Get More Bang for Your Buck: 7 Benefits of Online Savings Accounts
High interest rates: Online savings accounts often offer higher interest rates than traditional brick-and-mortar banks. This means that your money can grow faster.
No fees: Many online savings accounts don't have any fees, which can save you money in the long run. No monthly maintenance fees, minimum balance fees, or transaction fees.
Easy access: Unlike some types of investments, online savings accounts give you quick and easy access to your money when you need it.
FDIC insurance: The Federal Deposit Insurance Corporation (FDIC) insures online savings accounts up to $250,000 per depositor, per insured bank.
Automated savings: Some online savings accounts offer tools that make it easy to save automatically. You can set up recurring transfers from your checking account to your savings account.
No physical locations: Online savings accounts don't have physical branches like traditional banks, which means they can offer higher interest rates and lower fees.