One of the things that the internet has brought us is easy connectivity at ultra-low costs. Most banks have taken advantage of the low-cost connectivity available to offer a savings account online. This makes both personal and business life easier, with easy access to all of your banking information while you’re on-the-go.
Nowadays, everybody is short on time with most people busier than ever. It’s not always easy to make time to physically go to the bank but online banking eliminates that problem. Having the ability to access your savings account online gives you access to your money 24 hours a day, putting you back in control of your finances.
Let’s take a look at just some of the advantages of being able to access your savings account online.
Bonus Interest Rates
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When you open an online savings account, some banks allow you to earn a variable interest from your savings that can be as high as 1.30% per annum. Also, when you use that account to transact online such as using your debit card to pay for services, you get a bonus rate. Most banks will require that you transact at least once per week to qualify for that bonus rate.
The bonus rate can be as high as 1.55% per annum, which comes to 2.85% per annum. Overall, the more you tap, the more you will earn, with some banks capping the balance amount that you can earn interest on at $250,000. If you choose to tap at least once every week for a whole year, you can easily earn $7,125 in interest at the end of 12 months. Of course, you still have to maintain the maximum balance allowed in your account.
No Account Fees
Most people wish that when they check their balance, it would either be as they left it, if not more. Unfortunately, traditional bank accounts have certain recurring charges that you must bear. You, therefore, find that unless you are depositing more money on a regular basis, your account balance will drop with time.
The good news is that with online banking, you do not have to see your hard-earned money disappear. There are no account-keeping fees, and you save as much or as little as you can. There are no penalties or commitments required. That makes it one of the best ways to save and access your money conveniently.
Access Your Money Any Time And Anywhere
One of the limitations of traditional banking was that you had to contact your branch to access your money. That is no longer the case, thanks to online banking. If you open a savings account online, you have the ability to send money, receive money, and even make withdrawals without going to your local bank branch.
That means you can now do business for 24 hours or pay for goods and services online, any time of the day. You no longer have to worry about public holidays or making it to your branch on time; all you need is your username and password, and possibly a one-time-PIN. Overall, a savings account online provides you with greater freedom in how you handle your transactions.
Banking Apps
Another great benefit of online banking is you don’t have to worry about your financial security when online, because of vulnerabilities in the browser you are using. Most banks will provide you with an online banking app that you can download directly to your phone. The app allows you to access your funds at any time and protects your account by using advanced account login technologies. You can even use your fingerprint or face to log in to ensure that you are the only one with access.
Easily Manage Your Finances
Knowledge is the key to success in managing your personal finances, and online banking will help you to achieve that goal. Most banks will provide free financial training through their online banking portal and websites. You, therefore, do not have to contact your financial advisor and incur charges even for general advice. You can get it all free when you access the online banking platform.
Online Banking Makes Life Easy
When you choose to bank online, you enjoy more convenience than you ever would with more traditional brick and mortar banking services. You can use your online account to cancel stolen cards, reset your card’s PIN, and even schedule payment of bills. The future of banking is in online banking, so make sure you stay ahead of the game and make the move to online banking.
Raj Kumar is a qualified business/finance writer expert in investment, debt, credit cards, Passive income, financial updates. He advises in his blog finance clap.
