choice and price. The Internet provides all three of these attributes," Bowser says. "It makes the market more efficient, and when the market is more efficient, prices are driven down, so it is a better situation for the consumer."
CHEAPEST CYBERBANK ACCOUNTS
Want to open an online bank account but don’t want to spend a lot of money doing it? Here is a list of the 10 lowest-cost, no-frills checking accounts offered by online banks, as ranked by Gomez Advisors, an e-commerce research firm based in Lexington, Massachusetts (www.gomezwire.com). The banks were rated on overall cost, meaning the cheapest combination of balances, minimums, ATM fees, bill payment fees and other miscellaneous costs.
1 Salem Five Cents Savings Bank Salem, MA www.salemfive.com
2 Bank of America San Francisco, CA www.bankofamerica.com
3 Riggs Bank Washington, DC www.riggsbank.com
4 Dollar Bank Pittsburgh, PA www.dollarbank.com
5 People’s Bank Bridgeport, CT www.peoples.com
6 Net.B@nk* Atlanta, GA www.netbank.com
6 Northern Trust Bank of Illinois* Chicago, IL www.northerntrust.com
6 U.S. Access* Louisville, KY www.usaccessbank.com
6 Washington Mutual* Seattle, WA www.wamu.com
6 Waterhouse National Bank* New York, NY www.waterhousebank.com
*Tied for sixth place
Source: Gomez Advisors