Over the years, financial banking has evolved. From manual processes and systems comes the convenience of on-line banking or internet banking. On-line banking lets customers conduct business over a secure website. Most banks today, if not all, provide on-line banking services. The common features include funds transfer, bills payment, balance inquiry, loan applications and a lot more new and innovative services.
In determining which banks to deal with and entrust your hard earned money, ING Direct, ETrade, or HSBC have earned good reputation in the on-line banking arena and are among the popular choices among other banks today.
ING Direct is a growing internet bank which is becoming the largest online bank in the US because of its simple and straightforward banking methods. It offers various products and services which are conveniently transacted online. ING Direct offers a simple online savings account with a higher than usual Annual Percentage Yield or APY. There are no service fees and no minimum balance requirements. Also, with ING Direct you can get CD’s ranging from 1 to 5 years with competitive rates. Other products include mortgages and home equity loans which you can conveniently apply for online.
There is also HSBC Online Savings Account which offers one of the highest-paying savings accounts. For many, HSBC is a bank of choice as it is one of the largest banking groups in the world and it provides interesting and lucrative options for people who want to save money. HSBC Online Savings Account works a lot like other online savings account. Like ING Direct, it offers high APY and no fees or service charges and minimums. With HSBC, you can keep your existing checking account and link it to your HSBC Online Savings account. They also send customers an ATM card to facilitate easy access to cash anytime, anywhere. However, there may be fees charged for checking accounts but HSBC will consider all of your balances together when they calculate how much money you have with them which make it easy to have an interest-earning checking account with no monthly fees.
Another major competitor in the online banking arena is ETrade. With ETrade you can virtually transact various products and services like brokerage, banking and lending and other internet-based financial products and services for retail, corporate and institutional customers. It offers checking and savings accounts, money market accounts, credit cards, and mortgage services. Like ING Direct and HSBC Online Savings Account, its major attraction is also its high APY with no fees. Plus you get an automatic savings plan with the ability to link your accounts with other banks. All you need to open an account with ETrade is a minimum of $1.00. Its difference with other banks is imminent in its merger with ETrade discount brokerage accounts. Also, with ETrade you get your money back for fees from five non-E-Bank ATM transactions per month. This works as a sort of reward to customers.
Indeed, information technology has revolutionized the way in which we conduct banking. Apart from its convenience, there are a lot of benefits we get that allows us to save even more money. You can compare these three online banking services with each other or better yet search for other online banks and decide which one is best for you.
Originally posted 2008-10-17 11:43:14.