On the heels of its successful first quarter strategy of offering new checking account customers signing up for a Premiere or Interest Checking Account, Sovereign Bank is again offering $100 during the second quarter for those successfully opening a new checking account with them.

There are several thing a potential customer must do in order to qualify for the $100 bonus for opening an Interest Checking Account or Premiere Account. Here is what those steps to take are to get the incentive:

1. To qualify, you must open a new Sovereign Premier Checking, Business Owner Premier Checking, Interest Checking or Partnership Checking account by October 30, 2009, with a minimum opening deposit of $100;
2. The next step you must take is to ask for a Sovereign CheckCard (”CheckCard”) and make a minimum of 2 CheckCard purchases within 60 days after you open your account;
3. If you already have a savings or money market savings account, this next step won’t be necessary, but if not, you need to open any Sovereign savings or money market savings account with a minimum opening deposit of $100;
4. Finally, you must enroll in Online Banking at the time of the account opening. When you qualify, you will receive a credit of $100 to your new checking account within 75 days after you open your checking account. There is only one $100 credit allowed per customer.

No matter whether we’re living in tough or good economic times, it’s always best to take advantage of every type of additional source of income and interest we can in our personal finances and bank accounts, and even though a checking account interest rate will never be that high, it’s something we get for simply following the terms of service from the financial institution or bank.

In this case, the $100 dollars also has a great incentive to grab a checking account from Sovereign Bank. Another reason? According to Global Finance Magazine, Sovereign Bank is among the ten most safe banks in the world, another reason to seriously consider opening an account with them.

Despite their continued growth in popularity there are still many people who do not have an online savings account. Some people are simply unaware of the benefits while others are not yet ready to venture from their local branch. Be that as it may, online savings accounts are something that every consumer should learn more about and consider in order to take advantage of the many benefits they offer. If you do not have an online savings account or are considering opening one, here are a few of the reasons keeping people from going back to brick and mortar banks.

• Better interest rates- By far one of the most compelling reasons to consider an online savings account is the higher interest rates that they offer. Without the overhead of traditional banks, online banks are able to offer interest rates that are very competitive. The whole point of a savings account is to have a safe place to save money. Not known to be a “money making” account, finding a high interest rate to help your money grow is a great reason to try an online savings account.

• Automated savings- Banks that operate entirely online eliminate the need to physically make a trip to a bank. By automating your savings you benefit in many ways. You eliminate the temptation to “find” other uses for your money between cashing your check and depositing money into your savings. You can set your account to automatically transfer money from your checking account or from your paycheck if you have the option for direct deposit.

• Pay your bills online- A savings account is primarily used to save money, however some people have discovered the benefits of transferring money into their savings account (more than savings) to cover certain monthly expenses. With the ability to pay bills from your savings account you can safely store you money in your savings account to earn interest until it is time to pay the bill.

• Accessible but not too accessible- Most online savings accounts offer easy accessibility via a transfer into your checking account. Unlike you local branch you probably will not have the option to hit the ATM and withdraw money on a whim. You have access to your money but not so much that you are tempted to use it for unnecessary purchases.

• More affordable- Online savings accounts often allow you to build your savings without the restrictions of minimum balances and unnecessary fees. So not only are you getting a better interest rate you are avoiding many of the fees and restrictions placed on traditional savings accounts.

Online savings accounts are not without cons, however as more people are discovering the benefits are worth the few negatives associated with these accounts. Before signing up for an online savings account take the time to carefully compare all accounts to ensure your money is in the best place possible.

When online banking first became available in 1995, the inventors of the process predicted it would eventually replace the traditional banking which had previously been the only available option. While the prediction has yet to come to fruition, online banking has indeed changed the way people manage their money. With millions of people currently using online banking either for full time banking needs or for savings or bill paying, it has indeed proven itself as a useful tool in money management. There is no immediate threat that traditional banks will become obsolete however, as many people are still leery about trusting their finances with virtual banks or the technology that makes online banking possible. The following are reasons that have prevented many people from making the switch to online banking.

• Security- Despite advances in technology and improved security methods, one of the major reasons people are afraid to bank online is the fear of identity theft, credit card fraud or security breaches which would make their banking information vulnerable to hackers. Virtual banks or other financial institutions which provide online banking services go to great lengths to ensure personal and financial information is secure at all times and are also required to comply with federal regulations in respect to privacy and security. Unfortunately just as experts continue to develop technology to make online transactions secure, there is always the chance a technologically savvy hacker could find a way to penetrate these protective measures. That being said, the biggest danger of banking online generally is found on the end of the account holder versus the bank. Before banking online or performing any financial transaction for that matter, make sure you understand what precautions to take to ensure your information is protected.

• Availability of funds- While online banking offers many conveniences not found with traditional banking, one of the biggest complaints many people have with virtual banks is the availability of funds. Depositing, transferring or withdrawing money from some online banks takes longer than going to your local branch and making a withdrawal. This means that if you use on online bank for your day-to-day banking, you may find a delay of up to 5 business days for deposits to post to your account. Certain online banks do offer a credit or debit card that you can use for purchases or the ability to pay bills directly from your online account. Even so many people find the inability to “instantly” access their money a deterrent to banking online.

