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<div class="image-container float_right" style="width:400px"><div class="image"></div><a href="http://www.flickr.com/photos/yourdon/3475417696/sizes/o/in/photostream/">Ed Yourdon / Flickr, CC</a></div>Online-only banking is one of the hottest trends in personal finance, but plenty of people are still curious as to whether it's worth making the switch.
The real difference lies in <keyword id="25450" type="UNKNOWN" weightage="60" keywordseo="savings">savings</keyword> rates. 
According to <a href="http://www.money-rates.com/research-center/americas-best-rates/">a new study by MoneyRates.com</a>, <keyword id="22508" type="ORGANIZATION" weightage="60" keywordseo="online">online</keyword> banks carried <keyword id="6371181" type="UNKNOWN" weightage="60" keywordseo="interest-rates">interest rates</keyword> up six times higher than bricks and mortar competitors in the first quarter of 2013. While the nationwide interest yield dropped during the quarter, savings rates at many online banks rose.
Ten online banks on <keyword id="1744645" type="UNKNOWN" weightage="60" keywordseo="MoneyRates-com">MoneyRates.com</keyword>'s list had interests rates of more than 0.5%. Ally <keyword id="6355272" type="CITY" weightage="60" keywordseo="Bank">Bank</keyword> had the highest savings rate listed on the list, at 0.903%, and American Express was right behind at 0.878%. Granted, even the highest rates they found weren't exactly anything to call home about, but online banks still blew past the average savings rate of 0.105% at branch-based banks. 
How's this possible? For the most part, online banks have far less overhead costs to worry about than big banks. That frees them up to pass those savings on to consumers in the form of fewer fees, deposit requirements and, of course, interest rates.
If you're looking to stash your cash in a money market account, which is a savings account that typically requires a higher minimum deposit but offers a more competitive interest rate, online banks are the way to go. MoneyRates found they carried a 0.661% yield on money market accounts –– four times higher than the nationwide average of 0.154%.
"People are understandably upset that the continued decline in deposit rates is robbing them of income, and robbing their savings of purchasing power," Richard Barrington, a senior financial analyst for MoneyRates.com, said. 
"For many people though, there is an opportunity to raise their savings and money market rates just by shopping around."
If you do most of your banking online and at ATMs anyway, these high savings rates signal that it might be a good time to ditch the teller windows for your tablet. But <a href="http://www.money-rates.com/ask-the-expert/ask-the-expert-when-are-online-banks-better.htm">Barrington does advise</a> keeping a few things in mind before switching your savings to an <keyword id="1633382" type="UNKNOWN" weightage="60" keywordseo="online-bank">online bank</keyword>. For one, make sure the bank's website has top-notch security features. And if you're going to carry over your <keyword id="1744218" type="UNKNOWN" weightage="60" keywordseo="Checking-Account">checking account</keyword> as well, check the availability of the bank's ATMs in your area.
Here's MoneyRates.com's list of the banks with the highest savings account rates:
1. Ally Bank — 0.903%
2. American Express Bank – 0.878%
3. Sallie Mae Bank — 0.871%
4. Discover Bank and GE Capital Bank — both at 0.800%
5. EverBank — 0.760%
6. Capital One 360 — 0.750%
7. Mile High Banks — 0.650%
8. Capital One Bank and Zions Bank — both at 0.500%
And here's the list of banks with the highest money market account rates:
1. Sallie Mae Bank — 0.993%
2. Ally Bank — 0.903%
3. GE Capital Bank — 0.800%
4. EverBank and Nationwide Bank — both at 0.760%
5. Discover Bank — 0.700%
6. Mile High Banks — 0.680%
7. AIG Bank — 0.635%
8. First Mariner Bank, OneWest Bank and Zions Bank — all at 0.500%

