Online savings accounts are funded totally online so by getting rid of paperwork and reducing all the overhead costs and fees they can offer you a higher yield annually which could be as high as 5%. Now this is way above a normal savings account.
With online savings accounts you will have:
- The convenience of no fees
- No minimum balance
- You can link to existing account you have elsewhere.
- ATM Cards
- They will even provide you with risk free options for investors
Online Savings Accounts offer many perks compared to traditional banking. You can always have the old fashioned way of banking, but in today’s society you will see that there are many benefits to use internet banking.