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Online banking is generally defined as having the following characteristics: Financial transactions are conducted over the internet through a bank's secure website. The bank may have physical branch locations or it may exist only online. The user must register with the financial institution online and create a login ID and password.What is the best savings account interest rate?
See, a good savings bank account interest rate is usually anywhere close to 5-6% if you can manage to obtain the same. On an average it is 4% for most financial institutions, particularly in the public sector. However, anything between 5-6% is considered really good.Is banking online free?
The great thing about online banks is that not only are their checking accounts free , but many of them even pay interest. For those that pay interest, online banks can generally beat traditional financial institutions big or small with higher rates because of lower costs.