Bank of Internet USA Online Banking and Financial Blog

Information, Insights, and Expert Advice

Save More Money with Online Banking

Discover the Advantages of Working with a Branchless Bank

Jul 2, 2018

Banking shouldn’t be filled with fees and restrictions. You can simplify your finances and save money by making the switch to an online bank.

An online, branchless bank gives you the great customer service you have come to expect from traditional brick-and-mortar banks with the benefit of industry-leading interest rates that only an online bank can provide.

What Is an Online Bank?

An online bank comes to you, no matter where you are. A branchless bank operates exclusively online without the neighborhood locations.

Without the branch system, online banks can operate for significantly less than traditional banks. These savings usually result in more free account features for the consumer and some of the best interest rates in the nation.

Living Fee-Free

Does your bank charge you monthly maintenance fees, overdraft fees, or fees for not maintaining a minimum balance? Individually, those fees may not seem like much, but they can add up. In just one year, switching to a truly fee-free bank can save you hundreds of dollars.

Take a look at the banking fees that you can avoid by switching to an online bank that doesn’t charge such fees:



How Much Your Bank Charges

How Many Times a Year?


Monthly Maintenance Fee




Domestic ATM Fee (for Non-Bank ATMs)




Overdraft Protection Transfer Fee




Non-Sufficient Fund Fees






Total You Could Save:


Many online banks offer a range of accounts featuring little to no fees on the account options you want. Look for an account that cuts out maintenance fees, non-sufficient fund fees, and minimum balance requirements.

Another benefit of branchless banking is that many banks feature industry-leading interest rates of over 1% on checking accounts, a rate that is unthinkable at many branch-based banks.

High Savings Rates and Low Mortgage Rates

Nationwide, the average rate for savings accounts is 0.08% APY[i]. It can be hard to grow your money with such a small interest rate. Online banks are the leaders in providing high interest rates for their checking and savings accounts.

Online banks also offer some of the lowest home loan and refinance rates in the country. A branchless bank is also more inclined to work with borrowers to find a lending solution when brick-and-mortar banks have turned them away.

Banking on Your Terms

One of the greatest benefits of an online bank is the convenience of having access to your account anywhere you go, 24 hours a day, seven days a week. Through your bank’s app or your web browser, you can get an immediate overview of your finances day or night.

Discover the advantages of online banking for yourself. Open your Bank of Internet USA account today.

[i] ‘Weekly National Rates and Rate Caps - Weekly Update’. July 17, 2018

"Save More Money with Online Banking"

This blog post was published by Bank of Internet USA on and last updated on .