How do you keep your online bank account safe?

Be sure to change your password regularly to keep your account secure and less susceptible to being hacked. You can also opt to use multi factor authentication on your phone or laptop which adds another layer of security each time you’re logging into your account by asking for a text, email, or phone call verification code.

Do online banks charge higher fees?

Fees vary from bank to bank, but generally, online-only banks tend to charge lower fees than banks with brick-and-mortar locations because these institutions don’t have to pay the same overhead costs that banks with physical locations do.

Is my money safe in an online bank?

Your money is just as safe in an online bank or credit union as it is in a brick-and-mortar institution. What’s important to make note of is a bank’s deposit insurance. Be sure to verify that your financial institution is fully backed by the FDIC or NCUA.

How do I open a bank account online?

To open a bank account online, first choose an online bank that meets your financial needs. Visit the bank’s website or download its app, then fill out the application form. Complete the verification process and make an initial deposit to activate your account.

How do I deposit and withdraw money with my online bank account?

Depositing money into an online bank typically can be done through mobile check deposits, direct deposits, or electronic transfers from another bank. Withdrawing money is typically done via bank transfer or by using an ATM within the bank’s network.

Are online banks FDIC-insured?

An FDIC-insured online bank typically has “member FDIC” on the bottom of their main page or will have a number identification. You can also verify this by doing a bank search by name on the FDIC’s website. An FDIC-insured bank means your deposits are protected up to $250,000 per depositor, per bank.

Do online banks have ATMs?

Many online banks partner with ATM networks to provide fee-free access to cash withdrawals. Additionally, some online banks offer reimbursement for ATM fees.

How do you deposit cash into an online bank account?

Depositing cash into an online bank account can be more challenging because most do not accept cash deposits. Options include using a network of partner ATMs that accept cash deposits, purchasing a money order and depositing it via mobile check deposit, or transferring funds from a traditional bank account where you've deposited the cash.

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THE 10 BEST ONLINE BANKS FOR 2025: APYS UP TO 5.25%

The 10 best online banks for 2025: APYs up to 5%

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