Can you walk into your bank?
It might seem like a strange question, but for people whose checking and savings accounts are held by online banks such as Ally and ING Direct, the answer is no. And that’s a good thing.
Magnify Money, an educational financial website founded by two former bankers, pledges to “put $US1 billion back in the pockets of everyday Americans by making it simple to understand the fine print.” In their five core “tenants to beating the banks at their own game,” they recommend bailing on brick-and-mortar banks for fee-free online accounts.
In the infographic below, based on the company’s recent survey, they explain why:
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.