Online Savings Accounts

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Understanding Online Savings Accounts

The online savings account is still considered a relatively new banking tool, although it has been around for several years. What makes it still feel like a fresh and innovative resource is the many technological conveniences it offers account holders to manage money remotely. There’s no doubt these accounts can make life easier for the average consumer who has little time to wait in line at a bank branch. But you might be surprised to learn that convenience is just one of the perks of opening one of these accounts.

Perks of Online Savings Accounts

If you’re thinking about opening an online savings account, consider the following perks that just might help you make your decision:

Lower opening deposits: Oftentimes, banks allow account holders to open online accounts with lower opening deposits, making it easier to get your savings experience started.

Higher rates: Since banks offering online savings accounts often have fewer overhead costs, they pass savings on to customers in the form of rates up to five times higher than brick-and-mortar competitors.

Brick-and-mortar options: Most banks allow customers with an online savings account to withdraw money from an ATM, while some even permit customers to make face-to-face teller transactions at banks or banking “cafes”.

Opening an online savings account could also come with perks that include low minimum balance requirements, zero fees, free account transfers and 24/7 customer service. Explore online saving accounts at GOBankingRates to find the best account for you.