Opening a Savings Account Online
Wow everyone is trying to get the best deal on savings accounts, people need to save more of their money because of the unexpected times, you might not have a job tomorrow. Financial markets have ruined many retirement plans and 401k’s. It used to be that you could just drive to each bank in your area to find the highest savings rates that were being offered. However, that is no longer the case, as virtually all banks now give you the option of opening a savings account online. You can manage your money from the comfort of your home or office. If you are looking to open a savings account online, you have many options available to you. Also keep in mind many of your local banks and credit unions have great checking and savings rates, but not the advertising budget of the gigantic banks I list below. They also have online access.
“Online Savings Account Rates vary on a Daily Basis so don’t let that be your only deciding factor when you want to open a savings account.”
Let’s Check out some of the Online Savings Account Promotions:
Capital One Bank’s InterestPlus Online Savings Account, which you can find the login at here. If you open with a balance of less than $1,000, you can earn an Annual Percentage Yield (APY) of 0.10%. However, if you open an account of $1,000 or more, you can earn an APY of 0.65%. That ranks amongst the highest rates offered by the top national banks in the United States.
In addition, Capital One Online Savings Account will give you a 10% bonus on your interest earned every quarter if your average balance is over $10,000 or if you have an active Capital One credit card on file. Plus, there are no fees associated with the InterestPlus Online Savings Account.
You can easily and securely access your money online, plus you can make free online transfer to and from your existing accounts. You are protected by the FDIC’s $250,000 per depositor, per institution guarantee. You will receive electronic statements each month through Capital One’s Online Banking center as an added convenience to you.
Nationwide Bank is another option to open an online savings account. You can open an account with just $50. Nationwide Bank gives you access to over 70,000 surcharge-free ATMs. You also get free online statements that depict your monthly activity. You can also have no monthly maintenance fee if you maintain an account balance of $300 or more or a monthly direct deposit of $25 or more. Nationwide Bank will also provide you with two free non-Nationwide Bank ATM transactions each month. Nationwide Bank’s APY is 0.40% regardless of how much money you have in your account, meaning that you can earn this interest rate right after you open the account.
Bank of America
BOA always has some kind of promotion going for open an account with them. Consider opening a savings account with is Bank of America Online Savings Account. You can open a Standard Regular Savings Account with just $25 at . You are insured by the FDIC up to $250,000. You gain access to Bank of America’s Online Banking service by opening a savings account with them. In addition, you can avoid the monthly maintenance fee by having an automatic monthly transfer of $25 or more from your Bank of America checking account. You can earn 0.05% interest on your balance regardless of how low it is.
You could consider Wells Fargo Online Savings Account called Way2Save, which you can find at here. You only need $100 to open an account, or only need $25 if you set up an automatic savings option. You can avoid a monthly service fee by maintain a minimum balance of $300 or you can set up and maintain at least one automatic, recurring savings option. Wells Fargo will provide you with online access to Wells Fargo Online Banking. You can also access your account via the 12,000 Wells Fargo ATMs and 6,200 Wells Fargo stores located across the country.
Another option for you to consider if you plan on opening an online savings account is HSBC’s Online Savings Account, which you can find at here. HSBC Direct Online Savings Account interest rate of 0.80% APY, and it only takes $1.00 to open an account. If you are trying to open savings account online no deposit, this is about as close as you are going to get to no initial deposit. There are no monthly fees and no minimum balance requirement. You also don’t need to open a checking account with HSBC. You can access your account any time at HSBCadvanceUSA.Com. You can also withdraw money from virtually any ATM in the United States and deposit money at any HSBC ATM. Of course, your money is fully protected by the FDIC guarantee, up to $250,000 per person.
With ING Direct’s Orange Savings Account, which you can find at http://home.ingdirect.com/orange-savings-account. ING Online Saving account rate of 0.80% APY on your investment. Additionally, there are no fees and no minimums associated with your account. You do not have to change banks either, as the ING Direct Orange Savings Account electronically links with your current checking account, thereby making online transfers easy and free. And, like many online savings accounts, you are insured up to the maximum amount as provided by the FDIC, which is $250,000 per person.
Another online savings account for you to consider is Huntington Bank’s Premier Savings Account, which you can find at . You can earn from 0.05% to 0.10% APY depending on whether you have less or more than $10,000 in your account. You will receive free online statements and you can avoid a monthly maintenance fee by maintaining an average daily balance of over $300 in your Premier Savings Account.
Wrapping up the Review of Online Savings Account Promotions
As you can see, you have many online promotions to choose from when opening a savings account. Some of the savings account offer as high interest like 0.80% APY, (REMEMBER I STATED AT THE BEGINNING OF THESE REVIEWS, LOOK AT MORE THAN JUST INTEREST) while others only offer a .05% APY. Virtually all online savings accounts offer online access and the ability to withdraw money from ATMs at any time. You should definitely read the terms and conditions of each online savings account carefully to note any differences between the two or more online savings accounts you are considering. By properly evaluating the features and benefits you want from your online savings account, you will determine which online savings account is your best option to earn the most return on your money in the shortest amount of time possible.
There is no best online savings account, whatever works best for you is the best choice, don’t let a fraction of a percentage point waive your good judgment.
More Reviews Coming about Opening a Savings Account Online:
- Sallie Mae Online Savings Account
- ING Online Savings Account
- Ally Bank Online Saving Account