Best Online Banks Of 2020–And How To Choose One

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Best Online Banks Of 2020–And How To Choose One
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Check out the best online banks of 2020—and how to choose one:

Synchrony doesn’t charge ATM fees and will reimburse for up to $5 in fees when you use domestic ATMs.An online bank is one that operates exclusively online. It has no physical branches. This distinction may seem insignificant, as most banks offer some form of online banking services. For consumers, however, the difference between an online bank and one with branches is important.

For those looking to replace their current bank, focus on the overall package. Find an online bank that does not charge fees, offers a high rate of interest and provides easy access to your money via ATM and mobile apps.The short answer is yes. FDIC insurance is the same for online banks and traditional branch-based banking. It’s also the same whether you open an account online or in person for those banks that have physical locations.

The Federal Deposit Insurance Corporation insures bank accounts through mandatory fees that participating banks pay to the government. FDIC-insured accounts are covered up to $250,000 per person among all accounts at that bank. You can increase this insurance coverage based on how you title the accounts or by opening accounts at additional banks.Customers of online banks initiate transactions online, through a mobile app, by phone or by mail.

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