Frequently Asked Questions

We at BankTruth get a lot of questions concerning banking - great! That's why we're here. In an effort to better serve you, we've gathered our most common questions and have organized them here. We hope this will be a great resource for you. If you have more questions, please contact us!

General Banking Questions

The simplest answer to this question is, a savings usually limits how often you can withdraw funds, and doesn’t offer a checking account. Money Market Accounts are like Savings and Checking rolled up in one.
CD stands for Certificate of Deposit. It’s a bank account that locks your funds away for a set period of time. Banks want funds so they can loan money to other people and collect earn revenue from the interest rates. In exchange for locking your money down, the bank offers a higher interest earnings to you on your money. CDs can be setup using many different durations of time. Most popular in term length is 1 year, 2 years, 3 years, and 5 years.

Online banking is a competitive field for banks. No longer are they limited by location. As such, online banking offers the highest interest rates. You can earn 1-5% interest online, where local banks are offering .06%.

Think long term. If you have all of your savings in the bank for 20 years, would you want to earn tens of thousands, or a few hundred? It’s one of the easiest ways to make a small bit extra on your money. You may not be making a great deal of money from week to week, though in the long term, it really pays off.

General Banking Questions

Opening an online savings account is a simple process. Select the bank from our best rates chart, and click on the link. Once you are directed to their website, you need to submit personal information. Most banks will require you to submit your contact information and valid banking information. To link your bank account together, you will normally see a small deposit or withdraw from your checking account to the new savings account. Verify this transaction to start using your new savings account. The online banks use secured servers to protect your information. It is vital that you select a user name and password that is challenging to prevent it from being hacked.
Each banks has different requirements. Some banks will require a small deposit amount of $25 while others may need over $100. Review the savings account contract terms to understand how much you need to deposit to open the account.
A bank will require you to deposit money to open a savings account, but most do not ask you to deposit monthly. However, the more money you deposit, the more you will earn in interest.
If you have a checking account, credit card, or other accounts with the same bank that you save money with, you may be able to access all the accounts from the same page. Capital One is one bank that normally ties all your accounts together. USAA is another bank that will tie your accounts together. Having a welcome screen with a clear depiction of your accounts on a single screen is convenient and allows you to see how much money you owe, and what you have been able to save.
Most online banks will encourage paperless delivery of statements, some require paperless delivery. You can normally download your online statements to find out how your savings account is fairing.
Online banks encourage users to set up automatic deposit. This is a great way to get in the habit of saving money. You can alter the amount of money you would like automatically deposited to the savings account each month. Some people save with each paycheck while others will opt for monthly deposits.
Most online banks have an app you can download on your phone. This will allow you to have access to your account where you can view transactions. Some provide access to mobile deposits. This is a great way to send money to your bank account without leaving your home. Simply click on the mobile deposit icon, take a picture of both sides of your paycheck, and upload it to the bank. You will receive a confirmation number, which you need to write on the check in the event that there is a problem.

What happens if you no longer want to use your online savings account? You can cancel your account, but you may need to pay a fee. This is common for CDs and money market accounts. Online savings accounts normally do not charge a cancellation fee, but it can vary with each bank. If you agreed to open the account for a set amount of time, you will need to abide by these terms to avoid penalties.

Online banking is convenient for most users. Check out current bank rates chart to determine which banks are offering the highest interest rate for savings accounts. If you have a banking question, please feel free to contact our team!