The Pros and Cons of Banking Online

It seems like everyone is banking online nowadays, right? In fact, I’ve had the same online savings account for the past eight years. Just recently though, I was offered an online checking account as well, so I thought that now might be a good opportunity to investigate the possibility of taking more of my banking to the web.

There are quite a good number of online bank accounts and savings options out there. You could check out our list of high interest savings accounts or visit Bankrate.com to see what it is that the banks are currently offering. In addition to the interest rate and APY, you want to keep an eye on the minimum amount you need to open an online account and, of course, any fees involved. There are plenty of online bank accounts to keep your money safe. Here’s a quick list of top savings and checking accounts:

Now that you’ve checked out a few good banks, let’s review the benefits and downsides of online banking.

1. When you bank online, you can bank anywhere.
The first thing that attracted me to an online bank is the ability to access my account from any web browser. Whether I’m working at the office, on the road with my Netbook, or typing away at my desktop, I can easily open my favorite web browser and log into my online bank accounts at any time. Every browser I have tried — Internet Explorer, Firefox, Safari and Opera — has worked for me towards this end.

2. Online banking is always open.
My local credit union closes at 3:00 p.m. With an online bank account, you never have to worry about the hours of operation because the Internet is always accessible. If you need to look up something in your account, you can do it any time — even when you’re stuck in the house, car, or office.

3. Bank transfers are straightforward.
If I want to transfer money between my online savings account and the local bank, it’s as easy as pushing a few buttons to start the process. Since it may take several days for the money to move from one account to the other, it’s best to plan ahead for transfers.

I resumed my automatic savings plan several months ago. It has been substantially easier to make sure my money gets into my savings account. Each month, my online account debits my linked local checking account to build my savings. If I need to stop the transfer, I can swing by the website to cancel it immediately.

4. It’s pretty secure.
My account is backed by the FDIC, in the same way that my accounts are insured at the local bank. As long as I use strong passwords and don’t leave access to my account vulnerable, I should be safeguarded against theft. I also found out the hard way that my online bank will log me out if I neglect its window for too long. The banks’ websites should have their security policies posted for review.

5. Statements can be paperless and simple.
Rather than clutter up my office with paper statements, I can view my statements online. In the event that I want to print a copy, my statement can be downloaded as a PDF. Simple.

6. Receive higher interest rates.
A popular bank in my area offers a personal savings account with an interest rate of .25%. By contrast, HSBC Advance Online Savings offers a 1.10% APY on an online savings account with only a $1 minimum to open. So, as you can see, many higher yielding savings accounts are online in nature.

7. Minimize your banking fees.
Many online accounts have low or no fees. It doesn’t cost me a dime to maintain my savings account. By contrast, one of my local accounts penalizes me if I make too many in-person withdrawals in a month. I don’t have to worry about minimum balances with my online account, either. Don’t forget: BEFORE you sign up for such an account, make sure you know the minimums and fees that they require, if any.

8. Get access to other bank products.
Chances are, if you have one online bank account, you’ll gain access to deals on other bank products. For example, an online bank like ING Direct might offer checking accounts, mortgages, and even investment products or business accounts.

9. Use popular money management tools with your accounts.
Over the last few months, I’ve tried Quicken Online, Mint, and some other personal finance tools. You may find that many local, smaller banks aren’t linked to some of these services, but online banks tend to be better integrated with these tools. In effect, banking online can make bill-paying easier.

Note: Some of these positive features are also applicable to traditional brick-and-mortar accounts.

Despite my enthusiasm for my online accounts, there are still some folks who prefer to keep some things local for a variety of reasons:

No ATM card for savings alone. If I want an ATM card, I normally have to open an online checking account and then link it to my online savings account.Transfers to the linked local account may take longer. If I need to move money from my online savings account to my linked local account, I may have to wait as long as a couple of days. But a transfer from my local checking account to the local savings account typically happens on the same day.You can’t afford to be careless. Having your browser remember all your passwords certainly seems convenient, but a visitor who plops into your office chair might be able to snoop around. This can easily be avoided though if you memorize the password and clear out the cookies on your browser before you step away from the computer.The tellers give out candy and smiles. Yes, they put the “personal” into personal banking. Online banking customer satisfaction matters tremendously when choosing an online bank, because sometimes, it’s just nice to talk to a live body!

