How to Find the Right Online Bank for You

The higher interest rates offered by online banks sure are tempting, but do your research first.

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Question: I want to open an online high-yield savings or money market account. But because these are new to me, I’m trying to perform my due diligence somehow. Is there anything I need to know or beware of before signing up?

Answer: Start your search at or Online banks don’t have branches you can walk into to ask for help, but you can find one that offers round-the-clock customer service, such as Ally Bank or Discover Bank. Test out the website of any bank you’re interested in to make sure it’s user-friendly; some online banks maintain clunky, bare-bones websites that are hard to navigate.

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Miriam Cross
Associate Editor, Kiplinger's Personal Finance
Miriam lived in Toronto, Canada, before joining Kiplinger's Personal Finance in November 2012. Prior to that, she freelanced as a fact-checker for several Canadian publications, including Reader's Digest Canada, Style at Home and Air Canada's enRoute. She received a BA from the University of Toronto with a major in English literature and completed a certificate in Magazine and Web Publishing at Ryerson University.