When it comes to choosing an online savings account, most people start – and stop – with the interest rate. But if two online banks are offering similar rates, the real difference shows up in everything else.

Here are four things to look at beyond the yield when comparing online banks and savings accounts.

1. Is the Bank Safe and Established?

Not all online banks are created equal. Look for FDIC insurance and verify that the bank itself, not just a tech platform acting as a middleman, is federally insured. It’s also worth checking how long the institution has been in business and whether it has a history of financial stability.

If you’re trusting a bank with your emergency fund or long-term savings, a little peace of mind goes a long way.

2. Is the Experience Seamless?

The promise of online banking is simplicity. But some digital experiences fall short. Before you open an account, explore the bank’s FAQs. Can you link external accounts easily? Transfer funds without delay? Is customer support available when you need it?

Go to the App Store and check out their mobile app reviews. In most cases, that’s the primary way you’ll interact with your account, so you should make sure the app is intuitive.

3. Are the Policies Clear and Client-Friendly?

Some online banks offer great rates, but hide the tradeoffs in the fine print. Pay attention to:

• Deposit holds: Your account is open, but your funds aren’t available or earning interest.
• Transfer limits: How much you can move in a given time period.
• Transfer times: How long your money movement in and out can take.
• Minimum balance requirements: Falling below a balance threshold could mean you’re not earning that attractive rate.
• Hidden fees: Fees can offset your earnings and are important to look out for when comparing online banks.

A good online bank puts transparency front and center.

4. Does the Bank Feel Like a Real Partner?

This one’s less tangible, but still important. Look for trust signals:

• Is the bank upfront about its leadership, backing, and contact info?
• Are there helpful resources like FAQs available, not just ads and sales language?
• Does it feel like a place built to serve you?

Online shouldn’t mean impersonal. The best online banks make it easy to feel connected, even without a branch.

Looking for an online savings account that combines strong rates, real service, and the backing of an established institution? Learn more about First Foundation Bank's Online Savings Account