Online banks are full-service banks without any physical branch locations. Does this sound like the right bank for you? Take our quiz and find out!
In what year was the very first Internet-only bank founded?
On what year did the first brick-and-mortar bank offer online banking services?
According to a 2011 poll, how many American adults prefer to do all of their banking online?
- 32 percent
- 52 percent
- 62 percent
Ally Bank, one of the largest online banks in America, claims how many members worldwide?
- 15 million
- 30 milion
- 60 million
Which of the following is NOT another name for an online bank?
- Internet-only bank
- Fast bank
- Direct bank
True or false: Online banks are not backed by the FDIC.
Which of the following services is NOT available at most online banks?
- Direct deposit
- Safety deposit box
- Wire transfer
Do online banks typically offer higher or lower interest rates on savings accounts, checking accounts, CDs and money market accounts?
- The same as traditional banks
As of this writing, a $1 checking account balance at Ally bank earns 0.50 percent interest. What is the minimum balance you need to carry at a conventional bank to even get 0.10 percent?
The Bank of Internet USA, insured by the FDIC, offers a 1.25 percent interest rate for opening a checking account with a minimum deposit of $100. What is the minimum account balance your need to maintain at Fifth Third Bank, a conventional bank, to get a one percent return?
- $1 million
True or false: Online banks can offer mortgages.
What is the monthly maintenance fee for carrying less than a $100 balance on an Ally Bank checking account?
Which of the following is NOT an acceptable way to deposit a check with an online bank?
- ATM deposit envelope
- Upload a scanned image of the check
- Mailing in the check
True or false: Online banks don't issue debit cards.
Since online banks don't have their own ATMs, how much should customers expect to pay in fees every time they use another bank's ATM?
Ally Bank was formerly known as which famous financer of auto loans?
- Car Loans USA
- Auto Zone
ING Direct, one of the largest online banks in the world, is owned by the ING Group, based in what country?
- The Netherlands
Why can online banks charge fewer fees and offer higher interest rates than conventional banks?
- Online banks are operated through offshore computer servers in tax-free zones.
- It costs less money to run a bank without any physical branches.
- Online banks don't deal in actual dollars, just electronic currency.
What percentage of worldwide consumers are either "very concerned" or "somewhat concerned" about the security of online banking?
- 46 percent
- 68 percent
- 86 percent
Money lost through online banking fraud in the UK was down by what percentage from 2010 to 2011?
- 12 percent
- 22 percent
- 32 percent