Saving money is very important to people for many different reasons. However, even though people really do want to save as much money as they can, it can be very difficult. Sometimes people are living paycheck to paycheck, meaning that they have to spend every cent of their paycheck on bills and other expenses. Other people may have run into an emergency, and they have to dip into their savings account and the once large amount of money that was in the account has now been depleted. Although saving money can be hard, there are many online savings accounts that can make saving easy, as well as allow you to get more for your money. Online savings accounts have become much more popular over the years, and there are many of them to choose from. Here are just a few of the many online savings accounts that are available to you.
1.) Ally Bank
The interest that is paid on this savings account is very good, at 0.99% annual percentage yield (APY). There is no account minimum, which means you can start your account out at $1, and build upon it when you have the funds to do so. There are also no monthly maintenance fees to pay, making it completely free to sign up. You can choose from many different types of accounts. Some of the accounts only allow you to only make six transfers online a month, while the Ally Money Market Account earns 0.85% APY, and you have unlimited no-fee ATM withdrawals. You can also link up to 20 external accounts to the savings account, and you can make deposits by electronic transfers, direct deposit, mobile check deposit, or by mail.
2.) My Savings Direct
This bank provides customers with a savings account that does not require a minimum balance any time, and there are no fees either. This bank is an online division of Emigrant Bank, which is a large bank that is based in New York City. There is also a high interest rate on that comes along with this savings account. A 1.25% APY on the High Interest Savings Account is hard to beat anywhere, making this one of the best savings account online. You can get your money by making electronic transfers from external checking accounts.
3.) Capital One 360
You may only think of Capital One as a credit card company with a lot of commercials on television asking “what’s in your wallet?”. However, there is much more to Capital One than just its commercials. They also have a great online savings account. This savings account allows people to divide their money between multiple accounts and they can label them for what they are specifically saving for. Customers can view all of their accounts at once, and they can transfer money between the different accounts. There are no monthly fees, and there are no overdraft fees. This is because any transaction is denied if there are insufficient funds in the accounts. There is also a great interest rate of 0.75%.
These are just a few of the online savings accounts that you can choose from. There are many out there with different benefits that can suit your specific needs. No matter what online savings you choose to use, make sure to compare all of the different ones to see which one is right for you.