Looking for higher interest from your savings accounts? Consider opening an online savings account. Conventional banks pay less than one percent interest on conventional savings accounts. Online savings account banks offer higher interest rates because they do not have the infrastracture of conventional banks. They do not pay teller salaries, construct buildings in every city, or pay parking lot attendants to watch your car, so they can pay higher interest on their online savings account.
Benefits of an Online Savings Account
- Transfer your money between your conventional checking account and your online savings account with no transfer fees, giving you easy access to your money.
- Setup and name sub-accounts within your main online savings account. Create a separate christmas account, a new car account, a vacation account, or as many sub-accounts as you wish for whatever you please.
- Setup automatic transfers on any day of the month you choose between your checking account and your online savings account. Transfer any amount to any online savings account you choose. How's that for an easy way to save your money?
Online Savings Account offers:
- Online savings accounts are FDIC Insured
- Great rate, no fees, no minimums
- No need to change banks
- Access your online savings account 24 / 7
- Open your online savings account with $1, yes, ONE Dollar
- Transfer money electronically between your savings account online and your checking account
Tips for Managing your Online Savings Account
- Choose a password for your online savings account that includes numeric and alphanumeric characters. Do not use your spouse's, kid's, or pet's name, or other easily guessed words for your online savings account password.
- Take steps to safeguard your password and your computer. Install spyware protection and a router with a firewall.
- Use the online savings account sub-account feature to save for specific items.
- Online banks will send email for each online savings account transaction. Check these emails for accuracy.
- Review your online savings account weekly and review monthly online savings account statements for unauthorized transactions. Report unauthorized transactions immediately to the appropriate financial institution.
- Be aware of the "phishing email scams" that are circulating the internet. ING DIRECT and VirtualBank will not send email asking you to click on a link to update information for your online savings account. This type if email is fraud, even if it looks official. Follow these links and you may become the victim of identity theft.
Have you opened your online savings account? What do you do next?
After opening your ING DIRECT or VirtualBank online savings account, visit the personal budgeting tips and debt repayment tips pages to learn ways to save even more money. Then visit the prevent identity theft page to learn ways to protect your money and your identity. The goal getting tips page will help you allocate the money in your new online savings account.