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Advantages of an Online-Only Savings Account
Owning an online-only savings account comes with many benefits. Here are some of the most important ones:
An Online Bank Savings Account Costs Less
Although many banks offer a great interior with friendly staff that makes the trip down to your local branch much more enjoyable, all of that goes into their overhead costs. Employee salaries, bills for the building they rent or own, even the free candy your kids get. But why should you be inconvenienced or have to pay for everything through account fees? Instead, you can make the move to an online-only bank and save more.
You Can Grow Your Savings Faster
If there’s one reason why you should use an online-only bank account, it’s to transfer your savings there. Why? Because online-only banks give you a better interest rate, sometimes over 2.0%, while traditional banks offer a measly 0.01% interest rate. [1]
You Get Incredible Convenience
With an online-only savings account, you don’t have to get dressed, get into your car, and drive downtown to a physical location, before waiting in line for your turn. All you have to do is take out your smartphone, log into your account, and check how your savings are doing, pay your bills, and so on.
Online-Only Banks Have Great Customer Incentives
It’s not rare at all to discover that online-only banks give you attractive incentives to sign-up and manage your savings with them. These incentives can vary and include bonuses, cashback earnings, better interest rates, and so on. [2]
You Can Always Access Online-Only Bank Accounts
By using an online-only bank, you can always have access to your money, day or night. You don’t have to drive to a branch or consider working hours. Even better, if you’re traveling or moving, you still have access.
There Are No ATM Fees with Online-Only Banks
Getting slapped with ATM fees happens to everyone and it can sting, especially when you just want to take out a quick $20. However, with online-only banks, you don’t have to worry about this anymore.
How to Make the Move to Online-Only Banking?
Transferring your checking and savings account to an online-only one is quick and easy. But if you don’t want to move completely over, we advise that you at least move your savings or emergency funds to an online-only bank for the interest rates you can get.
How to Find the Best Online-Only Bank?
There’s no simple answer to this question except to do your homework. Research your options and compare offers from at least a few different online-only banks. Check for deals and look for positive customer reviews online. That way, you can be sure that you get exactly what you need.
[1] https://www.nerdwallet.com/blog/banking/pros-cons-online-only-banking/
[2] https://www.thebalance.com/should-i-switch-to-an-online-bank-2385857