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Is An Online Savings Account For You

Aug 18, 2007
It used to be that there was just one option for those who wanted to open an account for their savings. Most people went to the local branch of a bank and deposited their money in a traditional savings account. You were offered a reasonable annual interest rate and you were happy knowing you had a little cushion at the bank in case any type of emergency should arise. With the advent of the information age, you can now do your banking in a variety of ways.

Conventional banks now offer the bare minimum benefits from a savings account. Most interest rates hover around one to two percent annually. With those rates, keeping your money in a bank won't afford you much additional savings on your money. When you look to open a savings account online, you will be offered interest rates that are much higher. You may be offered an interest rate as high as five percent. When you have your savings account online, you have instant access to your money and can see updates on your balances whenever you like. It will be much easier for you to keep track of your money when you save online.

Sometimes when you open an online account, you may be automatically signed up for a checking account. You don't have to use the checking account, merely keep a small balance and use the account only for your savings. Some banks will require you to have a minimum balance. This amount can range anywhere from $200 to$500. For those interested in opening a savings account, it shouldn't be too difficult to come up with the minimum deposit.

When you decide that you want to open an online savings account, be sure that you proceed with caution when it comes to revealing personal information. Properly activate your firewall and close out of your browser completely when you are done as well as empty your cache. If you are still nervous about your money floating in cyberspace, look for the FDIC logo. This will ensure that your money is protected up to $100,000.

You may experience some inconveniences because the online banking services are not as fast as conventional banking. You may have to wait anywhere from five to ten days to have access to your money. Be sure you arm yourself with a toll free number in case you have any questions that can't be answered online.

When you search for a bank online, compare the interest rates that you will be offered. You can browse many different banks to ensure you get the most for your money. Online savings accounts can save you time and add convenience to your otherwise busy and hectic life.

When you bank online, you can avoid long lines at your local bank, save gas by not having to drive to get there and have access to all your account information right at your fingertips. Banking can finally be done at your convenience and not at theirs.
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