When it comes to your money, you want to make sure you’re spending wisely, but you also want to ensure your money is safe and secure.
Today, more and more banks are offering online banking accounts that help you save time and money while keeping your finances organized.
This guide will help you decide which online banking account suits your needs best so you can start saving money on fees, improve your budgeting skills, and stay on top of your spending habits today.
Checking Account: Bank of America Premier Checking
This account is one of Bank of America’s two premier checking accounts, with a $25 monthly fee that is waived if you have a Bank of America credit card.
The features it offers, though, might make up for that cost. For example, you get six free wire transfers per statement cycle and 24/7 fraud protection on your debit card transactions.
You also get everyday refunds on out-of-network ATM charges (up to $20 per month) plus reimbursements for online bill payments via Bill Pay ($2 each).
And while most checking accounts don’t offer great interest rates, the average rate as of late 2016 was 0.12 percent APY Premier Checking customers get 1 percent APY if they have a linked Bank of America savings account.
If you’re looking for an all-around solid bank account, look no further than Premier Checking. It’s certainly worth a look.
It’s just not our top pick because it doesn’t really stand out in any specific area besides its ATM reimbursement program.
Still, that alone could be enough to justify using Premier Checking over another account from another bank.
Saving Account: Capital One 360 Savings Account
Opening a Capital One 360 savings account takes less than 5 minutes and it’s completely free.
You can also open your account online no need to visit any brick-and-mortar locations. In addition, you earn 1% interest on all balances over $10,000 with no monthly service fees or minimum balance requirements.
To earn more, sign up for their Bill Pay program which allows you to schedule payments easily from within your account; payees will receive an email when their bill is due so they’ll be sure to pay on time.
Another way to increase your earnings is by using their mobile app, which lets you deposit checks by taking a picture of them and enables you to track spending in real time.
Best of all, Capital One 360 doesn’t charge ATM fees at any of its 20,000+ partner ATMs nationwide! So if you like getting cash back from purchases (like I do), make sure that your savings account has unlimited ATM reimbursements.
Some banks only reimburse for certain types of transactions (e.g., cash withdrawals) while others don’t reimburse at all.
As far as customer service goes, Capital One 360 does have a 24/7 phone number but there are only about 10 reps available during peak hours. However, most people won’t need to call because everything can be done online.
And if you do need assistance, it’s easy to get through as long as you’re not calling during peak hours.
The bottom line: If you want simple banking without high fees and low returns on your deposits, then check out Capital One 360 Savings Account. It’s one of my favorites!
Investing Account: Schwab brokerage account
A Schwab brokerage account allows you to invest in any company, including Apple and Microsoft.
So, if you’re trying to decide which tech stock is worth your investment dollars, Schwab gives you a lot of flexibility when it comes to researching and choosing investments.
Additionally, there are no transaction fees for buying or selling stocks with a Schwab brokerage account, so it saves time when investing.
The downside is that investing directly through Schwab (as opposed to a broker or adviser) doesn’t come with any added financial advice.
You can open an account with as little as $100. There is also no minimum balance requirement. All you need is an email address to get started.
Annual fee: None.
Deposit requirements: No minimum deposit required, but keep in mind that small deposits will result in lower trading commissions on individual transactions $0 for balances up to $500,000; 0.15% on amounts above $500,000. For example, someone who has $1 million invested would pay 0.15% on his first million and 0.10% on his remaining amount ($100K).
Additional notes: Although there are no monthly maintenance fees with a Schwab brokerage account, there are other costs associated with investing such as trading commissions and investment-management services (if you choose to use them). Also note that some mutual funds may have additional management expenses beyond what’s included in these commissions.
Credit Card Account: Chase Sapphire Preferred
Chase Sapphire Preferred is one of our favorite credit cards because it’s so versatile. Not only does it earn two points for every dollar spent on travel and dining, but it also gives 50,000 bonus points when you spend $4,000 within three months of opening your account (which equals $625 in travel).
Plus, if you use your card at least once a month on non-travel purchases like gas or groceries, Chase will waive its annual fee unlike most rewards cards out there.
As an added bonus, cardholders get extra protections against theft and damage when renting cars abroad or shopping online; they also have zero liability protection when buying things with their card.
If you’re looking for another good cash back option that doesn’t charge an annual fee, look into Citi Double Cash .
With Double Cash, you’ll earn 1% cash back when you make a purchase and then another 1% as you pay off your balance monthly. You can redeem your earnings as statement credits or bank deposits without any minimum required.
When deciding between Sapphire Preferred and Double Cash , know that both come with similar benefits including trip cancellation insurance and 24/7 concierge service which are available by phone if not in person.
The biggest difference between these cards is that Chase’s requires foreign transaction fees while Citi has no foreign transaction fees associated with using their card overseas.
Mobile App Account
The best online banking apps let you deposit checks with your phone, track your account balance, set up alerts and even pay bills using your smartphone.
Though they require an extra step or two, they do everything a traditional bank account does without requiring a trip to an ATM or brick-and-mortar location.
From there, consider signing up for mobile app alerts via text messages. Text message notifications from online banks will alert you when transactions occur so that it’s less likely that something is overlooked.
And because it’s via text messaging, alerts are free, no additional charges for online banking! To sum it all up: convenience with savings.
Get on board with our pick of The Best Online Banking Accounts below! Consumer Reports gave Bank of America’s Mobile Banking app four out of five stars in their review due to its intuitive design and useful features like mobile check deposits.
According to their assessment, Bank of America was one of the first major banks to introduce an official iPhone application (which makes sense considering how much business Apple conducts through iTunes).
That said, Consumer Reports rated Chase as offering more powerful tools than Bank of America such as instant access to balances and account history at any time.
Online banking account in Nigeria
The regular bank account does not allow for easy cross-border transactions. That is why it is important to consider checking out an online banking account from one of these Nigerian banks .
This account allows customers to easily transfer funds across international borders. Since mobile technology is popular in Nigeria, that’s what a good chunk of these services are trying to harness.
However, they have a long way to go before they can compete with Paypal or Remitly (US) on fees and general utility. So far, there isn’t really a clear winner.
Some people like GTBank because it has multiple currency options, while others swear by Ecobank because its app makes sending money easier than almost any other service.
To make things even more confusing, some banks offer apps that don’t quite live up to their billing as full-fledged online banking platforms.
So be sure to check reviews and do your research! I’ve used all of these services at one point or another, so here are my thoughts:
With over 12 million users , Paystack probably has enough members to get you started. And if not, it will give you access to hundreds of thousands of users who might need whatever product or service you’re selling.
You pay about $1 per transaction; and I’ve seen it mentioned in articles claiming they cover up to 10% on failed payments but I’ve never personally seen that happen so I’m not sure how reliable that claim is.
They also charge a monthly fee after 30 days which could be annoying if you plan on using them frequently.
A lot of people swear by their customer support, though! So even if you don’t like their pricing structure, give them a shot.
Also, note that Paystack isn’t actually an online bank account itself, rather it’s just a payment processor for banks (including GTBank) and other financial institutions.
This means they can only accept deposits from those institutions directly; however, there are several third-party services that allow anyone to transfer funds into your account with minimal fees .
Another popular option is Ecobank . Their app works great for sending money internationally (they have several different apps depending on your phone platform), but some people say their website can be buggy at times.