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Online Savings Accounts
There is a difference between online savings accounts and transactions accounts. The main point of difference is that online savings accounts are not designed to be used as an everyday account where money comes in and out often through your incomes and debit cards. These characteristics are of transaction accounts.
Online savings accounts are therefore an account that is designed to accumulate your savings and is linked to your transaction account. They offer higher rates of interest than transaction accounts and are quite competitive, with features to help you save money and grow your savings faster. The features that you may find when comparing online savings accounts include:
- Internet-based access: Some online savings accounts are only accessible online and the financial institutions may not have branch networks. But the majority of online savings accounts are accessible online so you can transfer your money to and from your accounts and watch your savings grow.
- High interest: You will notice that online savings accounts have higher rates than transaction accounts. This is to encourage you to store your cash here instead of leaving to sit in your everyday account.
- Bonus/promotional rates: There are usually conditions that come with bonus or promotional rates such as depositing a certain amount of money into your account each month to qualify for the extra interest.
These features may differ from account to account so make sure you compare them online to find one that best suits your saving style. Refer to the table below to see a range of online savings accounts on the market right now.