Here's More Proof It's Time To Switch To An Online Bank

<ul class="summary-list"><li><a href="https://www.businessinsider.com/average-american-millennial-net-worth-student-loan-debt-savings-habits-2019-6">Young millennials</a> can make adulthood easier by living in an affordable place that offers room for job growth and fun activities.</li><li><a href="https://www.money-rates.com/research-center/best-places-to-live/" target="_blank" rel="noopener">MoneyRates.com recently ranked</a> the best states for <a href="https://www.businessinsider.com/how-teen-friendships-shape-young-adult-mental-health-2019-7">young millennials</a> to live by weighing a variety of factors, from nightlife to median rent.</li><li>Midwestern states like North Dakota and Nebraska dominated the rankings.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>It can be daunting for a young 20-something to transition into adulthood, but living in the right location can ease the process.<a href="https://www.money-rates.com/research-center/best-places-to-live/" target="_blank" rel="noopener">MoneyRates.com recently ranked</a> the best states for young millennials to live in, including Washington, DC. It grouped eight sets of data from the Bureau of Labor Statistics and Census Bureau into three major categories - job market, affordability and access, and lifestyle, awarding each state an average ranking in each category.Turns out, Midwestern states like North Dakota and Iowa have the most factors that appeal to millennials. Nebraska, for example, has a higher proportion of young adults than places like New York and California, according to the report.Below, see the ranking of best places to live for young 20-somethings. We included the unemployment rate for those ages 20 to 24, the median rent, and the number of bars, pubs, and nightclubs per capita.<a href="https://www.businessinsider.com/intelligence/generation-z?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_hub&amp;itm_content=gen_z&amp;itm_campaign=generation-z"></a>

The 25 best states to live for 20-somethings, where jobs are booming and rent is affordable

<div class="KonaFilter image-container display-table"><div><div class="image"><a href="https://www.flickr.com/photos/ricardo_mangual/6006775524">Flickr / Ricardo Mangual</a>While Hawaii might be a great place to visit, a new survey shows that it's the most difficult place in the country to earn a living.</div></div></div>MoneyRates.com has released the results of its fourth annual study of the best and worst states to make a living, and Hawaiians: We have some bad news for you.
The ranking, which is based on average salaries and employment data from the U.S. Bureau of Labor Statistics, cost of living as determined by the Council for Community and Economic Research, and workplace conditions as established by the Gallup-Healthways Well-Being Index, ordered all 50 states in terms of how difficult or easy it is to make a solid living.
The 10 worst states are led by Hawaii, which has held its place for all four years the study has been conducted, followed by New York, which features the same high cost of living and also has its high wages negated by a similarly high state income tax.
The 10 worst states to make a living are:
<ol>
<li>Hawaii</li>
<li>New York</li>
<li>Mississippi</li>
<li>Rhode Island</li>
<li>Connecticut</li>
<li>Alaska</li>
<li>Alabama</li>
<li>Arkansas</li>
<li>New Jersey</li>
<li>South Carolina</li>
</ol>
And the best are:
<ol>
<li>Washington</li>
<li>Texas</li>
<li>Minnesota</li>
<li>Colorado</li>
<li>Utah</li>
<li>North Dakota</li>
<li>Virginia</li>
<li>Nevada</li>
<li>Oklahoma</li>
<li>Nebraska</li>
</ol>
You can read the reasoning behind each state's ranking on MoneyRates.com (<a href="http://www.money-rates.com/research-center/worst-states-to-make-a-living/" target="_blank">worst here</a> and <a href="http://www.money-rates.com/research-center/best-states-to-make-a-living/" target="_blank">best here</a>), as well as see <a href="http://www.money-rates.com/research-center/best-states-to-make-a-living/2014-complete-list.htm" target="_blank">where your own state falls</a>.

