Looking For Best Online Savings Account? Check Here
Technology has made so many things very easy to do, banking inclusive. It is now effective and easy to carry out online banking with numerous benefit and ease of doing. In line with this, online saving accounts keeps improving over time due to the benefits attached.
With online saving account, you can have high interest rates and a very safe place to keep your money. Online banks aren’t the type of banks that usually have any expense of maintaining branches and that is why it is very easy for them to pay up to 2% APY that is far higher than what other pay which is usually pegged around 0.09%. Recently, the rate at which people operate online banks has risen to 24million in 2018 according to a report published by Statista. This clearly indicates that people keep joining the trend of online banking.
Some importance of online banking:
- It has high interest rates: With online saving accounts, online banks can pay you up to 2% interest rates because they don’t have much overhead expenses to cater for. Since they don’t have physical branches, bank tellers, office maintenances and other expenses, they provide significantly higher APYs to their customers rather than other banks that have physical appearance.
- It doesn’t charge much: Online banks don’t usually charge their customers exorbitant fees and they usually have lower amount of charges in their transactions.
- Convenience: This is a great importance of online banks. Unlike other traditional banks, you don’t need to stress yourself and drive around looking for a nearby branch of your bank with online banks. This shows that online banks operate 24/7 and you don’t need to look around for any branch before you can make any process or transaction. In fact, with online banks you can access everything you wish to do with the use of your smartphone or computer system.
Online Banks with the best savings account:
It is true that online banks will offer you high interest rates but that shouldn’t be the only point of consideration as you also need to choose from those online banks, those that have the best saving accounts. Aspects such as fees, customer service, locations and others can actually have a great impact or effect on your banking life experience and in fact it can even lower returns. There are different methods you can use to get the best online saving account such as checking out the bank and credit union reviews and so on. Some of the best online banks with nice saving accounts include:
- Popular Direct: This online bank can be opened through Popular Bank and it provides a very competitive APY on its online savings account. You don’t need to have ATM with this bank and you can easily make an external transfer with the use of ACH. This online bank can offer up to 2.30% APY and you need $5000 minimum balance for APY.
- MySavingsDirect: With this online bank, you can earn the same APY regardless of how much you keep in this account. The interest will daily be compounded and it will be credited to your account on monthly basis. More also, you don’t need to have any minimum balance fee with this saving account because the online bank offers a very competitive APY on all balances and no requirement of any minimum balance. This bank offer 2.10% APY.
- CIT Bank: This bank usually reward people that are active with their savings as it provide a very competitive APY. It enables people to easily build good saving habits and it helps to build a very good account balance as it has different options for savers. CIT Bank offer 2.10 APY.
- HSBC Direct Savings: This online bank operate online savings account which is through HSBC Bank that is available online across all 48 states. This online saving account requires a minimum balance of $1 and offers a very competitive APY. There is no monthly fee required by this bank and it provide 2.05% APY.
- Citizen Access: This is another online bank that is a division of Citizens Bank. It provides a high benefit online savings account and you don’t need to pay any maintenance fee. However, to obtain the APY fee, you need to have a minimum balance of $5,000. It offers 2.00% APY.
- Goldman Sachs Bank USA: You don’t need a minimum deposit with this online bank and you only require possessing $1 minimum before you can access the APY. You access your account at your desire time and there is no fee attached to any transaction. It offers 1.90 APY.