Online Banking

Dec 1, 2011 by

I have three criteria for choosing where I keep my cash:

  1. FDIC Insured – remember the 2008-09 financial crash?
  2. Fees – I refuse to pay fees for ordinary banking activity
  3. Interest rate I earn – must be competitive

A web search turned up three interesting online options:


Consistently rated the top online bank, ING’s “Electric Orange” checking account pays 0.2% interest on balances up to $50,000 (1.05% for $50,000 – $100,000), offers free ATM transaction at over 35,000 machines, free online bill pay, and a free debit card. ING’s “Orange Savings Account” today offers a 0.9% variable rate, no fees, and no minimum balance requirement.


Though EverBank’s “Yield Pledge” checking account requires $1,500 to open, the interest rate starts at 0.46% and increases in steps—depending on your balance—to a maximum of 0.76% on balances over $100,000. ATM and debit card transactions are free. EverBank’s FDIC-insured “Yield Pledge” money market account pays 0.76% on any balances. The yield pledge is “your rate will always be in the top 5% of competitive accounts offered by leading banks”


When you open an “Express” checking account at Flagstar Direct, you’ll earn 1.00% for four months. Thereafter the rate is a relatively hefty 0.85% on any balance. $1 is enough to open an account. Flagstar offers free checks for life, free on-line bill pay, and no monthly maintenance fees. You get similar benefits with a Flagstar Express Savings account, and earn 0.9% on any balance.

This rundown is not intended to be comprehensive, and the rates and other details described change regularly, so please do your own research before opening any bank account.


Do you find frustrating the deposit interest rates noted above? Me too. Well, you can certainly pursue a higher return, and accept the greater risk that comes with it. You could, for example, send your money to a respected Wall Street money manager with a stellar track record. That’s what Bernie Madoff‘s customers did.

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