I know you know about online savings accounts because I wrote about them in my emergency savings account post.
Did you know online checking accounts are an option, too?
Benefits of Online Accounts
There are a lot of benefits of online accounts, both for checking and savings.
You may be skeptical that all the institutions providing online checking or savings accounts are sketchy or suspicious, but the truth is the opposite.
Of course, there are some scams out there, but you can go with a trusted name like Bank of America, US Bank, Regions, etc.
Just make sure the bank in insured by the FDIC. It protects your deposits up to $250,000. Insurance is not a law so not all banks carry protection.
Drawbacks of Online Accounts
The negatives of online banking mean that they are not for everyone.
Are you considering an online account? Let me know in the comments below!
Hi! I am Ali, a homeschool mom who is passionate about science, managing my money and time well. Unfortunately, with an army of tiny faces, I am always still kind of a mess.
I was tired of not having a judgement free place to talk about money troubles with other moms. So I created one!
Click on the picture above to join my Facebook Group, Money Savvy Mommas.