• Technical difficulties- Power outages, problems with your Internet or down websites can turn the convenience of online banking into a headache. While these occurrences are the exception, not the rule- if you are in a hurry and have to make a transaction, view an account or perform other actions, technical difficulties can be inconvenient. A bigger worry is of course that transactions may be posted incorrectly which could cause real financial problems that could take days to resolve. Of course these issues could arise at your local bank, however when you bank online, you do not have the option of simply dropping by the local branch to correct the problem. With virtual banks you will have to call the bank for all issues which could become frustrating if you get involved in a game of phone tag or have a bank with less that exceptional customer service.

As you can see there are some downfalls to online banking, however there are downfalls to traditional banks as well. If you have not yet jumped on board the online banking wagon, you should take the time to compare the pros and cons before making a decision. There are after all millions of people currently banking online, so the chances are you will find the benefits outweigh the potential downfalls.

The banking industry has evolved over the years and online banking is becoming more and more popular for busy consumers. Whether you decide to work with a large, well known brick and mortar bank that offers online services or a virtual bank which operates entirely via the Internet, you should compare certain features to ensure you are getting the maximum benefits possible.

• Convenient- Most people do not relish the thought of spending hours tracking, managing and balancing their finances. A good online bank will offer a website that is easy to navigate and tools that are convenient to use. Top banks offer tools which help users manage their budget, view recent transactions and warn account holders of possible security threats. The easier it is to use these tools the more likely users are to stay on top of their finances.

• Fees- Know and understand what the fee structure is for transferring money, online bill pay and minimum balance requirements. Remember if you are using an online bank as your primary financial institution you will be moving money in and out frequently to pay bills or contribute to various savings accounts. Compare the fees from each bank you review and look for a bank that offers low or ideally no fees for frequent transactions.

• Accounts- A real benefit of using online banking services is having all of your accounts in one place. Your bank should offer the option of opening different accounts beyond checking and savings such as IRA’s, money market accounts or health savings accounts and allow easy fund transfers between the accounts. If you have to use several different banks to manage all of your accounts, it becomes more time consuming and difficult to manage.

• Access- One of the disadvantages of online banking may present itself when accessing or depositing your money. When considering banks, ask yourself how will I deposit money into my account and where can I access ATM’s for easy withdrawal? You do not want to pay ATM fees each time you access your cash or wait several days (weeks) for money to appear once deposited.

• Communication- You should always have the option to talk to a “real” person about your accounts. Who do you contact if you have questions, problems or need other assistance with your accounts? Does the bank have knowledgeable customer service representatives who can assist you 24 hours a day? You don’t want to find yourself in need of an immediate answer only to discover you have to wait days for a reply.

Using online banking services can streamline your finances and make the task of managing your finances less stressful and time consuming. Compare features and services to ensure you select the best bank for your financial needs.

There are a number of benefits to using Century Bank Direct for your banking needs (they offer online checking accounts, savings accounts, money market accounts and cd’s) but there is one fairly large disadvantage: Century Bank Direct does not currently support bank to bank transfers.  What does that mean for you?  Simply that you can’t access your cash by having it transferred to your bricks and mortar bank account, and you can’t make a deposit from another bank account through a bank transfer.

That being said, Century Bank Direct is working with their online banking provider to set up bank to bank transfers very soon, to make it easier to deposit and withdraw money from your accounts. If you currently have a bank elsewhere that allows you to complete online bill pay, you can set Century Bank Direct as the payee and deposit money that way; or if you have a bank that allows account-to-account transfers, you can use it to initiate a transfer to withdraw money from one of your Century Bank Direct accounts, as well.

Online Checking Accounts: Currently earning 3.35% APY up to the first $50,000 in your account, Century Bank Direct is offering a competitive interest rate.  You’ll receive 50 free checks upon opening your online checking account, and you can request a Visa debit card.  If you use your debit card at another bank that charges a fee for doing so, Century Bank Direct will refund the ATM surcharges up to 5 times per month.

Online Savings Accounts: Currently earning 3.41% APY up to the first $50,000 saved in your account.  Century Bank Direct allows you to make withdrawals from your savings account by calling or emailing customer service – they will mail you a check.  If you have another bank that offers account-to-account transfers, you can initiate the withdrawal through that bank and receive money that way.  Three withdrawals per month are allowed; any withdrawals beyond that will be subject to a fee of $5.95.

Online Money Market Accounts: Currently earning 3.57% APY.  You receive 50 free checks when you open your account, and can make 3 withdrawals per month for free.  Withdrawals beyond that will be subject to a $5.95 withdrawal fee.

15 Month Online CD: Currently earning 4.16% APY.  Monthly interest earned from your CD will be deposited into one of your other bank accounts, unless you choose to leave the interest in your CD to increase your APY.