When you’re shopping for a new banking relationship, whether it’s for a single savings account or a full-service online bank, keep in mind the banking traits that are most valuable for you and your family. ForbesAdvisor
, focus on the overall package. Look for an online bank that keeps fees and minimum requirements low, offers high APYs and provides easy access to your money via ATMs and mobile apps. Seek out a bank with excellent customer service as well.Generally, online banks are safe. Look for the Federal Deposit Insurance Corporation to insure your accounts. Online banks with FDIC insurance have the same protections as banks with branches.
And some offer additional insurance protections through organizations like the Massachusetts Depositors Insurance Fund .FDIC-insured accounts are covered up to $250,000 per depositor, for each ownership category, in the event of a bank failure. Before opening a bank account, confirm that the financial institution is FDIC insured. Look for the National Credit Union Administration to insure nationally chartered, and many state-chartered, credit unions for similar amounts.
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