| You have seen their ads and you may have | | | | latter category is for investing in Deposit accounts and |
| wondered if they are worth a second look. What am I | | | | CDs denominated in any major world currency. |
| talking about? Online banks! Also known as internet | | | | 5. Emigrant Direct Part of Emigrant Savings Bank |
| banks, these are financial institutions who provide the | | | | which traces its roots back to 1850 as a service |
| majority of their banking services over the internet. | | | | provider to Irish immigrants. Emigrant has $10 billion in |
| Typically, online banks offer consumers high savings | | | | assets and more than $1 billion in net worth. It operates |
| rates, low loan rates, and a mix of other services. Let's | | | | as a full service bank through 36 branches in the New |
| look at 7 winners in this fast growing field: | | | | York metropolitan area, and through Emigrant offers |
| 1. E Trade Bank Part of E Trade Financial, the discount | | | | only consumer services online; their high paying savings |
| internet stockbroker. E Trade Bank offers checking | | | | account is a chief investment vehicle. |
| accounts, money markets, and certificates of deposits | | | | 6. ING Direct ING is a global financial institution of Dutch |
| as well as a VISA credit card. | | | | origin offering banking, insurance and asset |
| 2. Netbank Along with offering checking and money | | | | management to over 60 million private, corporate and |
| market accounts, Netbank provides mortgage and | | | | institutional clients in more than 50 countries. ING offers |
| home equity lines of credit to customers. With tie-ins to | | | | mortgages, loans/lines of credit, savings accounts, |
| affiliated companies Netbank also offers Auto, | | | | certificates of deposit, and money market mutual |
| Homeowners, Condo/Co-op & Renters Insurance | | | | funds through another division. |
| and Life, Health, Long Term Care & Dental | | | | 7. MetLife Bank Yes, MetLife. A division of insurance |
| Insurance. | | | | powerhouse Metropolitan Life, MetLife Bank offers |
| 3. Virtual Bank VirtualBank, a division of Lydian Private | | | | savings accounts, certificates of deposit, money |
| Bank, is a federally chartered bank regulated by the | | | | market accounts, mortgages, and IRAs to consumers. |
| Office of Thrift Supervision. The bank offers checking, | | | | If you are banking exclusively with a "brick and mortar" |
| savings, and credit card services to customers. | | | | institution you may be missing out on high paying |
| 4. Ever Bank This leading internet provider of banking | | | | investment options or competitive loan rates that easily |
| services offers the most extensive, and varied | | | | undercut many traditional banking entities. These online |
| services of any online institution. Ever Bank offers | | | | banking success stories are only part of a growing |
| business and personal checking accounts, mortgages, | | | | number of savvy providers, some of whom are |
| home equity loans/lines of credit, reverse mortgages, a | | | | definitely worth a closer look by you, the consumer. |
| VISA credit card, and world currency accounts. This | | | | |