Bank of Internet USA Online Banking and Financial Blog

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Not All Checking Accounts Are Equal

May 22, 2017

When it comes to selecting a checking account, it’s not necessarily easy to find the right fit. Depending on your banking habits, you may require a checking account that lets you access ATMs throughout the country without the high fees or offers overdraft protection in the event of an occasional miscalculation.

What kind of bank customer are you? Here are some tips on what you should look for in a checking account based on the financial needs and habits most applicable to you.

Frequent ATM Visitor

If you are frequently stopping at ATMs to get cash as you travel the country, you will want to search for for out-of-network fees. Many banks charge steep fees when non-customers use their ATMs. A checking account that reimburses ATM fees will help you keep your costs down while allowing you to access your money wherever you are in the United States.

Rate Seeker

Looking to grow your funds? Savings accounts aren’t the only bank accounts that offer high interest rates. Look for an interest-bearing checking account that features high interest rates while allowing you to maintain complete access to your money. The average interest-bearing checking account will provide you with an interest rate of 0.04%.[i] However, with a little research, you can find a checking account that offers a much higher-than-average interest rate with interest compounded daily.

Check out the account from Bank of Internet USA, a tiered-interest checking account that offers an APY1 of up to 1.25%.

On the Go

If you are never in one place for long, the traditional branch-based banking system may not be the best option for you. Make sure you are able to access your checking account around the clock, from wherever your travels take you. Online banking allows you to view your balance, check on recent charges, and even deposit your checks through your mobile device.

Prefer to Save Your Money

Some checking accounts force you to maintain a minimum balance in order to take full advantage of the benefits they offer. Once you drop below that mandatory minimum, you get hit with charges and fees. If you are the type of person who, for example, prefers to maintain a lower balance in your checking account than in your savings account, you might find it difficult to find a checking account that doesn’t penalize you for your banking strategy. There are, however, accounts that require no monthly minimum balance.

Do your research and read the fine print when you are shopping for a checking account. Be on the lookout for monthly or even daily account balance requirements.

Occasionally Overdrawing

If you struggle to balance your check book, or make frequent swipes with your debit card that push you into the red, you will want to choose a checking account that offers overdraft protection. Otherwise, non-sufficient fund charges could cost you hundreds of dollars each year.

The checking account options from Bank of Internet USA offer overdraft protection that will automatically kick in if you make an accidental miscalculation. If you don’t need this overdraft protection, it won’t cost you a dime. Better still, if you have a , you can sync it to so that it covers any shortfall up to the full balance in the savings account. Either way, you’ll enjoy complete peace of mind.

Don’t waste your time with a checking account that doesn’t fit your needs. Finding the checking account that is just right for you can save you money, time, and frustration.

Ready to find your perfect checking account? to find the right Bank of Internet USA checking account for you. And if you would like further information about any of our checking or savings accounts, please don't hesitate to contact us by telephone at 1-877-472-9200 or by email at .

[i] “Weekly National Rates and Rate Caps” FDIC.gov. < MAY 8, 2017



1 Rewards Checking Account allows you to control your interest rate reward based on the products/services used during the month. This is a tiered, interest earning variable rate account. All daily collected balances up to and including $150,000 will earn interest based on the combined rate rewards. All daily collected balances greater than $150,000 will not earn interest. Your interest rate can be as high as 1.24% based on the following combined rate rewards: direct deposits (not including intra-bank transfers from another account) totaling $1,000 or more each month will earn .4166%; at least ten (10) point-of-sale transactions per month using your Rewards Checking VISA Debit Card for normal everyday purchases with a minimum of $3 per transaction will earn .4166%; and fifteen (15) or more point-of-sale transactions per month using your Rewards Checking VISA Debit Card for normal everyday purchases with a minimum of $3 per transaction will earn .4166%. Qualifying transactions must post and clear the account during the monthly qualification cycle. Transactions may take one or more business days from the transaction date to post to the account. At the time of your statement cycle date we will determine the combined products and services used since the previous cycle date to determine the aggregate interest rate to apply to your current statement cycle. We will use the daily balance method to calculate the interest on your account. Please see our Schedule of Interest Rates on our Website for the current interest rates and annual percentage yield (APY).

"Not All Checking Accounts Are Equal"

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