Most everything that’s done today can be done online, including banking. Yet, online savings accounts are still sort of a new tool for customers. There’s no denying that it’s a major convenience. Here are some of the perks of using online savings accounts.

1 – Lower opening deposits. As an added incentive, many banks will offer lower opening deposit fees to account users.
2 – Higher rates. Online banking doesn’t require as much overhead costs. This allows them to pass the savings on to the customer in the form of higher rates.