APY and Online Banks
- First, look at the APY — the annual percentage yield. Online banks typically pay far more than traditional branches.
- Second, check the fees. The best accounts charge no monthly maintenance fees and have no minimum balance.
- Third, consider access: ATM networks, transfer speed, and a good mobile app matter for day-to-day use.
- Finally, confirm the bank is FDIC-insured so your money is protected up to the legal limit.
Online banks typically pay far more than traditional branches, so comparing APYs is important.
Look for accounts with no monthly maintenance fees and no minimum balance.
ATM networks, transfer speed, and a good mobile app matter.
Make sure the bank is FDIC-insured to protect money up to the legal limit.
