Maybe you’ve seen those attractive interest rates online that are higher than your current bank pays — but then you find out it’s an online bank. Are those safe to use? And is it right for you?

Some banks are offering high-paying interest rates on savings, CDs or a money market fund, with some at almost 5% with low minimum balances — but it’s an online-only bank. Those rates are more than a brick-and-mortar traditional bank, which might be almost 4% with a $25,000 balance. But there’s something to know.

Erin Prockl with Twin Cities Banking says an online bank might be a financial technology, or fintech, company, so you want to make sure that bank can answer this important question: “Do you have insurance on your deposits?”

You can check online, but Prockl comes from traditional banks and has two pieces of advice.

“Things go wrong, you need someone to talk to that knows who you are,” said Prockl. “Especially with fraud prevalent, it’s good to have a relationship you can count on when you need to take care of things.”

But if you have verified the online bank is FDIC insured and you are comfortable without a brick-and-mortar location, there is an opportunity to make money with the higher interest they pay on your accounts.

To see if your bank has insurance through the FDIC, CLICK HERE.