October 02, 2009

Banking industry news provided by Financial News USA. Online banks are a great convenience and have a history of paying better interest, but with so many traditional banks getting in on the act with their own online accounts, the distinctions are less pronounced.Bankrate's 2009 Checking StudyBank fees take flightBounced check fees rise againBank ATM surcharges leapInterest account carries hefty priceOnline banking still favorable6 tips to avoid checking account fees.

According to our 2009 Checking Study, you still have to pony up a larger deposit to open an account online than you will at the brick-and-mortar bank down the street.The online average this year to open an interest-bearing checking account is $681.50 as compared to the average $473.12 to open a similar account at a traditional bank.Comparison of average minimum to open But after that, the benefits of an online account versus one at a traditional bank tilt in favor of online.