Tags: online | checking | accounts | student

WalletHub: Online Checking Accounts Are Best Banking Option

By    |   Thursday, 24 April 2014 01:55 PM

Internet checking accounts represent the best way to conduct your banking, according to a nationwide banking survey from personal finance Web site WalletHub.

Consumers should opt for online checking accounts because they are 19 percent cheaper than branch accounts, contain 20 percent more features and offer higher interest rates, 122 percent on average, according to the study.

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Savings accounts provide lower interest rates than checking accounts.

Business accounts aren't a good deal, the survey says. They are 46 percent more expensive than consumer accounts, offer 4 percent fewer features and provide interest rates that are 57 percent lower. Small business owners should use personal online checking accounts "as much as possible," according to WalletHub.

"College students should use student checking accounts for everyday access to cash and student savings accounts to set aside money for the future," the survey says.

Student checking accounts are 66 percent cheaper than the average personal account and have 28 percent more features. But there is a downside: 86 percent lower interest rates. Student savings accounts provide some of the highest interest rates available.

Business News Daily
cites six mistakes that small businesses frequently make when setting up their bank accounts: incorrect or missing information at account set-up; not having a designated business account; not planning check-signing authorities; choosing the wrong bank for your business; ordering the wrong checks; and not maintaining the minimum monthly balance.

Editor’s Note:
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Internet checking accounts represent the best way to conduct your banking, according to a nationwide banking survey from personal finance Web site WalletHub.
online, checking, accounts, student
252
2014-55-24
Thursday, 24 April 2014 01:55 PM
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