Many of us are customers of internet banks for deposit rates that are higher than what’s available at our local brick-and-mortar banks. The higher rates are especially the case for savings accounts. For example, the highest you can get on savings account at Chase Bank is 0.08%. You can easily get a savings account that pays 10x more interest at one of many internet banks.
Interest rates may be the primary reason for choosing an internet bank, but some internet banks offer more than just interest. I thought it would be useful to mention two non-typical type of services that are available from two different internet banks.
Free Identity Theft Protection at Synchrony Bank
In addition to offering competitive savings account and CD rates, Synchrony Bank deposit account customers are provided with complimentary Identity Theft Resolution Services through Identity Theft 911. If you are ever a victim of Identity Theft, the service will provide you the assistance you need to help you get your life back to normal
Back in 2010, a DA reader mentioned that he maintained a MetLife Bank account (before it became Synchrony Bank) just for this service. It’s still doesn’t take much to keep a Synchrony account. The High Yield Savings Account requires only a minimum balance of $30 to avoid a monthly service charge.
Free Computer Security Software at Ally Bank
If you don’t trust your computer due to viruses, you won’t want to log into your internet bank. I think Ally Bank realized that the fear of viruses may have been discouraging people from opening accounts with them. They made a smart move to offer free anti-virus and anti-malware software to their customers. The software is called Webroot® SecureAnywhere™, and it blocks viruses, malware, phishing and spyware. It also automatically updates to protect you from the latest threats.
It’s easy to be an Ally customer. There are no minimum balance requirements on its checking accounts, savings accounts and CDs. Ally Bank will be implementing balance tiers on its savings accounts, money market accounts and CDs effective November 7, 2015. So even though you won’t have to worry about monthly fees for small balances, you may soon receive lower rates for small balances.
Other Services at Internet Banks?
What other services do you receive from your internet bank? Some services will require a brick-and-mortar office such as safe deposit boxes, coin counting, paper shredding, notary public and Medallion signature guarantee. What other services do you use at your bank?