7 Online Banking Success Stories

You may have seen their ads and wondered if you should give them a second look. Where am I going with this? Online banks! These are financial institutions that do most of their banking over the internet. They are also called "internet banks." Online banks usually offer their customers high savings rates, low loan rates, and a variety of other services. Let's look at seven winners in this field, which is growing quickly:

1. E Trade Bank Part of E Trade Financial, an online stock broker with low prices. E Trade Bank gives out VISA credit cards as well as checking accounts, money markets, and certificates of deposit.
1. Netbank Netbank gives customers not only checking and money market accounts, but also mortgages and home equity lines of credit. Netbank also offers Auto, Homeowners, Condo/Co-op, and Renters Insurance, as well as Life, Health, Long-Term Care, and Dental Insurance through companies with which it has ties.
1. Virtual Bank VirtualBank is a branch of Lydian Private Bank. It is a federally chartered bank that is overseen by the Office of Thrift Supervision. Customers can use the bank for checking, savings, and credit cards.
1. Ever Bank This leading online bank has the most services and the widest range of services of any online institution. Ever Bank offers business and personal checking accounts, mortgages, home equity loans and lines of credit, reverse mortgages, a VISA credit card, and world currency accounts. In this last group, you can invest in deposit accounts and certificates of deposit (CDs) that are denominated in any major world currency.
1. /b> Emigrant Direct Part of the Emigrant Savings Bank, which started out as a service for Irish immigrants in 1850. Emigrant has assets worth $10 billion and a net worth of more than $1 billion. It is a full-service bank with 36 branches in the New York area and a website called EmigrantDirect.com. Online, Emigrant only sells services to consumers. Their high-interest savings account is their main investment tool.
1. /b> ING Direct ING is a global financial institution with roots in the Netherlands. It serves more than 60 million private, corporate, and institutional clients in more than 50 countries with banking, insurance, and asset management services. Through another division, ING offers mortgages, loans, credit lines, savings accounts, certificates of deposit, and money market mutual funds.
1. MetLife Bank Yes, MetLife. MetLife Bank is a division of the big insurance company Metropolitan Life. It lets people open savings accounts, certificates of deposit, money market accounts, mortgages, and individual retirement accounts (IRAs).

If you only bank with a "brick and mortar" institution, you might miss out on high-yield investment options or low-cost loan rates that beat out many traditional banks. These online banking success stories are just a few of a growing number of smart providers, some of whom you, the customer, should check out more closely.