Online banking on laptop

Online Banking Service- Is it for me?

When was the last time you walked into your bank?

The reality is that most of us already do all of our banking online. Most traditional banks offer automated bill pay, deposits, and transfer capabilities online. You can easily download statements and print them anytime you need. You can easily take a picture of your check and have it deposited automatically via your phone. It’s not a whole lot different from online banking.

When was the last time you called your bank?

Did you notice that the call was picked up by a call center in another state or country? This is the reality of banking today. Very few people find a reason to ever actually visit their bank except to use the ATM without incurring fees.

Today, most services provided by traditional banks are available online. But whether or not you want to completely move to an online bank will really depend on your personal banking needs.

Online Banking?

Pros

  • High yield interest rates.
  • Socially Responsible banking options.
  • User friendly web interface.
  • Low or no fees.
  • 24/7 access.
  • Low or no ATM fees.

Cons

  • No option for a face to face encounter.
  • May need to link an account to fund initially.
  • You will need to ask yourself some straight questions about what services you need.

What kind of account do you need?

Checking Account

If you primarily use your bank for a checking account, online banking could save you tons of money in fees. In addition, online banks have less overhead, which means they don’t have to pay for a building and all its expenses, they can offer better interest rates than a conventional bank. For example, The Aspiration account, offers free ATMs around the world, and up to 2.00% APY Interest on all of your deposits. If you are only using your bank for a checking account, moving to an online bank can not only save you money, it can make you money.

Here are a few online account options. Bonus:  Aspiration is a socially responsible banking option that is divested from fossil fuels and private prison lending.

Online Checking

Min balance

Monthly Fees

ATM fees

Interest paid
Aspiration*

0$

0$

0$ worldwide

up to 2.00% APY

Ally

0$

0$

Reimburse $10month

0.01-0.60%

Alliant

0$

0$

Reimburse $20/month

0.65%

Savings Account

How is your interest rate on your savings account? Is it less than 1.30%? That is the going rate for online savings accounts these days. If you are making less than that in interest, online banking for your savings account could make you money.

Online Savings

Min balance

Fees

Interest

Ally

0$

0$

1.25%

Discover

0$

0$

1.30%

Alliant

5$

0$

1.25%

Make your money work for you

If you aren’t earning interest on the money in your checking account, or if your savings account interest rate is low, your money isn’t working for you. And if you are paying monthly fees, it’s definitely time to think about making a move to online banking. Do some research and decide which bank suits your needs. Remember, it’s your money, not theirs. 


*The Annual Percentage Yield  (“APY”) associated with the Aspiration Summit Account is variable and accurate as of [January 2019]. Rates may be changed from time to time without notice.

All ATM withdrawal fees will be waived for your Aspiration Summit Account. In addition, your account will automatically be reimbursed for all ATM fees charged by other institutions while using an Aspiration Debit Card linked to your account at any ATM displaying the Mastercard®, Interlink®, Cirrus®, or Maestro® logos. The reimbursement will be credited to the account the same day the ATM fee is debited from the account. Please note, there is a foreign transaction fee of one percent that is not waived, which will be included in the amount charged to your account.

Aspiration Partners, Inc. and its affiliates are committed  to “All Extra Services Provided at Cost,” meaning that we’ll only charge you what it costs us to provide the extra service (such as a wire transfer), and not a penny more. Besides these at-cost service charges, the only account fee you pay is the fee you choose, even if it’s $0, which is why we call it Pay What Is Fair.

Deposits are insured by the FDIC up to $250,000 per depositor. For more information about FDIC insurance coverage, please visit the FDIC website.

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