Interested in generating more money in your savings account? Well that great, because these days it’s much more simple than you think. Just open an high-yield savings accounts for free online (only takes a few min), and you’ll be able to unlock cash rewards.
If you want to cut costs, the best solution is an online-only bank which will, in the end, provide you with better, more affordable services because they don’t have as many overhead costs. Here are the advantages of online-only savings accounts.[1] [2]
- Only-Only banks most often have better interest rates, so at least turn your savings account into an online one. This will help you increase your savings more quickly. For example, rates on the high end can be as much as 1.60% in comparison to a measly 0.01% for physical location banks .
- Only-Only savings accounts are much easier to use, and always available if you have a phone and internet connection. There’s no need to start the car, make your way through traffic, worry about finding a parking spot, and then waiting in line. Instead, you get up in the morning, check your emails, check out the latest posts on Reddit and Facebook, and at the same time, see how your online account is doing.
- Online-Only banks tend to offer enticing sign-up bonuses. But before you choose a bank, make sure research and check your options. But even without comparing deals, you’re bound to get a better one than what a standard bank with a physical location can offer.
- Online-Only accounts follow you where you go. You don’t have to find a new bank after moving apartments and cities. You can move into an apartment down the block, change states, or even take a trip around the world; it’s the same – you will always be able to check and use your account if you’ve signed up with an online-only bank, no matter what time of day it is or where you are.
- Online-Only banks don’t charge for ATM use. If you’ve ever been in a pinch for cash and used another bank’s ATM, you know how annoying it is to get charged extra for withdrawing what already belongs to you.
Making the Switch to Online-Only Banks
The least that you should do is transfer your savings account, but you do the same for your checking and savings account. Most people don’t know about the advantages, but you’re ahead of the curve by now. Don’t wait.
How to Pick an Online-Only Bank?
Due diligence. You should not skip on research if you want to find a good deal on an online-only savings account and get the best rates and incentives. Also, don’t forget to read customer reviews and pick the bank with the best feedback.
1Murakami-Fester, Amber. (2018, June 1.) What Is an Online Bank? The Pros and Cons. https://nerdwallet.com/blog/banking/pros-cons-online-only-banking/ 2Caldwell, Miriam. (2017, April 26.) Should I Switch to an Online Bank? https://thebalance.com/should-i-switch-to-an-online-bank-2385857