What Are High Interest Online Savings Accounts?
High interest online savings accounts operate similarly to a normal savings account through your local bank branch. The biggest difference is that the accounts are managed entirely online. They can be run by banks, or other types of companies and institutions, and generally pay higher interest rates than traditional savings accounts. Benefits of High Interest Online Savings Accounts “Isn’t it risky to trust my money to an online account?” you might ask. “Why should I do it?” Online savings accounts offer several benefits that can make them worth your consideration, including: • Higher interest rates than traditional savings accounts • More freedom over when you can withdraw funds when compared to fixed-term deposits • Fewer (or even no) account fees like many bank branch savings accounts • Ability to tie the accounts to other bank accounts for easy fund transfers • Availability at all savings levels (some accounts have no minimum deposits) Drawbacks of High Interest Online Savings Acco
