An online savings account can be just what you need to help you save on your monthly expenses. If you have to go to the bank to get a check, it costs you a lot more than if you were to use your online account because you have to pay for the check.
You also have to pay for gas in order to get there, and the cost of the fuel can be pretty high. Even with the convenience of an online savings account, you still have to remember to deposit the money in. Today online banks and online savings accounts are becoming extremely popular because they usually offer higher Mortgage Loan rates than traditional banks.
But how are they able to do this? It is because their overhead costs are quite less. If your online bank is a member of the Federal Deposit Insurance Corporation then it is a great opportunity to earn a higher rate and also make sure that your money is protected.
We suggest you read the limits and guidelines properly so that you know that it’s authentic. Studies say that the average rate that a traditional bank offers remains at 0.06% while online high yield savings accounts can help you earn an APY of 0.80% or even higher.
Plus online banks have better technical support and most of the banks have 24/7 support for the customers. Online savings account make it easy to keep track of your money is because an online account lets you set up direct deposit into your account.
In addition, you can see your money in real time, which helps when you need to know how much you are spending each month. All of your money will be there when you need it, and you will not have to worry about remembering to deposit it in or having it sent to you each week.
But there are many online savings accounts that are available on the Internet today. And selecting the best one out of these options can be quite tough. But no worries because this list will help you understand which online savings account at the top of the market today.
Here are the best online savings accounts for you to choose from
- Vio Bank
This bank offers 0.91% APY and the minimum balance to open the account is $100. This bank offers one of the best yields for the customers and hence it is very popular. No monthly fees are charged and no payment has to be made for incoming and outgoing domestic or International wire transfers. However if you go for 12 months without initiating a transaction you will be charged with a $5 fee per month.
- American Express National Bank
They offer a 0.80% APY with no minimum balance required. No monthly fees are charged and it is an extremely affordable option. You must deposit your account within 60 days of applying for it and it is a great option if you want to earn a high-interest rate on a particular sum of money.
- Marcus by Goldman Sachs
They offer an annual percentage yield of 0.80% APY and there is no minimum balance required to stop you can deposit your funds using a check or make an electronic or wire transfer. It is a well known brand providing highest rates in the market.
- Ally Bank
This Bank started in 2004 and it offers 0.80% APY to the customers. No minimum balance is required and you can deposit your funds using Ally eCheck deposit. You do not have to spend any monthly maintenance fees as well. 24/7 Live Customer Support is also provided which is one of its biggest perks.
- Comenity direct
It was launched in 2018 and it’s High Heels savings account program came into the market in April 2019. It offers 0.80% APY and the minimum balance to open the account is $100. Customer care representatives are available on call on all the weekdays and the bank also has a mobile app which makes deposits and withdrawals much easier.
The convenience of an online savings account does not come cheap
However, you are going to have to spend some money to set up the account and then make sure that you are prepared to handle your money. This means that you have to get the paperwork right so that everything is correct.
Also, you need to take your time to learn how to use the system. Because it is online, you should also take advantage of all of the other benefits that are available to you. Such as the ability to transfer money from one account to another, and the ability to view your history without having to open an account in the first place.
While you may find that there are a few drawbacks to an online savings account, you should be able to find ways that will help you save money without having to deal with the hassle of banking. on a daily basis.
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