Internet Checking Accounts Are Best- WalletHub

According to online finance website WalletHub, online checking accounts are best banking options. It states they are also best for small businesses.

Internet is making life easier for people in all ways. In the banking sector as well the Internet is doing great. Not only the promoters of the World Wide Web believe so but other non biased organizations are also in coincidence to this fact.

In a recent survey carried out by WalletHub, the personal finance website on banking sector nationwide, internet checking accounts are regarded as the best options to conduct banking.

In the survey it all the factors of the online checking accounts are compared with the branch accounts. The study revealed that there is difference of astonishing 19% between the operation charges of online and branch checking accounts. Former are 19% cheaper and at the same time offer higher interest rates on average of 122%.

The saving accounts which people usually maintain provide much less interests than the checking accounts.

For small businesses, the use of business account is not advisable as per the survey. This is because such accounts are expensive than the consumer accounts by a margin of 46%, offer 57% lower interests as well as have 4% less features. According to WalletHub, the use of personal online checking accounts is advisable “as much as possible,” by the small business owners.

Focusing on the students, the survey suggested that the, “College students should use student checking accounts for everyday access to cash and student savings accounts to set aside money for the future.” This is a lucrative way to save some bucks.

Also the student checking accounts are much cheaper almost 66% as compared to the average personal accounts. This makes them friendly financially for students at the same time offering them 28% more features. However not all is great about the student checking accounts. On the down part these accounts offer 86% less interests contrary to student savings accounts which offer some of the best and interests % available.

For small businesses type of banking account is not the only concern. The Business News Daily recently highlighted the six most frequently committed mistakes by such businesses when they set up their banking accounts. These include missing or incorrect account set-up information; not planning properly the authorities for check signing; absence of a designated business account; mistake with the choice of bank for the business; wrong checks ordering; and last but not least failure to maintain the minimum monthly balance.

According to experts these mistakes can be financially harming for small businesses, so you better check out against them.