Are online savings accounts better?
An online savings account is an increasingly popular option. There are pros and cons to keeing your savings account with an online-only bank. Here are a few of the important things to keep in mind: • Fees. The costs to operate an online bank are sometimes much lower than the cost to operate a traditional bank. This can translate to lower fees for customers (although this is not necessarily the case for all online banks). • Savings interest rates. For the same reason, you can sometimes find better interest rates with online banks. You will want to compare savings interest rates online to find the highest rate. • Transferring money. When you use an online savings account, it can take a day or two to transfer funds to other accounts. While this is inconvenient in some ways, it also helps to prevent impulse spending. This makes saving easier! These benefits are great, but it’s important to know that internet banking is not right for everyone. Learn more about the pros and cons of having an