Personal Insights
Online Bank Accounts: A Definitive Guide

Article

Curious about opening an online bank account? Here’s everything you need to know.

It wasn’t so long ago that there was only one way to open a bank account, and that was driving to a local branch and filling out a paper application. But these days, the world of personal bank accounts is more convenient than ever. You can open an account in minutes, without ever leaving your home, and then conduct all of your transactions online. There is still value in going to a local branch if you want to talk to a banker, but if you’re curious about online banking, here’s what you should know.

Online Banking Is Safe

First, consider the benefits of online banking accounts. To start with, online banking is secure. With multifactor authentication, you can be confident that only you will have access to your financial information.

Online Banking Is Convenient

You can access your account any time on your computer, tablet or smartphone. That means you also don’t have to wait each month for a paper statement to come in the mail. (If you prefer a monthly paper statement, though, don’t worry—you can always opt to receive one.) With traditional in-person banking, you are limited by the hours a branch is open, but with online banking you can conduct transactions on your time.

Online Banking Is Flexible

Banking online gives you more control over your finances. You can easily view your account balances in your online bank account, which is a helpful way to track your spending and keep up with your budgeting goals. What’s more, you can also transfer between accounts with a few easy clicks—anytime, anywhere. Mobile check deposit is as easy as snapping a picture and uploading it to your bank’s app, and your funds will be available just as quickly as they would be with a brick-and-mortar bank.

Online Banking Allows You to Pay Bills

Banking online is also a great way to make sure you don’t miss any bill payments. You can set up auto-payments, which means it’s never been easier to keep track of your bills. Say goodbye to those calendar reminders telling you it’s time to pay the monthly car insurance bill! And instead of worrying about whether you remembered to pay your gas bill, you’ll know in advance that it’s scheduled for an on-time payment.

If you think these benefits could make your life easier, then take the next step and consider what you want out of an online bank. If you’re looking for an account that can make all of your day-to-day transactions easy, then an online checking account is a good place to start. If you have savings goals and want to be able to easily transfer money or automate savings, then you might want to consider an online savings account as well.

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Regions Bank has several options that allow you to prioritize low monthly fees, high interest accrual or no overdraft fees. And students and senior citizens have access to additional options.

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