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Exclusive   2007 Checking Study
  STATISTIC: The monthly service charge for an online bank is only $2.91.  
  You can save money by skipping the bricks and mortar bank.  
   

Minimums: traditional vs. online banks
 

Bankrate.com looks at a selection of checking accounts offered by Internet banks to achieve a comparision study. In this edition, 16 Internet institutions were surveyed, with 16 interest accounts and six noninterest accounts being included.

Because interest checking accounts are offered by each of the Internet banks surveyed, and because of the limited number of noninterest accounts they offer, the focus of the comparison will be on interest accounts.

Here is a look at how the interest checking accounts at Internet banks stack up against what is available at traditional brick-and-mortar banks.

Minimum to open
The stark contrast in minimum opening balances required for interest-bearing accounts compared to noninterest accounts holds true at both traditional and Internet banks. In both cases, noninterest accounts can be opened for a fraction of what it takes to open an interest-bearing account and earn the stated return.

However, the minimum to open and earn interest at an Internet bank, $572.13 on average, is considerably lower than the average of $986.19 at brick-and-mortar banks.

Comparison of average minimum to open
Create a news alert for "checking study" -- Posted: Sept. 26, 2007
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