Top 10 Benefits of Internet Savings Accounts

Spread the love

1. Lower Costs – Internet savings accounts often have much lower costs and fees associated with them than accounts with traditional physical banks. This is because there are no expenses for a physical structure, utilities, and other costs related to a physical business. An online account is often offered free of charge or at an extremely low cost when compared to traditional banks.

2. Higher Interest Rates – Savings accounts with an online bank will generally offer higher interest rates on any funds you keep in the account. While the amount of interest may not be substantially higher with every online account, it can be at least one or two percentage points more, and in some cases much more than this.

3. Easily Accessed From Almost Anywhere – One of the big benefits of online banking for your savings account is the easy access that you will enjoy. All that is needed to take care of any banking is a PC and an active Internet connection. Your location does not matter with online banks, and you can access your account and information from almost anywhere in the world.

4. FDIC Insurance – Most internet savings accounts offer FDIC insurance the same as any physical bank does. This insurance gives you peace of mind that any deposits you make into the account are covered up to the allowable limit for this type of coverage. If a financial institution goes under FDIC insurance coverage typically means you will get your money back.

5. Special Deals – Many online banks offer special deals to attract new customers and this often translates into savings or special privileges. Sometimes the deal may be a high interest rate on your money while other banks may offer items and referral bonuses as well as other marketing techniques.

6. Free Unlimited Online Transactions – Most online banks do not set a limit on the number of transactions that can be made each month and offer free unlimited use of your account instead. Some physical institutions may limit your transaction to 3 or 10 each month without any additional charges.

7. Free Checking – Many internet savings accounts offer free checking along with a savings account. This benefit allows you to write checks and schedule electronic debits from the account quickly and easily.

8. 24-Hour Access – Many of the online banks offer 24/7 access and this even includes holidays. All you have to do is log in and you can handle all of your banking tasks as well as check account balances and other activities. Banking has never been easier or more accessible with Internet banks.

9. No Travel Required – With an online account you will never need to leave home or the office to take care of banking again. These accounts are available online so you don’t have to worry about going out in bad weather or facing rush hour traffic.

10. Transfer Funds With Just A Mouse Click or Touching a Screen – With internet savings accounts you can usually transfer funds and pay bills simply by logging in and then clicking on the appropriate option desired. You can move funds from one account to another with the process only taking a few minutes for you to complete.

Source by Curtis L Horn

Leave a Comment

Your email address will not be published.