Financial Fitness with Alan Akina - Who is the FDIC?

5 Dec 2013 · 1 min

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This content was created by Alan Akina. This content was uploaded by Alan Akina. This is a YouTube video titled "Financial Fitness with Alan Akina - Who is the FDIC?" (posted 2013-12-05). It’s a short on-air/morning-show style segment where an announcer introduces financial commentator Alan Akina, who gives five practical tips for using online savings accounts—checking FDIC insurance, comparing interest rates, watching for fees and minimums, understanding deposit/withdrawal procedures, and ATM network fees.

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Well, from shopping to social interaction, the internet has truly changed our lives. It's also changing the way we save our money. Alan Akina shows us how to do it safely.
Good morning, gang. Have you considered opening an online savings account? Now, if you have, here are 5 things to know before you jump in. Number 1, is the online bank FDIC insured? Now, this is very important. You want to be sure that the bank is legitimate and FDIC insured, and you can check on any bank's FDIC status by going to this website. Number 2, what are the interest rates? Online banks typically pay a higher interest rate than traditional banks, but check both sources to find the one that will give you the best return. Number 3, are there any fees and minimum balance requirements? If you find a savings account with a really high interest rate but the fees are high, then it might not make sense. So search the websites of these online banks and call or email if you're not clear on anything. 4. How are deposits and withdrawals handled from this account? You want to find an online bank that is simple to use. 5. Since most online banks use ATMs for transactions, you'll want to know the available ATM network and if there are any fees associated for usage. For Wake Up Today, I'm Alan Akina. See you on Monday!