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Monday's ETF Movers: NLR, IFNA

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The Simple Dollar Weekly Roundup: Printing Photos Edition

I’ve been experimenting with photo printing at home (related to an upcoming post). I’ve lost quite a bit of money simply mis-printing photos and trying new things.

My conclusion? If you’re printing a wide variety of stuff, you’re probably better off using a service. A one-off photo is fine. A bunch of photos? Find a service.

Cheap Things You Never Use Are No Bargain Excellent article. I have a follow-up post that I want to write, but it needs to percolate for a little while. (@ get rich slowly)

11 Reasons to Ditch Your Television When I see statistics like “the average American watches five hours of television a day,” I shudder. Yes, I know that averages aren’t perfect statistics, but even if you have one person watching two hours and one person watching eight hours, that’s still every day. (@ man vs. debt)

A Simple Formula for Financial Independence This is an interesting way to look at your expenses. It puts those little expenses in the light of what they’re costing you in terms of financial independence. (@ frugal dad)

Why Marriage Makes It So Hard to Control Remodeling Costs. (Well, Kinda Sorta.) This really boils down to the whole “supersizing” effect. If we’re already buying something, why not throw in more cash and make it a bit “better”? (@ len penzo)

The Path Between Fear and Overconfidence While this article uses investing as the backbone, this is really true of any fear people want to overcome in life. (@ dividend monk)

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Verigy Receives Revised Offer from Advantest

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Cold, Frugal Drinks to Keep You Cool in the Heat

The mercury is rising, and you are thirsty, but the idea of a boring old glass of water has you reaching for your wallet (and a $5 mixed coffee at Starbucks). Stop! Put your money down and step away from the counter. You can make your own delicious beverages that will quench your thirst and protect you wallet from summertime pillaging. (See also: 9 Places to Go to Beat the Summer Heat)

Staying hydrated during a hot summer couldn’t be simpler than drinking water. Water is cheap, plentiful, easily accessed...and kind of boring. Fortunately, it’s easy to change from flavorless to delicious in a couple easy steps.

You’ve probably had lemon or cucumber-flavored water at a restaurant. All you have to do is slice up your favorite fruit and let it sit in a pitcher of water for a couple of hours. Try adding sliced pineapple, guava, grapes, or grapefruit for an exotic feel. Want more savory alternative? Lightly mash a combination of herbs like mint, basil, sage, and thyme, and add to your water. Then simply pour the water through a strainer into your glass. You can keep refilling the pitcher, using the same herbs, for a couple of days. Combine herbs with fruit slices for a truly unique flavor.

If you enjoy the smell and taste of flowers, try using a wooden spoon to masticate some rose petals from your own garden and adding them to water or other beverages. Jasmine flowers and violets also add a wonderful fragrance and taste.

Try Xin’s naturally flavored water recommendations for even more tasty varieties of healthy, cheap, and delicious water.

If your tap water has a chemical taste, try filtering it first. My fair city of Seattle has a clean water supply that is treated heavily with chlorine, so I filter the heck out of that stuff.

If flavored-but-flat water doesn’t excite your tastebuds, consider adding sparkling water to your favorite juice beverage. Watering down your juice with some fizzy goodness reduces the number of calories you are taking in and saves money, too (seltzer water is cheaper than juice, after all). This is going to sound totally weird, but one of my favorite beverages in college was half a glass of chocolate milk cut with half of glass of seltzer.

Coconut water is very lightly flavored, but stuffed with electrolytes that help replenish your system when you’re sweating buckets. Coconut water isn’t always cheap — look for larger containers, rather than individual juice boxes, and cut in half with water to get extra hydration. Or check your local Thai and Vietnamese grocer for a supply of fresh baby coconuts or packaged coconut water.

