Savings Accounts FAQ

Frequently Asked Questions about Savings Accounts

What is an online savings account?

An online savings account is similar to a traditional savings account. This type of account allows you to store your money safely while also earning interest. Unlike the traditional savings account offered by your local bank, however, online savings accounts are offered by online banks. These banks conduct their business entirely or almost entirely over the Internet, rather than in brick and mortar locations. Typically, you can only set up such accounts online, through a bank's website. All transactions and customer service interactions occur online or, in some cases, over the phone.

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