Finding time to manage your banking experience on a day to day basis can be quite stressful. Shopping for groceries, running errands or even work can sometimes get in the way of your to-do list.
So when exactly do you find time to take care of your expenses? Back in the day, doing so would require extra time out of your busy lives to head on over to a physical brick-and-mortar branch to make deposits and withdrawals.
However, with a new online savings account, you are able to take charge of your day and have one less thing to worry about! Whether you are looking to save for your financial future or would like to expedite your daily activities, a new online savings account can most definitely prove to be useful for you.
To learn more, be sure to read the full article for a list of advantages that comes with a new online savings account!
If you’re looking to open a new savings account, we recommend looking into institutions like Discover, CIT Bank, and more from our list of the best interest rate accounts!
Advantages of Online Savings Account
With the current technological advances, you are able to expedite your banking experience while earning some of the best rates the banks has to offer. However, before you hit the road to look for the best local offers, definitely consider the services and features you would like with a new savings experience.
Online savings account typically offers a wide variety of features and rates to cater to your banking needs. Depending on your method of banking, online banking not only acts as a way for you to check your balance or pay your bills, but it also allows you access to lower overhead costs compared to traditional brick and mortar banks as well as competitive interest rates.
High Interest Rates
Online savings accounts as a whole, typically offers you a better interest rates for a savings account in comparison to a physical offer simply because the banks themselves do not have to provide for external expenses such as a physical space, having a fewer staff and wasted resources.
Because of this, you are able to receive a range of highly competitive rates that ranks among one of the best in the nation.
Once you have selected an online savings account, you will still want to keep check of the rate fluctuations, as the rates are always subjected to change unless stated otherwise. The fluctuations of rates are to be expected as the rate you see today may not necessarily be the same top interest rate you see tomorrow.
However, do not always go off and open a new online savings account just because the rate is the highest you have seen. Definitely review the fine prints, the requirements and overhead cost of your new experience.
 Open a Discover® Online Savings Account for all these features: • Earn $200/$150 Bonus with promo code LOP325 by 9/11/2025 • Earn high interest rate of 3.60% APY • No minimum opening deposit, no minimum balance requirement, and now no fees • Interest on Discover Online Savings Accounts is compounded daily and credited monthly • Manage your account online or with the Discover mobile app • FDIC insurance up to $250,000 • See advertiser website for full details To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code LOP325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200. What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. |
Easier Access
Most online savings account are easier to manage in comparison to a physical account. Instead of having to wait outside the door of your local branch in order to make a deposit, an online savings account allows you access anywhere at anytime. Need to transfer money at 3 in the morning? With an online account, you are able to do so with ease.
In addition, physical branches would often have holiday breaks in which the branches themselves are closed for that specific date. However, that is not the case with an online alternative. You can transfer money between your accounts on weekends and even holidays. This easy access makes it a lot easier for customers to keep check of their finances.
Better Online Features
Traditional banks would typically provide you a site that lists out all the advantages you will reap from a new account. However, keep in mind that for most cases, it is not as extensive as the ones you will see from an online bank.
After all, the whole purpose of an online bank is to capture your attention online, as the Internet is their only domain. Because of this, you are able to receive various features that you will not see from a typical brick and mortar location such as mobile apps that help customers manage their account on the go.
In addition to allowing you access on the go, you are left with a financial relief knowing that you are able to use the funds anywhere at anytime. Sometimes, emergencies can happen and we would be unexpectedly left with a huge bill from say, your car breaking down or even a emergency doctors visit.
With 24/7 access to your account, you are able to transfer funds from your online savings account to your checking account or another savings account with the snap of a finger!
Fewer Fees
For the same reason as offering you better rates simply because the banks do not have a physical branch, you are typically able to have a new account that does not provide any monthly maintenance fees or overdraft fees.
While it may seem too good to be true, these features actually betters your banking experience while on the other hand, saves money for the banks themselves!
An online bank will typically waive your overdraft fees entirely and only charge you interest on an overdraft line of credit. In addition, online banks offers you a lower fee on investment products in comparison to banks with a physical location.
However, keep in mind that this might not be true for all online banking accounts. Definitely take your time to shop around and find the best fits for your needs and financial goals.
Set Up Automatic Deposits to Steadily Build Savings
When switching to a new online banking experience, the transition between banking methods can be a difficult habit to form. Normally, you would be expected to save money and keep in check of your account on a routine basis.
However, that is definitely not the case with a online option. One of the advantages of an online savings account is that you will be able to set up automatic deposits.
You can choose to have the bank transfer money into your account either weekly or monthly.
By having automatic deposits, you are able to take out and prevent that extra time and effort it takes to do so. We all know the temptations we have when we are physically transferring money ourselves.
Thoughts such as should I not transfer money into my savings account to buy that new pair of shoes? What about spending that money on the concert I have always wanted to go to? has often came up in our heads.
However, with automatic deposits, none of this would get in the way! Over time, the deposits will most definitely add up and you will forget about all the temptations as you will see the advantage of this feature.
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Conclusion
At the end of the day, an online banking account allows you to bank with ease knowing that you are able to save more money in the long run. With an online account, your money would typically be harder to get to, and that in itself might be a good thing, as it prevents you from transferring too much too often.
An online checking account will in most cases, come equipped with standard features such as a debit card and better features than what you are typically used to. However, one drawback you do have to keep in mind is that transferring money to and from another banking institution will often take up to a few business days.
While that may sound like a setback, please remember that the purpose of the account is to save you money and not spend it. When you have found an online saving option that fits all your criteria and banking needs, I would hope the features in this article has helped you in one way or another!
Additionally, if you found this article to be helpful, then I would suggest checking out our other tutorials such as recognizing the differences between a Credit Union or Bank, How to wire transfers, How to open a business bank account, or simply How to write a check.
If you would like to check out the list of business bank promotions, be sure to see our complete list of Bank Rates for all your saving needs!
I like that you mentioned that an online savings account will allow you to bank with ease. My wife and I recently got married and we were thinking of combining our accounts so that we can draw from the same location now. We’re going to have to find a branch that allows for online banking.