Beat the conventional local banks and get a high interest paying online banking account for your savings account TODAY. Greg and I sure are glad that we switched. Currently we use CapitalOne 360 Banking. Their credit card have rewards that you can apply to anything or simply can receive as a money back credit towards your credit card payment. But in this article I will be talking about CapitalOne 360 online banking! You definitely don’t need use CapitalOne 360 it is simply an option from many, but we use CapitalOne and I highly recommend it if you want to work with an online banking service. Here are the 10 reasons why you need to want to have an online banking account NOW:
- Online banking money market interest pays more than local banks or credit unions. Current APY (Annual Percentage Yield) with CapitalOne is 0.75, our old petty credit union used to pay 0.3! There is just no reason for you NOT to go through the hassle of switching accounts. Our current savings a year by just making the switch is about $500 and well worth the hassle not only for the higher return rates but many conveniences that come along with an online banking account. Read on cause I am just getting started.
- Their mobile app is TOP NOTCH! Depositing checks is a just taking a picture of front and back of the check on your phone, picking an account to deposit and swipe and Snap!
- Although your first box of check books is free, you probably won’t need them as much. Need to send someone a check? You can do that from your phone! Just get the company’s/person’s name, enter address, confirm account and hit send! Additional savings on stamps! More importantly, the recipient is added to your contacts list so next time, you just pick them from your contacts list and write an amount is all.
- Still need to write checks and ran out of your first check book, you pay about $5 for a box of check books where we used to pay $20-$30 with our old school credit union banking.
- Assign Goals for important events happening/coming up in your life. Sending kids to college? Planning a wedding or a trip to the Bahamas? New House? Just create a goal and track your savings according to your goals. The interface has a nice bar indicator on how soon you will reach your goals with the savings rate you have. Pretty cool.
- Automation, automation, automation. If you know your finances (income/expenses) you can schedule your savings to be automatically deposited into accounts that represent your goals. Just gets the thinking and planning game out of your mind! Right now, all i do is to set myself a reminder twice a month to check our accounts to make sure everything is looking as it should. 15-20 minutes a month is all it takes to manage our finances and online bank accounts. I am happy!
- You can teach your kids banking by opening a kids savings account for them. You monitor their account but they are in charge. No fees, no minimums.
- Oh, you need cash? The app provides the exact locations of the free ATM machines that you can stop by and withdraw cash. They are everywhere!
- You can also refer your friends and get perks back. So if you want to open an account I would appreciate it if you use my link (My Referral Link) but if you don’t that is fine too. I am not writing this article so I get the “refer a friend” savings, I am writing the article to save you money so you can love me back! 🙂
- Most importantly, you can take your online banking anywhere if/when you move. That is what happened to us couple of years ago and it was a hassle to deal with a bank across the country. With online banking no need to think about moving your finances with your physical move.
Capital One online banking service also runs year round promotions where if you open a FREE account with NO minimums but decided to transfer money into your account and start banking with them, they deposit $50-$500 to your account depending on the money you transfer. You need to look at their promotions page for that. This is just something to think about but really make the switch based on the 10 factors I listed above in comparison to your current banking situation.
To your success!