Four Highly Rated Online Checking Accounts

Last time I talked about the characteristics of a good checking account and the criteria that you should use to select a bank. I thought I would round up some online checking accounts from a few popular banks for you to look at.

USAA Secure Checking Account

I’ve been a USAA member for many years. Anyone, regardless of military affiliation, can become a banking member. Those with a military affiliation can become a full-fledged member and purchase insurance products, which are top notch.

Once I started using USAA’s banking services, I started to realize how unnecessary a traditional bank branch really is (USAA does maintain a few branches in select locales). I have received stellar customer service each and every time I have called them for anything. Their employees are the epitome of the meaning of empowered.

USAA is fast to move on technology. I believe they were the first bank to start to allow deposits by mobile phones. They have a great website and great mobile app. I don’t think there is anything I couldn’t accomplish by logging in or calling and talking to a live person. I highly recommend USAA for banking and insurance services.

Here is a run down of their recently re-branded, Secure Checking Account:

• No minimum balance.
• No account maintenance fees.
• 10 Free ATM withdrawals a month, and reimburses up to $15 of other banks’ ATM fees.
• Accounts earn interest if the balance is over $1,000.
• Free standard checks.
• Excellent, empowered customer service.

Ally Interest Checking Account

I am not an Ally customer, but I’ve had extensive talks with Ally employees. I found that they are genuinely interested in developing their brand to be customer friendly. Their company is modeled to be anything but traditional, and it shows. They have a great online checking account, as well as some great savings products with very competitive interest rates.

Here is a run down of their Interest Checking Account:

• No minimum balance.
• No account maintenance fees.
• No ATM fees. Other banks’ fees are reimbursed, regardless of your balance.
• Accounts earn interest in two tiers. If you have less than $15,000, you get the lower rate. If you have more than $15,000, you get a higher rate.
• Free standard checks.
• Customer service is highly rated at Ally.

Everbank

I’m not a customer of Everbank, but their checking account is fairly competitive. Although the downside of this online only bank is that it requires $1,500 to open an account, they don’t require a minimum once the account is open.

Here is a run down of the Yield Pledge Checking Account:

• Requires $1,500 to open an account.
• No minimum balance.
• No account maintenance fees.
• No ATM fees. Other banks’ ATM fees are reimbursed if you keep your balance above $5,000.
• Accounts earn interest in five balance tiers. First time customers get a bonus rate for the first six months on balances up to $100,000.

Capital One 360 Checking Account

Capital One recently absorbed ING Direct and created Capital One 360. The 360 Checking offering is decent and takes the brand, most well known for its credit cards, to a competitive banking level. I am a Capital One credit card customer, but am not one of their bank. Honestly, their banking products are competitive, but don’t seem competitive enough.

Here’s a run down of their 360 Checking Account:

• No minimum balance.
• No account maintenance fees.
• Free ATM withdrawals only at Allpoint ATMs.
• Accounts earn interest in three balance tiers.
• Customers receive one checkbook for free.