How To Find A Better Online Bank Rr (NAPSA)—Americans want more from their banks than sim- ply a place to hold their money. In fact, 47 percent of Ameri- hours and may even have online chat capabilities. Before joining an online bank, cans have shopped around for a better place to save their money check out when and how customer assistance is offered and choose this year, according to a recent survey by Ally Bank. The marketplace offers a seemingly endless number of online banking options, which has caused confusion for people who are looking to choose the right online bankfor their needs. Ally Bank, a unit of GMAC Financial Services offering online savings accounts, money market accounts and certificates of deposit, has outlined five key fea- tures to consider before making a decision: 1. Protection Goes Beyond Your Money Before transferring your funds, locate the Federal Deposit Insurance Corporation (FDIC) logo or the terms Member FDIC or FDIC Insured on a bank’s Website. This designation ensures that deposits up to $250,000 (through 2013) are protected from loss by the U.S. government. Beyond providing insurance, the FDIC offers security guidelines to keep in mind while browsing potential online banks. Recommendations can be found at http://www.fdic.gov/bank/indi vidual/online/safe.html. 2. Interest Rates in Your Best Interest Look for a bank that offers a range of rate packages, avoids spond only by mail or e-mail, whereasothersstaff their call centers to be available for extended an online bank that offers enhanced services to help you manage your savings. Day and night access to a real person allows you to bank at any hour, while getting answers to your questions. When choosing an online bank, compare their sites. The bank 4, Banking Wherever You Are and their site should be easy to You should be able to reach your accounts from virtually confusing jargon and is upfront is accessible via alternative should avoid confusing jargon use. about its competition. Third-party Web sites such as Bankrate.com provide a full list of competitive rates, and Ally Bank provides a rate comparison tool right on its Website: ally.com. In addition, bewareof “special,” “one-time” or other labels that could indicate a teaser-rate approach. Check out requirements for account maintenance before considering a potential online bank. Banks that have monthly fees, balance minimums and deposit restrictions can create a headache for would-be savers. 3. Customer Service 24/7 Increased competition means your bank has to work hard for your money. Some online banks encourage customers to corre- anywhere. For convenience sake, check that your bank’s Web site methods, such as your mobile phone. To fully benefit from the advantages of e-banking, your bank’s site should be easy to navigate. Compare the sites of potential online banks and visit the help areas of each. The ideal online bank should offer simplicity and ease of use, even if you're not tech Savvy. 5. Keep it Simple: Giveit to MeStraight Conditions, terms and legalese can complicate any decision for consumers. Make sure you under- stand a product and/or service and all the conditions prior to making a decision. Fine print can alter the true value of a savings account or certificate of deposit.
