Online Banking: Reviews

With more than 18,000 ATMs nationwide, Bank of America online banking offers easy access to your money. If you want more personalized attention, there are more than 5,800 banking centers. Mobile Banking lets you bank by… cell phone. Free online money-management software tracks expenses. Live phone support is available seven days a week, but not 24 hours a day. The free checking account earns no interest, and the interest on savings accounts here is very low. The main drawback, though, is that using an ATM not part of the network entails a fee (*Est. $2, or when abroad, $5). This bank usually gets good grades for customer service in surveys of the big nationwide banks, although the latest survey says that customer service has dropped.

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The Schwab Bank High Yield Investor Checking account has no minimum balance and no monthly fees, and is currently offering a much higher than average interest rate. Fees for withdrawing money at any ATM nationwide are… reimbursed, without the limits most banks impose. Online bill payment is free. You also get a free brokerage account with no minimum balance, making it easy to see all your finances at one site. Even the checks are free. Live phone support is available 24/7, and a guarantee protects against loss in case of unauthorized access. Schwab also offers the Schwab Bank High Yield Investor Savings account, which also has no account minimums or monthly service fees.

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If you want a place to park your savings at a much higher rate (three times or more the national average), reviewers favor FNBO Bank, whose parent is the First National Bank of Omaha, giving it high marks for its… competitive rates on online savings and separate online bill payment accounts -- plus good ratings for bank stability. Neither account entails fees or a minimum balance and FNBO provides phone support 24/7. Deposits and withdrawals are usually made by electronic transfer between banks. This takes two or three days, and withdrawals are limited to six per month -- so reviews recommend this type of account for savings to which you don't need immediate access. You can also make ATM withdrawals from the Plus network of nearly 400,000 ATMs. However, at most of these, both FNBO and the ATM owner charge a fee.

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Reviews recommend SmartyPig not for emergency savings, but for saving for a specific purchase. Savings accounts here usually earn three times (or more) the national average. SmartyPig is one of the first online savings… plans to integrate social networking -- so family and friends can help you save toward a specific purchase, offering encouragement or even contributions. You retain control over the information you choose to share. You open a separate SmartyPig account for each purchase goal. If you make your purchase at a retail site that partners with SmartyPig, you even get some bonus money. This online savings plan is offered in partnership with West Bank, based in Des Moines, Iowa.

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