5 Things To Know Before Opening An Online Savings Account

Online Savings AccountHave you seen all of the online savings accounts available now? When considering opening one of these accounts, there are 5 things you must know before you jump in.

#1: Is the online bank FDIC insured?

This is very important, as you will want to be sure that the bank is legitimate and FDIC insured. You can check on any bank’s FDIC status by going to this website: http://research.fdic.gov/bankfind/

#2: What are the interest rates?

Online banks typically pay a higher interest rate than traditional banks. But still check both sources, online and offline, to find the one that will give you the best return.

#3. Are there any fees or minimum balance requirements?

If you find an online savings account with a really high interest rate, but the fees are high, then it might not make sense. Search the websites of these online banks for details. And if you are not clear on anything at all, go ahead and email or call them before you open an account.

#4. How are deposits and withdrawals handled from this account?

You want to find an online bank that is simple to use. Having headaches and stress is not a good way to manage your finances.

#5. Can you access your money by ATM where you live?

Since most online banks use ATMs for transactions, you will want to know the available ATM network, if you have access in your area and during your travels, and if there are any associated fees for usage.

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