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Home Bank Best Online Savings Accounts – Benefits of Online Savings Account
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Best Online Savings Accounts – Benefits of Online Savings Account

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So many people in the world today have savings account either online or in branches. The main aim of a savings account is to help you save money for future emergencies. However, if you are the kind of person that spends too much then you need the best Online Savings Accounts.

Best Online Savings Accounts - Benefits of Online Savings Account

Best Online Savings Accounts

Best online saving accounts are not difficult to find and you will get to know them very soon. Online banks always offer higher rates than other banks and they are able to do this because they usually have fewer overhead costs. Although, online savings rates always need a way to attract your money. That is why they offer higher yields than most banks with branches.

Opening an online savings account that is associated with federal deposit insurance (FDIC) is a great way to earn a higher rate and ensure your money is safe. Another thing you should know is that online savings accounts are opened and maintained online. These accounts are offered by online banks and credit unions. Before you open an account make sure it is FDIC or NCUA insured.

Benefits of Online Savings Account

Savings accounts like all financial tools have their own benefits so if you are still contemplating on opening a savings account. These are some of the benefits you need to know about.

  • Higher interest: the best online saving account no doubt has more interest than a checking account.
  • Access: if you have a savings account you are free to access your accounts at ATMs with your ATM card. You just have to make sure the ATM is in the network to avoid any charges.
  • Low fee options: There are lots of savings accounts online that either have a $1 minimum balance or no minimum at all.
  • Earnings: Any money you keep in a savings account earns interest over time and you get a return on the actual amount in the account.
  • Security: savings account at an FDIC insured bank are insured up to at least $250,000 which makes them a great place to keep money.

And finally, you can access your savings account any time you need to. Also, note that savings accounts allow for up to six withdrawals or transfers per statement cycle.

How to Choose an Online Savings Account Rates

There are things you should pay attention to when shopping around for a savings account because one account may suit your financial goals and banking habits more than others. So let’s take a look at them below.

  • Safety: ensure you look out for an account that is insured by the Federal Deposit Insurance Corporation (FDIC).
  • Digital experience: you have to look out for banks with strong online and mobile experiences and also look out for features you use more offer for example, if you frequently deposit checks make sure mobile deposits are available.
  • Withdrawal options; check withdrawal options and the excess transaction fee of each online savings account before you open an account.
  • Customer service: This is very important especially if you are using an online bank with no branch access. Make sure you can access a customer care representative whenever you have an issue.
  • Minimums: Banks and credit unions are different when it comes to the minimum deposit required to open an account. So you have to find the one that best suits you.

Lastly, most times monthly fees and excess transactions fees can reduce your earnings. So you have to look for banks that do not charge you so much.

List of Best Online Savings Account 2022

Best online savings accounts institutions are the best place to keep your money for future emergencies. Let’s take a look at them below.

  • Consumers Credit union
  • Varo Bank
  • Sallie Mae Bank
  • Ally Bank
  • VIO Bank
  • Synchrony Bank
  • Quontic Bank
  • Alliant Credit Bank
  • Marcus by Goldman Sachs
  • Axos Bank
  • capitalOne

These online financial institutions have the same protections as savings accounts opened at banks with branches.

How to Open Savings Account online

Opening an online savings account is very easy if you follow instructions but the process to open one is slightly different by banks and credit unions. But let me show you how it is done.

  • First you will need to fill out an application form online through the bank or credit union website.
  • Then provide your name and social security number
  • You will also need to provide other contact information
  • Then once you have chosen your account type and gotten approved
  • Then you can start funding the account.

However, funding options may include bank transfer, wire transfer, and checks. So you can fund your account using any of these methods. Also, you can open more than one savings account if you need to.

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