The Good And Bad Of Online Savings Accounts

More banks are introducing mobile-friendly features, which makes banking easier. It makes adding money to your savings account easier to do and easier to keep track of. There’s a lot of good things that can come from an online savings account. Not only do online savings account offer easier access, but it also offers higher interest rates. They also usually charge low or no bank fees. Like other bank accounts, online savings accounts are FDIC insured so your money is safe from a bank failure. While there are many pros there also a few cons. You obviously can’t deposit cash over a phone so you would have to either find an ATM, purchase a money order, or have someone to deposit it into their account and write you a check. Another thing, the transfer times are usually slower. It can usually take from three to five days. You can always make the switch if you find that online banking doesn’t suit you but it’s worth a try.