Not all bank accounts are created equally, and these days savers not only have to choose between different banks but also between traditional brick and mortar banks and online ones.
An online savings account can be a great option, so read on for some of the key benefits.
First of all, online accounts mean there is no need to find the time to visit the bank or building society branch on the high street every time you want to pay money in or withdraw funds. Everything can be done online, even opening the account in many cases. This also means that the account can be monitored 24 hours a day, seven days a week, and from anywhere in the world with internet access.
Online accounts also allow savers to quickly and easily transfer money between accounts. So every pay day some money can be electronically sent from the current account to the savings account with just a few clicks. And when money needs to be withdrawn from the saving account this can also be done online.
There is no paper savings book and statements are usually available online only, so there is no risk of losing important documents or forgetting where they have been filed. Online saving accounts have to meet strict security standards so there is also no need to worry about accounts being hacked or passwords compromised.
Finally, online savings accounts come in all shapes and sizes so there is always an option for individual requirements. Online savings accounts are ideal for those who want their savings to be tax-free, and different banks and building societies offer a variety of interest rates and features that can make online saving very appealing.
Whatever the reasons for saving, and however much savers can afford to put away, an online savings account is a quick, convenient and safe way to keep some pennies for a rainy day but still have complete control over their money.