Setting up Online Savings Accounts

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Setting up Online Savings Accounts

Believe it or not, earning and saving money isn’t just about working hard. It’s also about trying to make your money work for you. Choosing the right bank account is the first step. While many people hold bank accounts with traditional brick-and-mortar banks that have branches nationwide, others hold bank accounts with internet based banks that offer unique benefits. These banks don’t have branches in various cities, nor do they hire as many staff as traditional banks do. What they do offer you in exchange for this is a significantly higher interest rate, one that could help you meet your saving goals earlier than you thought possible.

Why Set Up an Online Savings Account?

An online bank can offer its customers a much higher rate of interest and lower fees because it doesn’t spend money on building offices or employing as many people. Consumers may have to wait a little longer for their money to come in but if they don’t mind the inconvenience, they stand to financially gain more than they would otherwise. 

Variable interest rates on savings accounts can range from 1.50% p.a. to 3.60% p.a. Some online banks require you to make a monthly deposit of a particular sum in order to maintain that high rate of interest, while others give you an introductory offer of a higher interest rate for 3 to 6 months. When it comes to selecting the right online savings account, you can’t go wrong with the use of an online savings account calculator. You’ll get to shop around and compare products like term deposits and mutual funds, in order to find one that suits your situation.

Choosing the Best Savings Account

Bonus saver accounts offer you a higher interest rate for consistent savings. If you can put away a small sum of money, perhaps $500 or $1000 every month, you could walk away with a higher rate of interest and reach your saving goals much faster. If you’ve already saved a larger sum of money and are willing to set it aside for a certain period of time you could then put it into a term deposit or consider opting for peer-to-peer investing. The latter can offer you an interest rate of up to 9.70% p.a. but there are certain risks involved.

Benefits that Come with Online Savings Accounts

High interest rates are not the only advantage linked to online savings accounts. Most online banks don’t charge you a fee for a debit card and since they don’t have branches nationwide, they allow you to use your debit card at other bank ATM’S and pick up the transaction fee for you. These banks may also waive overdraft fees when you use them to pay your bills online. 

With today’s modern banking solutions, you can chase the best interest rates online and save bigger sums of money in the long run. If you still haven’t met your financial goals for the month, consider taking a survey to earn money. Online surveys for cash, allow you to make a few extra dollars in exchange for your opinions about a particular product or service. Companies value opinion surveys because they help them trace consumer behaviour trends. This helps them track consumers and create products that meet the needs of a target audience. You could add a few extra dollars to your account by taking these paid surveys at home. Surveys for cash are one of the easiest ways to earn money online and increase savings. Learn how it works here.

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