These Are The 10 Worst States To Make A Living

<div class="KonaFilter image-container float_right"><div class="image"><a href="http://statigr.am/p/300725368646763763_12687272">statigr.am/bdubois</a></div></div>Though the economy is much improved from the lows of the recession, it doesn't seem that way to the long-term unemployed and people who aren't moving forward in their jobs. The majority of Americans had the same or lower wages in 2013 as they did in 2012, and many expect the same this year, <a href="http://www.money-rates.com/research-center/job-insecurity.htm">according to a survey by financial website MoneyRates.com.</a>
The survey of 1,200 American adults found that 56% of respondents did not get a raise in 2013, and 12% of those people had their pay cut. More than half expect stagnating pay or a cut in 2014.
What's more, even the workers who got a bump in pay didn't get much. Of those respondents who reported getting a raise last year, the majority (57%) got an increase of just 3% or less.
According to MoneyRates Senior Financial Analyst Richard Barrington, there are two major reasons why most workers' paychecks are flat or barely growing: a weak job market and low inflation.
"The labor market is still quite slack," Barrington says, "leaving most employees in a weak bargaining position. This slackness can be seen in the fact that the unemployment rate is still quite high at 6.7%, and also in the trend away from good-paying manufacturing jobs and toward lower-paying service jobs."
The unemployment rate is down from its highest points but still quite high given how long the economy has been recovering.
On the bright side, low inflation has some benefit: Wages are slow to rise, but so is the cost of living.
"This, I suppose is what counts as a blessing in today's economy - low inflation means that with meager pay increases workers are more or less treading water," Barrington says. "But at least they aren't going backward."
Pay raises are incredibly important for long-term financial health; not getting them <a href="http://www.businessinsider.com/not-negotiating-costs-workers-1-million-2013-9" target="_blank">could cost the earner $1 million over the course of their career.</a> Especially in a weak economy, raises often need to be pursued rather than assumed.
That means negotiation skills are more important than ever. We recently rounded up some key techniques for getting a higher salary, and among the most effective are using specific rather than round numbers, always making the first offer, and ranking your priorities.

