Online Savings Accounts Growing In Popularity
Online Savings Accounts are becoming more popular than ever because of the ease of use and high yields offered.
Over the past couple of years, there has been a large spike in the number of number of internet users who have been searching for information related to online savings accounts. According to data provided by the search engine Google, users are searching for information related to online savings accounts over 1 million times per year.
“There are numerous reasons for the growing popularity of online savings account,” explains John Patrick Tighe, one of the founders of OnlineSavingsAccountCheck.com, a resource that gives detailed guidance on the process of finding and opening an online savings account. “One of them is that online savings accounts typically offer a higher yield on money saved.”
While most savings accounts are currently offering an APY of 0.45 to 0.60, some online savings accounts companies offer yields of 0.80 or higher because they don’t require numerous physical branches of service like other banks do.
“Although the extra yield might not sound like much, it can add up to $100s extra per year if you keep enough money in your savings account,” says Tighe. "It’s like you’re passing up free money if you go with a bank that has a lower yield.
"There can be disadvantages to online savings accounts, however. Since there are no physical branches of an online savings bank, you will have to use other bank ATMs to withdraw money.
“I strongly advise users of Online Savings Account Check to make sure their online savings bank reimburses all ATM fees, as many do. You may actually end up losing money if you aren’t careful.”
John Patrick Tighe is a founder of Online Savings Account Check, found at http://OnlineSavingsAccountCheck.com.
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