Why open an online savings account?
A lot of banks now offer fully online savings accounts. These can be a great option for their simplicity and accessibility. You can open them anywhere and manage your money from everywhere, as long as you have an internet connection. However, on the downside, you do lose the in-person connection and the ease of opening your account with a bank representative who can explain things clearly and answer questions. It may take longer to search out answers than simply going into your bank and asking someone in-person. Here is a quick summary of the pros and cons of opening an online savings account. Pros: Flexibility in opening your account from anywhere at any time Easy access to your funds Easily manage your funds and quickly transfer between multiple accounts held at the same institution Cons: Lacks face-to-face connection Can be easier and simpler to get questions answered in person