a brick-and-mortar checking account to this particular high-yield savings account?" "How onerous the transfer process is, transferring money in and transferring money out. Roger Ma, certified financial planner with lifelaidout® and author of "Work Your Money, Not Your Life": What should someone look for in an online bank? For example, I would see if a bank lets you exchange foreign currency - not all do - and has a strong mobile app." I would also factor in the overall banking experience. "With a brick-and-mortar bank, I would review all the bank accounts and make sure there are options where I can waive monthly service fees. So where are the branches? And if I am to go out of town or something, how accessible is my money to me?" Mykail James, MBA, certified financial education instructor, : "How can that bank grow with you? If you are 25, single or newly married, and all you need is a checking account, that's going to look very different 15 years from now when you may have had a couple of jobs, you may have an IRA roll over, or you may want a financial adviser." What should someone look for in a brick-and-mortar bank? I would make sure the account pays a higher interest rate than the average bank account." If I'm searching for an interest-earning bank account I'll pay attention to interest rates. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. For example, some banks have accounts that charge monthly service fees. "I would create a list of what I prioritize most in a bank account. Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider: Do you write checks? Do you not write checks? So it's thinking through how your experience with it is going to be before you make that decision." Do you just not care if you ever see your bank? Then you're okay online. Also, your banking experience - do you like walking into a bank? Well, then you need someone local. "Obviously, you want to make sure it's FDIC insured. Tania Brown, certified financial planner at SaverLife: How can someone determine whether a bank is the right fit for them? (Some text may be lightly edited for clarity.) Here's what they had to say about banking online. We're focusing on what will make a bank most useful, including fees, interest rates, accessibility, and more.
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