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… expandcell 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 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 its rating has fluctuated in the last few years. collapse

The Schwab Bank High Yield Investor Checking account has no minimum balance and no monthly fees, and generally offers a higher than average interest rate. Fees for withdrawing money at any ATM nationwide are reimbursed,… expandwithout 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. collapse

Reviewers say that ING Direct, one of the first online-only banks, is also one of the most trusted and user-friendly. ING has good rates (though not always the highest) and doesn't have any fees or minimum balances for… expandits accounts. Though ING has few branches in major cities, clients can access their accounts for free on the Allpoint network of about 32,000 ATMs in grocery stores, delis, drugstores and gas stations. ING Direct also offers electronic checking and certificates of deposit. Reviewers point out that the new Ally Bank (formerly GMAC Financial) currently edges out ING for interest rates, but it doesn't have the same track record or customer loyalty. collapse

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… expandplans 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. collapse