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With an online or e-account, the banks do not have to maintain traditional brick-and-mortar stores. Some offer online savings accounts as an option to their other accounts; others focus on these accounts but still have a few in-person locations, other are strictly online. Your comfort level with online transactions, and online banking in particular, will make a difference as to which of these options is best for you.

Most offer high interest savings accounts, which consumers can use for everything from monthly expenses to savings for a large purchase. People often stash money in these accounts for an ?emergency fund? that they can draw on if needed.

Online savings accounts can be perfect for this use. First, they rarely have any fees associated with them. Second, they're usually ?linked? to a savings or checking account you have locally. When you need money, you just log on and have the funds electronically transferred. They generally show up within two business days in your local account, where you can use them as needed. The money is transferred as cash, with no waiting period once it arrives in your local account.

However, that approximately two-day wait period also helps people avoid ?raiding? the account for every passing fancy. Let's say you see that perfect tool/pair of shoes/television/object d'art in a store. You want it, and you want it now. However, the price tag is a little out of reach. You vow you'll transfer the money and then hustle back to the store when it arrives and buy what you need.

But once you get home, you realize that the tool/pair of shoes/television/ object d'art is more of a want than a need, or the color isn't right, or sanity just plain settles over you. You don't transfer the money, and you discover you're still happy. Hey! How about that?

Just as with the in-person banks, you'll need to compare products and services, and evaluate which one is best for you. Don't forget to consider customer service?every online bank has a customer service department, and the day could come when you need to talk to them. You can compare other customers? experiences by typing the name of the bank and the word ?opinion? (without the quote marks?) into any search engine. Then go to the website and see how easy it is to navigate. Can you find what you need quickly? What are their security procedures?

Once you choose a high interest savings account, be sure to protect your money. Change your password on a regular basis, make it one that's not easy to guess, and never write it down. Your statements will likely be online, but make sure you log on each month and review them. Notify customer service immediately if you have any concerns.

Online savings accounts can offer the high interest savings you're looking for, along with low or no fees, and great customer service and security. A little research is all it takes to find the best account for you.

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Online Savings Account With

People are opening online savings accounts because online banking is more convenient and cost effective. People have learned about online banking opportunities from the people that handle the financing of their credit cards. Opening online savings accounts is easy because all personal information is already in the databases. People just need to log into the online branch of their regular banking institution. Saving money is quite a bit easier with this streamlined form of banking and customers are free to use the extra time to enjoy hobbies.

Some banking customers will open an online savings account to save money for a specific purpose. Some people might want to save money for a luxurious vacation that will not be jeopardized by emergencies at home that could make that vacation dream disappear very quickly. Most land-based lenders will not be willing to loan money if they knew that vacation funds were left untouched. Online savings accounts can be established under any name and then the money can be used when it is needed.

Some parents will establish online savings accounts for their children to have money for college. Opening online savings accounts for educational funds is easy and tax deductible in most cases and no taxes will be paid on that money until it is used. Online banking institutions are great about safeguarding any monies placed in savings and checking accounts. The best online savings accounts are fully insured against loss by the Federal Deposit Insurance Company. Many banking customers know this banking insurance method as simply FDIC.

Some people open online savings accounts and match the banking conveniences with an online checking account. People who participate in online banking services are eligible for all the services that are granted land-based banking customers, and some of the other services outshine those offered by land-based banking institutions. Interest rates on checking and savings accounts are higher in the internet-banking world because banks do not have costly overhead to pay for such as rent, property taxes or high priced land and building leases.

The most common services that are offered in both banking environments is credit services. People can select an online bank's credit card or choose to use the debit card provided by that online banking facility. People can perform many online banking transactions with a debit card because it will bear the credit card emblem on the front. People love the convenience of using debit cards for paying bills online because no annual fees are charged to have them, and some online banks will reimburse online banking customers for any fees charged by an automated teller machine.

Opening online savings accounts is good business sense because funds for business use can be established for one of the online savings accounts that are opened. Some online banking companies will offer cash rebates on all items purchased for business use and at the end of the year, the business owner can revel in the amount of money that was saved just by using the business account credit card. People have also found that they can transfer money from land-based banks to online banks with no difficulty which ensures that monies are available through various banking sources.

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