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Compare Savings Accounts Online
How to Compare Online Savings Accounts
In the last few years consumers have been demanding higher interest rates on
their money than some of the next to nothing rates that the major banks have
been giving out. In response, banks created online savings accounts which
offer much better rates of return, nearing 5% in order to meet this consumer
demand. These online savings accounts are becoming much more popular as
people are beginning to put their trust in internet based banks and as
competition and features are increasing. If you are considering opening up
an online savings account, there are a few things you need to do to compare
them, because they are not all equal. Be sure to look for the following
things when picking out an online savings account.
Interest Rates. One of the most important factors when picking out an
online savings account is the interest rate; it determines how much money
you will earn on your money. Of course the highest current APY is not the
only thing, some of the companies have introductory rates which drop over
time, its better to find one that has consistently kept their rates high, as
opposed to whichever is just the highest one right now. Look at the history
of their interest rates, rather than just what they are right now. If they
have stayed near the top compared to the others, they're probably a decent
place to go. When looking at interest rates, be sure to look at APY, because
that factors in when interest is compounded and credited, whereas the APR
does not.
Low Minimums. Look for an account with a low minimum opening balance.
This way you can try out the account and make sure it's okay to deal with
before putting nearly all of your money in it.
Transferring Funds. Most online savings accounts allow you to
transfer funds electronically, and that takes about 3 or 4 days. Make sure
they allow you to link to your checking account so you can move funds in ant
out with ease.
Reliability. Get an account which is FDIC insured, so that you do not
lose your money if the bank goes under. Make sure they have a reliable
website that is not down all the time. You might need to access your money
in a pinch if an emergency happens, and if the website is down, you'll be in
a world of hurt.
Other Features. Make sure you can easily use the website, ask around
and see if other users are happy with the sites that they use. You'll also
want to look for a lower minimum balance; you don't really need to have a
very high minimum balance to get a great account. Get an account which gives
you an ATM card for additional access to your money, since most do not have
check writing abilities.
Perhaps the most important features are the interest rate, the amount of
time it takes to transfer, and the ease of use on the website. A debit card
or ATM card is also a very nice addition.
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