| Checking study: A detailed look
at the results |
|
|
|
Average yield
Internet banks have long offered much higher yields
on interest checking accounts than their traditional brick-and-mortar
banking counterparts. The rising interest rate environment is also
more evident in the yields at Internet banks, where the average
yield is 1.96 percent versus the paltry 0.32 percent at traditional
banks.
Minimum to avoid
fees
Internet banks offer much higher yields, and while avoiding fees
means keeping a high balance, it is only half as bad as brick-and-mortar
banks. The average balance requirement on interest checking accounts
at Internet banks is $1,250, approximately half of the $2,465 required
at traditional banks.
Monthly service
fee
The average monthly service fee on interest checking accounts at
Internet banks is again, about half of that at traditional banks.
The average fee at Internet banks is $5.50, compared to $10.85 at
traditional banks.
Bounced-check
fee
Online or offline, bouncing a check will cost you. There is no significant
difference in the average bounced-check fee at Internet banks versus
traditional banks, with the average fees weighing in at $26.33 and
$27.04, respectively.
|
