There was a time when applying and getting a bank account was a long and tedious process. Between stacks of paperwork, numerous and expensive bank fees, minimum deposits and other roadblocks, bank accounts didn’t seem worth the trouble. However with the internet age in full gear, bank account applications can be filled out in a matter of minutes. You don’t even have to go to the bank to make a deposit. You can simply link an existing bank account to your new one and transfer the money instantly through the internet. Thanks to this new ease of use, banks now have to compete for your business. That means exciting and very attractive benefits and perks to get you as a customer. Take a look at two internet based banking services and see how they can make money for you.
Washington Mutual offers what they call a “true free checking account” due to the fact that all checks are free, ATM withdrawals are free, and you earn free cash back on debit purchases. While this account alone is worth checking into, if you open their “Statement Savings” account, any funds placed into that account will earn a whopping 5% interest. Interest bearing savings accounts are nothing new, but the Statement Savings account has only a $1 minimum deposit. As long as you open the two accounts together, the Statement Savings account is also without any fees. You’ll earn free money right away from the interest on your savings account, and since the two accounts are linked, you can easily transfer from one account to the other via the internet or telephone. Be warned that savings accounts have a limited number of transfers a month before a fee is charged.
ING Direct has become a well known provider of internet based banking services. They now offer what is being billed as the first paperless bank account ever named the “Electric Orange” account. The Electric Orange account offers a single checking account that is interest bearing on its own. While this may be more attractive than Washington Mutual’s checking/savings account combo, ING Direct has no physical branches to deposit money. They also do not allow you to order check printing, adding to the “paperless bank account” label. The exception to this rule is that you may have single checks sent to the recipient of your choice. You do receive a debit card with no ATM fees. ING Direct also supports the usual direct deposit, online bill pay and other services standard these days with a bank account. The interest amount is variable and may change from time to time. As with Washington Mutual, the minimum deposit is a measly $1.
There are other banks that offer interest bearing checking accounts, but most require a minimum deposit of at least $10000 to get maximum benefits. If you are not willing to put that much money into an account, these two services may be for you. Be sure to study both of their fee schedules to ensure that additional fees have not been added or that you will incur any fees because you missed something. Your money can make you more money free without you lifting a finger. Search for the best rates on an account with little to no fees and you’ll be on your way. Good luck with choosing the bank account that fits your needs.
