Finding the best internet only bank is just as important as identifying the best bank among their brick and mortar peers. Internet only banks are extremely attractive for customers running from high fees because many offer lower fees because they don’t have the overhead of one or more buildings to conduct banking business.

The best internet only bank has been identified by consumer reviews as ING Direct. They have received top recommendations by more than their share of reviews that include customers and financial experts alike. Their website and customer service has moved them to the front of the pack.

Although ING Direct is receiving the accolades as the best internet bank there are other banks that can count themselves as a close second and one of the best,  such as Ally Bank.  Ally Bank is getting a lot of positive attention for their banking products and services. Formerly GMAC Financial Services, Ally Bank competes competitively with ING Direct for web based savings accounts.

Kiplinger.com has recommended Ally Bank and Ally’s checking accounts can boast the same interest rate as their savings account. The online bank provides other investment products such as CDs or certificates of deposit. Initially when the bank was rebranded, customers raked in big rewards with special promotions aimed at getting new customers and retaining old ones. However, they still are second to ING Direct for the best internet bank award.

Several other banks that should receive honorable mention in the best internet only banks category are FNBO Direct and HSBC Advance (formerly HSBC Direct). FNBOs parent bank is First National Bank of Omaha which has earned high ratings from the banking community.

Although FNBO is earning high ratings they are falling short in the category of limitations for their transactions and difficult to find no fee ATMs. Some very positive aspects of FNBO is the minimum balance to open the account is only $1 and a separate online bill pay account does offer more liquidity for customers.

Finding the best internet only banks does provide customers with a variety to select from. Depending on what your needs and wants are in banking services can help you decide which of these will make a good fit for you.

• 0.90% APY on their savings accounts-currently 4X the national savings average
• No monthly fees
• No minimum balances, meaning you can open your bank account with JUST $1.00
• Can do everything online-you can manage your account online 24/7

The HSBC savings account doesn’t even need the checking account, you can pay bills through their Online Payment Account. Also with HSBC Advance, it is possible, as with many other banks, to link your external accounts. This benefit is unlimited, meaning you can have as many external checking accounts as you would like, linked with your HSBC Savings Account. By doing this, it is much faster transfer funds, as well as set up automatic transfers.

When it comes to questions, our HSBC bank review has that covered. HSBC has a variety of frequent questions posted on their site, HSBC.com to answer yours the quickest way possible. They respond to topics of linked accounts, deposits and withdrawals, transfers, payments, and ATM/debit cards. For example, deposits can be made through the mail, direct deposit, linked accounts, ATMs, or wire tranfers. While withdrawals-remember, magic number is 6- can be made through ATMs, electronic transfers from linked accounts, or checks in mail.

HSBC Advance’s Savings Accounts are  FDIC insured.