Do you ever wonder which online savings accounts are the best? There are so many available now that it’s very hard to know. Make sure you read review sites but the best is look really examine the following few items for every bank.
The account opening process is what gives you the first impression. Do you really need to look through every screen to just find out how to get an account? Opening a savings account shouldn’t take you more than 10 minutes, especially when done online.
The name of the online bank is crucial. What I mean is that if the bank has history and is well respected, it should helps your decision.
Each online bank should be FDIC insurance which means that your money is safe (at least $ 100,000) of it. This year, it is actually as much as $ 500,000 ($ 250,000 per individual and double that if you have a joint account as well)
Accessing the account should be trivial. If you need to jump through hoops (or if they don’t even offer an online option), it’s too hard and it’s time to find another one.
With online accounts, you have to deal with hackers. Make sure your bank is very secure and offers ways for you to increase that. Your password should be changed often.
Most of the time, you don’t need to contact customer support but it is very important that they are good when you do need to call them. Make sure to test them out at the beginning by giving them a call and asking questions to make sure you are comfortable with how they work.
Yield is very important obviously. The higher, the better and some people will even chase high yield rates. You may not think it’s as important so open one that seem to be among the top.
Termination fees suck but sometimes it’s necessary if you want to close the account. Just be comfortable with what the consequences are before you take action.
Make sure you have the minimum balance ready before account opening. You don’t want to open an account with a savings account that needs $ 1,000 as the minimum balance when you only want to keep $ 500 in there.
Find out how many steps you need to take to do common tasks. The user interface is very important because we don’t want to waste any time. The more steps also means more chances that you will make errors so treat it seriously.
Do not pay account fees. Anything recurring fees need to be waived for you to even consider. Got that? Good.
With bill pay, you don’t need to mail any more checks. It’s quicker, easier, and more secure. There’s really nothing better. If your savings account has it, it’s a huge plus.
savings accounts are just better based on your situation. For example, etrade customers who use the brokerage accounts can use the savings account like a sweep account. Other savings account allows you to additional perks because you are adding to the overall relationship with the bank.