Sun tea was a tradition where I grew up, but because sun tea can harbor dangerous bacteria, consider making refrigerator tea instead. User four teabags per quart of cold water, and refrigerate for six hours or more.

Cold-brewed tea shouldn’t be limited to just black or red tea. Try making icy herbal teas like chamomile or mint, or use green or white teas for that boost of antioxidant power. You can also add lemon, herbs, fruit juice, or a pinch of your favorite sweetener for added tea-rrificness. If you're watching your calories, go easy on the sugar — if you like sweet tea, use half sugar and half Splenda or Truvia to get sweetness without the added calories.

There are some hot summer mornings that don't permit you to even THINK of drinking hot coffee. Iced coffee to the rescue! The secret to making iced coffee that doesn't suck is cooling it correctly without watering it down. You can either brew coffee extra strong and add ice, or make coffee ice cubes that you then add to regular coffee that has been cooled to room temp or refrigerated overnight. Add cream and sugar as usual, but remember sugar will take longer to dissolve.

A blended coffee drink is so hard to resist on a hot day, but if you are consuming more than one per week, you can probably save yourself some cash by creating frappuccinos at home rather than shelling out the big bucks at a café. If you don’t have an espresso machine, you can still create delicious blended coffee drinks using super-strong brewed coffee or instant coffee. You can always opt for decaf, and making your own frapp means that you can choose low-carb or sugar-free options (not possible at Starbucks).

When the evening rolls around, my liquor cabinet doors swing open. Now, I love me a stiff drink as much as the next lush, but during the hotter months, sometimes staying hydrated means going easy on the booze. Watering down your cocktails a bit means that you can enjoy two or three hydrating drinks without ending up face-down in the foyer. Also, if you really cut back, you’ll be saving beaucoup bucks.

The gin and tonic is a traditionally popular warm-weather drink. To enjoy a lighter version, opt for diet tonic water, add extra lime juice, and only use half the amount of gin that you would normally add. I like to make my summertime G&Ts in a highboy glass, with freshly made ice, smashed homegrown herbs, or even a bit of sliced up over-ripe fruit (strawberries and blackberries are a particular favorite).

Use up a bottle of not-so-hot wine by mixing up a pitcher of sangria. Combine wine, citrus-flavored soda, a pinch of brown sugar, and a couple shots of brandy. Pour over ice, and you have a refreshing beverage without too much of a buzz.

Even cheap white wine tastes pretty good paired with chilled seltzer water and a splash of elderflower liquor (St. Germaine is not cheap, but a little bit goes a very long way — and there are other, less-expensive elderflower liqueur options).

Other flowery options that you can find at upscale grocery stores include drinkable rose water and orange-flower water. A small bottle might cost $10, but you’ll only need a teaspoon to take that bland rosé to rivetingly rosy.

Are you a big fan of bloody Marys? During the peak of summer’s bounty, when your table is overflowing with homegrown tomatoes, make your own fresh tomato juice and enjoy a bloody Mary (virgin or not) that is lower in calories and a little less sweet. I actually loathe the taste of canned tomato juice — too much like watery ketchup — but my homemade tomato juice brings all the boys to the yard, with or without vodka.

A good mocktail is nothing to sneeze at. Finding a way to balance sweet and sour, bitter and savory can take some doing, but cutting back on booze is better for us all, decreasing our heft while increasing the heft in our wallets.

What are you favorite summer beverages? Do you like cold drinks at all, or do you find that hot beverages are more your style? Share your thoughts in the comments!

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Friday Sector Leaders: Cigarettes & Tobacco, Beverages & Wineries

In trading on Friday, cigarettes & tobacco shares were relative leaders, down on the day by about 0.2%. Leading the group were shares of Alliance One International (NYSE:AOI), up about 6.3% and shares of Universal VA (NYSE:UVV) up about 3.4% on the day.

Also showing relative strength are beverages & wineries shares, down on the day by about 0.4% as a group, led by Hansen Natural (NASDAQ:HANS), trading up by about 7.7% and Pepsico (NYSE:PEP), trading higher by about 1.9% on Friday.

For MarketNewsVideo.com, I'm Sayoko Murase.

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