The first one’s simple – no fees. Did you know the average American pays over $329 dollars in bank fees? When you’re looking at options for the best online bank, you don’t have to say goodbye to your hard-earned money just in order to hold your money at a bank. The best online banks offer bank services include checking and savings accounts without any of the unnecessary fees.
Seriously – you don’t need to pay your bank just because you don’t meet a minimum balance or you overdraft. In fact, banks made over $33 Billion in bank fees in 2016. That’s a lot of money going into the banks pocket while most Americans struggle to save money. The best online banks provide the same services as traditional banks just without any of the uncessary fee structures.
You’ve got a lot of things to think about: work, school, what to add to your Netflix queue, trends in machine learning and quantum computing – the usual. The best online banks make it a little easier to focus on the things that matter most to you by automating aspects of your financial health. Things like Chime’s Automated Savings plan, where you can build your savings quickly through financial automation. Every time you use your Chime Debit Card, we round up your purchase to the near it a dollar and put it into your Savings Account. That’s ninja skills right there. Even better, every week we’ll throw in a bonus of up to 10% of your total savings to help you on your savings journey. Make sure that you look for an online bank that helps you save more money using automation.
A Mobile App that Shines
You probably wouldn’t be surprised to know that the majority of internet browsing happens on mobile – you’re probably reading this on your phone right now! So why would you accept a watered down, a featureless mobile app from your bank. One of the best reasons to go with an online bank is that the best online banks have innovative, well-designed mobile apps. Take Chime for example: Chime offers a full-featured mobile app that allows Members to access the best bank features whenever and wherever you need them. Chime’s mobile app allows your to check your daily balances, make transfers to your Checking and Savings accounts, find an ATM nearby, pay your bills by check, pay your friends, split the bill, find your routing number. Chime’s mobile app also keeps you in-the-know on your spending through real-time alerts and notification.
Mobile Check Deposit
Back in the stone age, you used to have to drive/bus/Uber to a physical bank branch so a guy in a tie could scan your check. With Chime’s app and mobile check deposit, you can transform that birthday money from Grandma into usable funds all on your own. My how big you’ve gotten!
Fee-Free ATM Options Where and When You Need Them
Debit cards and online transfers are great most of the time, but every now and then you need to withdraw some of that sweet, sweet cash. And when you’re a VIP that needs dough ASAP, finding your bank’sATM can be a PITA. Thankfully, Chime has a nationwide network of 24,000+ ATMs in all the right places, so you’ll never have to look too far or waste a dime on penalty charges. Chime also surfaces over 30,000 cash-back locations.
Cell phone, power, Netflix… there’s no question that everybody has bills to pay. The questions is, does your bank make it as easy as possible to pay them? When you’re looking for an online bank that works for you, make sure that you can get your bills paid on time, directly from your account. Chime allows you to pay your bills directly from the mobile app. Just add an address, select an amount and Chime will do the rest to make sure whomever you owe money receives a check in the mail.
Split Bills and Pay Friends
Before the age of online peer-to-peer payment services, full PhD dissertations were done on the advanced math needed to properly split a dinner bill amongst friends. While those dark times are thankfully in our past, there are still holdovers among us who do not facilitate the easy transfer of money between friends. Chime is an online bank that lets you easily split transactions just be swiping left. If you want to split the dinner bill, just pay with your Chime card. Then, swipe left on the transaction and tap “Split.” From there you can select which friends you want to split the bill with and adjust the percentage that you want them to pay. Your friends will recieve a notification with the amount you request and the can pay you back directly via Chime or through Venmo.
We had to do it one more time. Seriously – stop paying your bank to hold onto your money.