The internet has opened new doors as far as banking goes. From convenient paperless transactions to instant fund transfers, online banking offers it all. There is a wide number of banks that offer their services online. However as a customer who is looking out for the best deal, there are some guidelines to help you pick the best internet account.
Hunting for the Best Internet Account Deal
When it comes to online banking, almost every bank will offer a set of basic features. These features are a given, and their availability shouldn't fluctuate much between different banks. However, in today?s age of fierce competition, banks are going the extra mile to cater to unique requirements, sometimes even offering an extra perk here and there. While searching for the best internet account, be sure to find out all there is to know before deciding on any particular bank. Here we provide some tips to help you get started:
Most banks offer certain essentials in terms of online banking services. Some basic services that any online bank will offer include checking balances, reviewing transactions, transferring funds and editing your contact information in the bank's database.
To stand apart from the crowd and to provide the best internet account available, many banks today have started offering new and diverse features as far as their online banking services go. Here are some of the facilities these banks offer:
- Monthly income online savings accounts: These may be either notice or no notice accounts. Interest can be accrued on a monthly basis instead of opting for the annual mode or on the maturity of your account. This is very useful if you wish to consider receiving a regular source of income via interest earned.
- No notice online savings accounts: These accounts do not require a notice or permission from you to withdraw funds. Even if you do decide to withdraw funds, you will not incur any penalty like a loss of the interest earned.
- Notice online savings accounts: In these types of accounts, one needs to provide a notice to the bank before withdrawing any money from the account. If no notice is provided, it can result in a penalty like a loss in interest earned. The amount of notice to be given will depend on the type of account chosen by you. This is an important factor to consider while looking for the best internet account.
- Cash card: Many of the online savings accounts offer the facility of a cash card. A cash card allows a person to withdraw money from an ATM. However there is usually a daily limit placed on the amount that can be withdrawn. This is regardless of the amount of funds present in your account.
Things to be Cautious Of
There are several things to be cautious about while hunting for the best internet account. In the excitement of getting access to an online savings account, many people tend to overlook these factors. Here, we outline some things you need to be careful about:
- Restrictions on account opening: Some banks have a rule that an online savings account can only be opened by customers of that bank or only by local residents.
- Minimum deposit: Some banks require you to open a savings account with a certain minimum deposit.
- Number of withdrawals: Some banks place a cap or a maximum limit on the number of withdrawals that can be made. If you happen to exceed this number, you may even lose out on the interest earned.
- Bonus interest rates: As a promotional offer, some banks offer a bonus interest rate for a specific duration. This can serve to bring in significant profit and savings. However while shopping for the best internet account you need to find out what the rate is after the promotional period. Often times, the interest rate will take a significant fall, so beware of this.