Save money by banking online

Bank fees are running at their highest levels on record. But you may be able to save money by going online.

1) Online banks: a better deal

By most measures, online banks are a better deal than their brick-and-mortar counterparts. They have lower fees and smaller minimum balance requirements, according to Bankrate.com.

And interest rates can be a lot higher, especially on Internet-only banks. An average savings account at a traditional bank is 0.3 percent. At an internet bank, that rate can be as high as 2 percent.

Some banks even offer online specials not found in their branches. HSBC is offering a 2 percent yield on a one-year CD online. Get that CD at the branch and you'd earn about 0.50 percent.

2) Keep you money safe

Keeping your money safe is key. Make sure the bank you’re vetting has FDIC insurance coverage. You also want to sure that the bank’s Web site has a valid security certificate so you don’t have to worry about cyber-thieves.

ATM access and cashing checks with an Internet-only bank can also be challenging. But more and more internet only banks are joining ATM networks or reimbursing customers their fees when they go to other banks’ ATMs.

3) Get the ranking

Consumer Reports rated seven of the largest online banks. Here are their top four: ING Direct, HSBC Direct, Citibank and Capital One.

Compare interest rates on banks and their products at bankrate.com.

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