Saving You Money
6/14/2016 – Jane Dulle
We came across an article by thesimpledollar.com^ and some of the PROS of taking the time to move to an online bank were right on the money! Here are several points we saw in the article, plus a few of our own.
Interest rate: Online banks tend to offer better interest rates. The national average interest rate for savings is .11% and often is .01% at the largest banks. The interest rate for Lutheran FCU savings is tiered based on balances and beats these rates, offering a way to earn interest on funds you are not actively using short-term.
Low or no fees and minimums: Many online banks don’t charge the monthly account maintenance fees you find at brick-and-mortar institutions. Several, like most of the banks on our list, also don’t require a certain minimum balance to open or maintain the account. Lutheran FCU accounts were designed with our community in mind. Our accounts have no monthly fees and numerous benefits, including free online banking, free mobile deposits, and over 30,000 free ATMs.
24/7 account access: If you like to do your banking after work hours, that’s not a problem online. You’ll be able to print statements for free whenever you need them, and have access to conveniences like account alerts and online bill pay. These tools are often better at online banks, which have optimized their technology to keep customers happy; Lutheran FCU is no exception. Lutheran FCU answers the phone in person with exceptionally experienced team members during normal hours. After hours support is available too.
Easy access to your money: You will start to wonder why you waited so long to cut ties to your traditional bank. Of course you know you can get cash at an ATM for free at over 30,000 ATMs in the Lutheran FCU network, but you can also get cash back at many retailers when you use your pinned debit card to pay. Plus, you can transfer funds to other individuals online, other members of the credit union, write a check online to any person or business, and more.
Deposit funds from anywhere: In addition to direct deposit, it is easy to use the mobile deposit feature on your smartphone. Plus, several other options exist, including deposits at thousands of in-network deposit-taking ATMs and over 5000 shared branch locations.
Simplify monthly bill payments: No wonder we write half as many checks now than we did just 15 years ago. By keeping credit cards, auto, home and personal loans in one place, it is easy to set up account to account auto-payments, along with your ongoing online bill payments.
^Thesimpledollar.com, Credit Unions vs Banks: Understanding What Works for You, September 10, 2014