Top 10 benefits of internet savings accounts
1. Lower costs – Internet savings accounts often have much lower costs and fees associated with them than accounts at traditional brick-and-mortar banks. This is because there are no costs for a physical structure, utilities and other costs associated with a physical business. An online account is often offered for free or at an extremely low cost compared to traditional banks.
2. Higher Interest Rates – Online bank savings accounts typically offer higher interest rates on any funds you hold in the account. While the interest rate may not be significantly higher for every online account, it can be at least a percentage point or two more, and in some cases much more than that.
3. Easy access from almost anywhere – One of the big advantages of online banking for your savings account is the easy access you will enjoy. All you need to take care of any banking is a computer and an active internet connection. Your location doesn’t matter to 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, just like any physical bank. 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 cover. If a financial institution comes under FDIC insurance coverage, it usually means you’ll 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 place a limit on the number of transactions that can be made each month and instead offer free unlimited use of your account. Some physical institutions may limit your transaction to 3 or 10 each month without additional fees.
7. Free check – a lot internet savings accounts offer free checking along with a savings account. This benefit allows you to write checks and schedule electronic account debits quickly and easily.
8. 24 Hour Access – Many of the online banks offer 24/7 access and that even includes holidays. All you have to do is log in and you can handle all your banking duties as well as check account balances and other activity. Banking has never been easier or more affordable with internet banking.
9. No Travel Required – With an online account, you’ll never have to leave your home or office to take care of your banking again. These accounts are accessible 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 click of the mouse or a touch of the screen – With Internet Savings Accounts, you can usually transfer funds and pay bills simply by logging in and then clicking on the appropriate desired option. You can transfer funds from one account to another, and the process only takes a few minutes.
#Top #benefits #internet #savings #accounts