My husband and I decided when we got married to have most of our money in a joint checking and savings account. We opened it with Bank of America. Within 6 months of having the account we had problems with bank fees, wrong accounts being debited, and rude customer service representatives.
We decided we needed to make a switch with our bank accounts. It was important to us to make sure I money was working for us.
Finding the Checking and Saving Accounts We Needed
We both had free checking accounts with a national bank that we used for our individual accounts. There no fees, but it didn’t offer much else. For our joint accounts,though, we were looking something a bit better. We were on the lookout for a FDIC insured checking account that would do the following:
- No monthly maintenance fee
- $0 required minimum balance
- Free online billPay service
- Conviently located ATMs
- Earn some interest rate if possible
We considered both national banks, regional banks, online banks, and local credit unions in our search. We also wanted a savings account that would earn more interest than what we were getting. We also were looking for a reputation of good customer service since Bank of America left a bad taste in our mouths.
Looking at Online Banks
After researching a bit, we finally decided to go and open accounts with ING Direct. After opening a savings account to try it out, we then moved to their Electric Orange checking account. It offered interest and free online bill pay. Honestly the ‘no paper’ feature seemed a bit inconvenient, but we went for it.
If you want to open a checking account with$250 or more using a referral from a membe like myself, you’ll get $25 bonus. Whoever referred you would get $10 as a thank you. It’s a nice win-win situation. I ran out of refferel codes for savings accounts, but several personal finance bloggers have them available.
It’s been a few years since we made the switch to ING Direct and we have been very happy with the level of service they have given. While they do not have the highest interest rate now compared to some other online banks, the customer service has been great.
So far, so good. We just wanted to see how online banking works for other people (aka. people with modest incomes). Please feel free to leave a comment.
Other Online Bank Options
If you don’t like ING Direct, but are looking at online banking as an option, here are some popular ones right now:
Those are not your only options. Look at Bankrate to compare checking and savings accounts. You should be able to find something to suit your needs.
How do you feel about your bank or credit union’s service?
Related Blogs
- Related Blogs on Finding a Good Checking and Savings Account
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