Internet Savings Accounts
If you're looking for a high yield savings account, an internet savings account will generally offer the best rates. As with other online bank accounts, an internet savings account has low overhead because most transactions can be handled automatically, which greatly cuts down on bank staffing needs. They also don't require the maintenance of expensive branches.
Faster to Catch On
Further, online savings accounts have an additional advantage over online checking accounts and other online bank accounts, in that people tend to make fewer transactions from their savings accounts than other bank accounts. This keeps prices even lower. This is also most likely the reason that on-line savings accounts have been faster to catch on than other internet bank accounts. Some folks still prefer to have the convenience of easy branch access for their checking accounts. This is likely to be less of a concern with savings accounts, especially high yield savings accounts, where customers most often prefer to leave their money alone to earn interest.
Easy to Move Money
Providers of online savings accounts like the
ING Direct Orange Online Savings Account have worked hard to make access as simple as possible, allowing customers to link their online savings accounts to checking accounts at any other bank, and to transfer money back and forth with a click. This benefits both eh customer and the online bank, as these automated transactions are fast and convenient, and don't require direct staff attention.
A Popular Option
The
ING Orange Savings Account was one of the first pure-play online bank accounts to gain widespread popularity, and its customer base is still growing.
Online checking accounts have been a bit slower to catch on than Internet savings accounts, but users are warming up to them as well.
Earning a high yield for your savings account, along with easy 24/7 online access to your money, are big advantages for those willing to take the plunge. If this sounds good to you, you should consider giving an internet savings account a try. Check out the providers on the menu to your left and see what an internet savings account can do for you.