the Price of Combination Checking and Savings Accounts

I use an online bank to service both my checking and money market (savings) accounts. I get a great rate on both, one that about triples what I would get if I went through a local bank. I have no minimum in either account to earn interest and there are no fees associated with either account, unless I overdraw. The checking account also offers free online bill pay. They also offer direct deposit services, which I take advantage of.

Overall, I am quite happy with my bank. As I said, the rates are great. I can transfer money between accounts with them and with accounts at other banks seemlessly. The one downside is not having a brick and mortar bank at which to make deposits. They offer free deposits and withdrawals at a network of ATMs across the country. However, none of them happen to be very close to me. So, I usually use my local bank to make deposits and then transfer money from there to my online bank electronically. It takes a small amount of time and is worth it for the return.

Check for good rates. Especially if you are looking for a savings account, look for online banks. If they are FDIC insured, there is no risk involved. It may take a few days to get your money or you may have to pay an ATM fee. But for savings, this is definitely the way to go.