OnlineBankDeals.com is a collection of reviews and comparisons of online and internet banks and their typically high-yield money market savings accounts. Online banking has taken off in the last few years, and there are now a number of online-only banks which offer liquid savings accounts at near-CD interest rates. These online bank savings accounts are linked to one or more existing checking accounts at your local financial institution. Transfers between the online bank account and the traditional checking account(s) are done electronically through the online bank’s web site. There are no fees for these transactions. Deposits can also be made via direct deposit from your employer, but direct deposit is not required to open or maintain an online bank account. You are allowed up to six electronic transfers per month (the industry standard, check your current institution’s policy).

Online Banking Overview

Online, or internet banking is a system allowing individuals to perform banking activities at home, via the internet. Some internet banks are traditional banks which also offer online banking, while others are online only and have no physical presence. Internet banking through traditional banks enables customers to perform all routine transactions, such as account transfers, balance inquiries, bill payments, and stop-payment requests, and some even offer loan and credit card applications. Account information can be accessed anytime, day or night, and can be done from anywhere. A few internet banks update information in real-time, while others do it daily. Once bill payment information has been entered, it doesn’t need to be re-entered for similar subsequent checks, and future payments can be scheduled to occur automatically. To simplify record keeping, many internet banks allow for file transfers using popular accounting software packages.

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