Most Americans Aren't Getting Or Expecting A Raise

<div class="image-container float_right" style="width:400px"><div class="image"></div>Patrick Lux/Getty Images</div>It's news we've heard before: online <keyword id="6368751" type="PERSON" weightage="60" keywordseo="Banks">banks</keyword> are the way of the future.
Online banks seem to have it all: <a href="http://www.businessinsider.com/savings-rates-spike-at-online-banks-2013-5">relatively high interest rates</a>, stellar customer service, low <keyword id="86091" type="UNKNOWN" weightage="60" keywordseo="fees">fees</keyword>, and the added bonus of 24/7 access to your finances with the click of a button.
Still, online <keyword id="6354778" type="ORGANIZATION" weightage="60" keywordseo="Banking">banking</keyword> isn't for everyone, and the line between the two is becoming blurred as more banks ramp up their web presence to compete.
To help you decide, we tapped Richard Barrington, a senior financial analyst at <a href="http://www.moneyrates.com" target="_blank">MoneyRates.com</a>, to break down the pros and cons of keeping your cash in a traditional versus <keyword id="1633382" type="UNKNOWN" weightage="60" keywordseo="online-bank">online bank</keyword>.
Security: This is one issue that scares many people away from taking their banking online, but Barrington said it shouldn't. Even traditional banks have all your financial information stored in a big data center that could be vulnerable to hackers. <span style="font-size: 15px; font-family: Arial; color: #000000; background-color: transparent; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;" id="docs-internal-guid-64e778ce-6582-eaf2-273f-17c21e100207">"Data theft is a very real risk these days, but, unfortunately, as a consumer, it doesn’t come down to whether you choose to bank online," he said. 
If you choose an online bank backed by the FDIC, you'll be covered for losses up to $250,000 just like any other bank customer (<a href="http://research.fdic.gov/bankfind/">use the FDIC's Bank Find tool</a> to be sure). And, of course, remember to avoid doing any online banking on a public or shared WiFi connection, since that's when your information can be most easily intercepted.
Fees: Online banks are friendlier to smaller depositors because they typically require lower monthly balances. Barrington said traditional banks require an average of about $4,700 to be kept in your <keyword id="25450" type="UNKNOWN" weightage="60" keywordseo="savings">savings</keyword> account without charging you a nominal monthly maintenance fee. For online banks, that number is much lower at $350. In addition, online banks are about twice as likely to offer free checking, he said.
<span style="font-size: 15px; font-family: Arial; color: #000000; background-color: transparent; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;" id="docs-internal-guid-64e778ce-6587-8680-5e72-035641eec986">"I think (online banking) is a really good option for younger customers — the fees as a whole are lower, the balance requirements are also lower, and young people as a rule are more comfortable with technology," Barrington said. 
ATMs: Banking is all about getting cash when you need it, and Barrington said people should look at the locations of a bank's ATMs before they open an account. "You want to make sure you choose a bank where the geographic footprint of their ATM network is similar to your regular movements," Barrington said.
Traditional banks, like Chase and Bank of America, have ATMs all over in many major cities. Online banks, like Simple, often have agreements with <a href="http://www.allpointnetwork.com/">ATM networks like Allpoint</a> for surcharge-free withdrawals. And most others offer to reimburse customers up to a certain sum for using out-of-network ATMs.
Deposits: Web-based banks offer a few different options to deposit physical checks. You can always mail them in, but most online banks also offer "<a href="http://www.ally.com/bank/online-banking/make-deposits.html">eDeposits</a>" in which you can take a picture of the front and back of each check and upload it to your account for deposit. A lot of people still would rather deposit a check with a teller than a text message, but the option's out there. "<span style="font-size: 15px; font-family: Arial; color: #000000; background-color: transparent; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;" id="docs-internal-guid-64e778ce-656d-3ab8-e4b5-3520860fa4c8">People are for the most part checking their balances online, getting information online, but when it comes to depositing a check, they’d much rather hand it to a teller," Barrington said.
<span style="font-size: 15px; font-family: Arial; color: #000000; background-color: transparent; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;"><keyword id="6371181" type="UNKNOWN" weightage="60" keywordseo="interest-rates">Interest rates</keyword>: Online banks typically have better interest rates than traditional banks because they don't need to take any funds to operate brick-and-mortar buildings. In a recent MoneyRates.com study, online banks were found to have about <a href="http://www.businessinsider.com/savings-rates-spike-at-online-banks-2013-5">six times higher interest rates than the nationwide average</a>. Some of the best were found at Ally Bank, American Express Bank and Sallie Mae Bank.
Customer service: If you like to deal with the people managing your money via email or over the phone, go digital. If you'd rather have someone to talk things through with face-to-face, stick with a regular bank. Nearly all banks also have call centers and online message centers as well. Online banks are rarely, if ever, "closed." But if you'd rather use a traditional bank to complete your transactions or get questions answered in person, you'll need to visit your bank during normal business hours and make sure it's not <a href="https://www.jpmorgan.com/tss/General/Bank_Holidays/1104848711495">a bank holiday</a>.
Personal preference: Having a personal relationship with a banker can be a big benefit for people, especially those who like getting new products or services pitched to them or getting in-person financial advice. But keep in mind that banks have been closing physical branches left and right to cut costs, even installing ATMs that allow tellers to answer questions via web cam. "As time goes on, the comfort level will grow more and more," Barrington said. "If the technology can prove itself, people will use the technology."
The bottom line: If you're comfortable with technology and don't feel like you need face time with the people handling your cash, keeping your savings in an online bank is a great option. You'll see your money grow faster than with a big bank, and you'll pay less in fees. As far as checking accounts go, online and traditional banks are pretty much neck in neck. 
 <span style="font-size: 15px; font-family: Arial; color: #000000; background-color: transparent; font-weight: normal; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;" id="docs-internal-guid-64e778ce-6566-72fc-c6b4-1c0aede6864e">"I think the common denominator is that online banking is cheaper for banks to provide because they're not supporting a physical branch and people to staff that branch," Barrington said. "Even banks that offer both are likely to offer you higher rates and lower fees if choose online options."

