Savings Accounts FAQ

Frequently Asked Questions about Savings Accounts

Why do I need an online savings account?

A savings account offers guaranteed returns without risk. If you keep all of your money in a checking account, you are missing out on the opportunity to earn interest, and essentially throwing money away. Since online banks do not have to maintain brick and mortar locations, they are able to save on operating costs. Online banks can then pass that savings on to their customers in the form of higher rates. Online banks generally offer free online banking and often allow you to electronically link your online savings account to one or more existing external bank accounts. This makes it easy to manage and transfer your money. An online savings account offers liquidity, flexibility, convenience and high yields.

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