Free checking at your bank may be a thing of the past soon. If you're tired of changing rules, higher fees and stricter requirements, you don't have to take it anymore.
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Online banks are a better deal than their brick-and-mortar counterparts by most measures. They generally have lower fees and smaller minimum balance requirements. And interest rates can be a lot higher, especially on Internet-only banks.
Recently, Consumer Reports rated seven of the largest online banks. They include ING Direct, HSBC Direct, Citibank and Capital One. Just make sure that the bank you choose is a member of the FDIC, or Federal Deposit Insurance Corporation. This way you know your money is insured up to $250,000.
Credit
Unions offer another popular alternative to large banks. Credit unions
may have marginally better interest rates and rates on CDs, savings
accounts and money markets.
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Source: CNN Money
