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How to Find the Best Online Saving Account

By Synchrony Staff

  • PUBLISHED August 01
  • |
  • 2 MINUTE READ

An Online Bank May Be Best

Why bother looking at online banks when you likely drive past a half dozen or more bank branches on your morning commute? Because many online banks offer advantages over their brick-and-mortar counterparts, such as:

1

Lower Fees: Service fees can more than offset the interest earned on your savings. Many online banks provide a savings account option with no monthly maintenance fee. Since online banks don’t have the costly overhead associated with a branch network, they often pass those savings on to their customers. Be sure to inquire whether the bank charges any maintenance or service fees before you open your account.

2

Broader ATM Access: Choosing an online bank doesn’t mean losing access to your cash at an ATM. Online banks often reimburse fees for using your ATM cards at other banks’ ATMs. 

3

Extras: With customer benefits such as flexible online banking, call center customer service, and rewards programs, online banks are well equipped to offer convenient products and services.

Be sure to check the specific terms of the account you’re considering before you open an online savings account. But you just may find that a bank that started online has online convenience and perks built in to a greater degree than a bank that started with branches and added online banking

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