Online Banking is a great way to always have access to your accounts. Though most brick and mortar banks are offering services online, the online banks will never require you to go to a specific location. If you're the type who prefers face-to-face communication with a banking representative, then online banking isn't for you.

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There are several different variations on internet banking.

Pure online banks tend to have no ATMs or branches, but provide deposit slips and envelopes and also refund some/all ATM fees charged by other banks. Banking and transactions are done over the phone/web and can be a little difficult when more complex services are needed (cashiers checks, signature guarantees etc.) These often offer good value in terms of interest checking and smaller check fees, but can be a pain if you need a branch. These services are offered by a variety of internet banks (including E*Trade, Schwab, USAA and smaller brands).

Several brick and mortar banks - think Citi, Chase etc. - offer traditional checking accounts and "online only" savings accounts with goosed interest rates and lower minimums. These accounts can be beneficial if you are a good manager of your cash and use your savings for overdraft and almost-near-term money needs.