Here's Why Online Banks Are Better Than Traditional Banks

Five years after the collapse of major banking institutions Lehman Brothers and Bear Stearns, Americans still don't trust big banks with their money. <a href="http://www.gallup.com/poll/1597/confidence-institutions.aspx">A 2013 Gallup poll </a>found that 74% of Americans had "some or very little confidence" in banks, while only 10% said they had a "great deal" of confidence.
Part of the distrust comes from the fact that banks are fundamentally profit institutions, meaning they're more likely to take risks with your money and often <a href="http://www.gobankingrates.com/banking/advantages-and-disadvantages-of-banks/">sock users with high fees and have low rates </a>on deposit accounts. With a credit union, on the other hand, you are more likely to see lower fees, get slightly higher interest rates, and experience better customer service.
Despite these advantages, <a href="http://www.bankrate.com/finance/credit-unions/2012-credit-union-primer.aspx">two-thirds of Americans</a> still use traditional banks over other options like credit unions. If you're not quite convinced credit unions are the right path for your finances, here's a breakdown of the pros and cons of each.
<h3>Accessibility</h3>
Big banks: They offer the accessibility factor. ATMs are typically plentiful and branches are open on the weekend if ever you need to make a quick withdrawal or deposit. On top of that, most major banks offer a wealth of mobile and online tools that make banking on-the-go a cinch. 
Credit unions: Because credit unions are meant to serve local communities, they are most often not available outside of that area, and branded ATMs are practically nonexistent. To compensate, most credit unions will offer to reimburse customers for ATM fees if customers have to go out of network, which means you could basically use any ATM for free or use a shared ATM network. And since many credit unions also offer mobile banking options, customers can search for nearby ATMs in their area. However, some credit unions cap the amount they'll reimburse for ATM fees, typically around $15 per month. 
The winner: Draw 
<h3>Checking Account Fees</h3>
Big banks: Big banks are notorious for levying major fees against customers for everything from overdrafts to monthly maintenance fees, and they've only gotten worse. According to a <a href="http://www.money-rates.com/research-center/bank-fees/eoy-2012.htm" target="_blank">MoneyRates.com survey of bank fees</a>, the average monthly maintenance is about $12 - that's an extra $150 out of consumers' pockets per year. Overdraft fees average more than $30. And then there's the charge for using out-of-network ATMs, which runs about $3.
Credit unions: Unlike retail banks, which have large overhead costs and spend a lot of money to manage millions of accounts, credit unions are typically smaller operations and are able to pass on their overhead savings to customers. That means <a href="http://www.bankrate.com/finance/checking/2012-credit-union-accounts/">fewer fees across the board</a>. More than 70% of the largest credit unions offer free checking, compared to 39% of banks, according to Bankrate.com. Overdraft fees run around $20 to $30 a pop, and while many do charge monthly maintenance fees ($2 to $5), customers don't have to keep anywhere near as much cash in their accounts to escape them ($30 or less in most cases), according to Bankrate.com.
The winner: Hands down, credit unions are friendlier on the fee front.
<h3>Interest Rates</h3>
Big banks: Good luck finding an interest-yielding bank account in this day and age. Interest rates fluctuate all the time, and even savings accounts at big banks are yielding next to nothing for account holders. We recommend doing your homework using a tool like <a href="http://www.nerdwallet.com/rates/">Nerdwallet's interest rate tracker</a> or <a href="http://www.bankrate.com/">Bankrate.com</a> to compare interest rate offerings.
Credit unions: Credit unions are known for offering higher-yielding savings and checking accounts, but recently, they haven't been much to call home about. A 2012 study by Bankrate.com found that nearly 70% of major credit unions do not pay interest on checking accounts and those that do, yield an average of 0.12%. 
The winner: Credit unions do offer higher-yielding accounts, but rates are so low it's probably not enough to convince bank customers to go through the hassle of switching banks. 
<h3>Customer Service</h3>
Big banks: Banks had a better year with customers in 2012, scoring a 77 on the American Customer Satisfaction Index; an increase of 2.7% over the previous year. But the ACSI chalks up the gains mostly to JP Morgan Chase's 6-point gain in customer satisfaction. It remains the nation's largest bank, "but still trails the small banks, which tend to offer more personalized service, free checking, and lower fees," the report says.
Credit Unions: As the saying going goes, more money means more problems. As credit unions have been inundated with new customers, their customer service rates have taken a hit. Customer satisfaction with credit unions fell 5.7% to an ACSI score of 82 in 2012, though it's worth noting they were still rated the highest overall for banking services.
The winner: Once again, credit unions beat big banks. But as their customer base grows, it will be crucial for the industry to ramp up resources to meet demand.
<h3>THE VERDICT: Credit unions are better. </h3>
We get it. Big banks are attractive, what with their vast array of credit products, flashy commercials, and glossy logos. But for the most part, credit unions are hard to beat. If you are able to take advantage of a credit union and don't mind the lack of branded ATMs and physical branches, they are by far the best option for banking today. At the very least, it's worth opening a checking or savings account with a credit union, based on their fee structure alone. You'll pay fewer fees and get more personalized services out of the deal as well. If they don't offer the credit products you like, trust us, banks will still be more than thrilled to take you on as a borrower.

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Here's More Proof It's Time To Switch To An Online Bank

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