Verify Funky Online Banks

So you just found some awesome interest rate at an online bank. Only problem is, you’ve never heard of the place before. How do you know if your money is secure?

First make sure they’re FDIC insured to make sure you won’t lose all your money if they go belly up. Look for a FDIC logo, then verify the bank in the FDIC database.

Then you might want to check out Bankrate’s new “Safe & Sound” rating program. They give a 5 star rating to determine an institution’s financial health, based on a variety of factors.

How do you rate chasers out there go about vetting potential new stash houses?

(Photo: Getty)

Comments

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  1. Lin-Z [linguist on duty] says:

    it’s like you answered my question just as I was wondering it! consumerist is psychic

  2. jesirose says:

    Then immediately go enter your login information for the new bank on mint.com, right?
    Psh.

  3. Regis says:

    Just wondering if all divisions of a bank are also FDIC insured if the main bank is. For example there is an online bank called iGobanking.com, which says it is a division of Flushing Savings Bank. I can find Flushing Savings Bank on the FDIC list, but not iGObanking.com. Any ideas?

  4. alhypo says:

    Sweet! ING Direct checks out.

  5. Nighthawk Foo says:

    “FDIC log” -> “FDIC logo”

  6. Mr. Gunn says:

    Go see what people are saying about them at Fatwallet Finance or Bankdeals.

  7. Jeff_McAwesome says:

    @Regis: Personally, I’m not too keen on banks that have “Flushing” in their name.