Nearly eight percent of Americans don't have a checking account, many of them because they have been unable to open an account due to financial mishaps in the past. In a society that relies heavily on banking, not having a checking account can mean high fees spent at check cashing agencies, as well as difficulty paying bills with cash or money orders each month. Fortunately, many banks now offer second chance checking accounts to people who may otherwise be denied a bank account. Second chance checking accounts are a way for individuals to start over, but not all second chance checking accounts are the same. When comparing second chance checking accounts, know what questions to ask to make sure you end up with an account that suits your financial needs.
While in the past consumers had to do their banking in brick-and-mortar financial institutions, the internet now makes it possible to get online checking accounts with plenty of perks. The lower administrative costs associated with online banking allows financial institutions to pass these valuable savings onto consumers, offering higher interest rates and lower fees for many services. In fact, online checking accounts are often offered to consumers for free, with fees charged only when the account is overdrawn. Because online checking accounts are accessible any time of the day or night, many companies provide better service with online accounts, making banking more convenient than ever before. These top 3 online checking account options stand apart from the rest, providing customers with excellent service and products to fit their needs.
The first of the top 3 online checking accounts is Capital 360, which continues to be a fan-favorite for online bankers. The first advantage to a Capital 360 online checking account is that it is free, with no hidden fees while earning interest on daily balances. Banking can be done at any of the available 38,000+ ATMs. There is a convenient and easy-to-use mobile app, which also allows customers to make mobile check deposits. They also provide consumers with a free MasterCard debit card for banking and purchasing needs. There are also no foreign transaction fees, which makes Capital 360 an ideal choice for consumers who like to make the most of their travel dollars.
Known as the ideal place to go for high interest rates, Everbank Yield Pledge Checking provides customers with a first-year bonus of 1.10% on any balance. This interest rate is 15 times higher than those offered at other banks online banks, making it the second most popular online checking account option. This interest rate can be earned on balances of any size, and there are no charges associated with the use of an Everbank debit card. The mobile app allows customers to check balances, pay bills, and deposit checks without having to go to the ATM. Everbank does not charge those who can maintain a balance of $5,000 or more for out-of-network ATM use, and there are no charges associated with the use of Everbank ATMs. For those who want to make the most of their money when it comes to overall growth, Everbank is an ideal choice.
The third choice for online checking account options, GoBank provides customers with innovative features not found with other banks. While GoBank does not provide interest on deposited money, there are no fees if money is direct deposited each month in the amount of $500 or more. Standard options include an impressive free ATM network, mobile check deposit using a convenient mobile app, and available online bill pay. The most innovative and surprising element to GoBank is that there are no overdraft or non-sufficient funds charges, nor are there any other monthly fees. There is also a helpful feature called Fortune Teller, allowing consumers to set budgets and then check that budget before spending any money. However, GoBank does charge foreign transaction fees of 3%, so it would not make the best online checking account option for those who wish to travel.