InvestingBytes.com

Opening a bank checking account online is far easier than waiting in a physical bank and waiting for the paper process to be quickly completed. Having an online checking account access is efficient as one can easily access it from any form of smart-device, be it a computer or a smartphone. While most traditional banks have online access, there are exclusive online bank systems that also offer great incentives such as better rewards and higher interest rates.

In order to find the perfect fit, one can start with a little internet research to shortlist the best online options for opening a checking account by comparing and analyzing the list of additional features offers along with other incentives.

Some of the features that add great value to a checking account are as follows:

• Interest rates and rewards: Customers acquire higher interest rates, rewards such as high cash-back, and lower fees when they open a checking account with online banks. These incentives are a result of the fact that online banks do not need to have operational costs like that of a traditional bank and therefore pass it onto their customers.
• Fee structure: Every bank and its options of checking accounts have different fees structures based on the type of account picked. A good way to rid oneself of such hefty charges would be to look for banks that potentially do not have minimum monthly or daily mandates, and no penalties for overdraft, wire transfers, ATM access, or insufficient funds.
• FDIC insurance: To avoid being stuck in a rut if an online bank or financial institution collapses, one should potentially look for banks that allow for Federal Deposit Insurance Corporation (FDIC) insurance. Just a simple search on the FDIC information portal online can help identify if the bank you have picked to open your checking account qualifies.

Other essential features that one has to look for when picking out an online bank to open a checking account would be to ensure that there is no restriction on ATM usage, simple deposit and withdrawal process, mobile access features, and a good customer service.