10 Things to Consider When Choosing a Bank


Internet Banks

Internet-only banks are a fascinating new trend. Since they don't have to keep up physical branches -- those beautiful lobbies, the friendly full-time tellers, building rental, maintenance and upkeep -- they pass those savings on to you in the form of lower interest rates and instant updates.

On the other hand, depositing checks is a real drag. Scanning or mailing them in and waiting for your deposits to clear can really slow you down. But if your income is entirely direct-deposit based, that won't be such a hindrance.

A lot of us find the concept of an online bank to be a little scary. You try not to be superstitious, but hearing about identity theft and scams can make the difference in your decision. But don't let fear take away your shot at those exciting interest rates: Arm yourself with information. Make sure that the bank is FDIC/NCUA insured, and find out about the bank's history.

It's easy to link your internet accounts to services like PayPal, and even to accounts at other banks, so you can have the best of both worlds. While Internet-only banks are still in their infancy, many experts swear by them. And as they grow and continue to innovate, the landscape will only become more inviting.