Should I make the switch to an online bank?
It seems like there’s a bank or two on every block, but don’t let proliferation fool you. “If you want to receive a higher return for letting banks use your money you must consider online banks,” says Bryan D. Beatty, a CFP in Vienna, Virginia. “They have lower overhead costs and fees and therefore you can get higher returns.” You probably do a lot of your banking online anyway making transfers and payments and rarely pay a visit to the traditional brick and mortar branch. And then there’s direct deposit. Come to think of it, do you ever go to the bank? Unless you require face-to-face interaction with a grumpy teller, consider the Web your new bank.
-- Alonna Friedman