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Find Best Savings Account Online

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Money savings account          Brick and mortar banks have always traditionally been the route to open up a money savings account. However they do not offer a high savings account apy. In this modern day and age several banks have opened online savings accounts which offer much higher account apy’s and better return on your money. These accounts are completely accessible through the internet your own username and password. Follow these steps to choose the best online savings account for you.






Step 1

Find an online savings account with a high apy. Online savings typically can offer interest rates of up to 8 times those found in regular physical banks. This rate changes depending on the economy. For example in 2005 online savings account apy’s were as high as 5%, however they are currently much closer to 1%.

Step 2

Choose an online savings account that FDIC insures its customers money. Many online savings banks now offer FDIC protection on your account up to a certain amount by law. Currently the limit is $250,000 dollars. This means that your online savings money is protected by the federal government up to that said amount.



Step 3

Choose a bank with a low initial deposit amount. Online savings accounts sometimes require a minimum amount of money that must be deposited to open an account. This could be as low as $1 to $500 or more. Some banks apply fees if your account balance falls below their minimum value, so keep this in mind.



Step 4

Determine the account limitations that fit your lifestyle. Each online savings account bank has different daily withdrawal and deposit limits. For example some savings accounts allow you to withdraw a maximum of 100,000 dollars daily. When researching online banks, determine if any of these limitations affect you and choose accordingly.



Step 5

After you choose the best online savings account, go to their website and sign up for an account. They will supply a personal username and password for you to access their savings account online. Once online you will have complete control of your account and can link it to a checking account to transfer money back and forth.



 

Additional Advice

                   Your online savings account apy will change as the federal interest rate changes during the year. As such you will be periodic update changes to the apy of your account.

                   If you have more money to put into your online savings account than the account FDIC insures, then consider opening up two separate online savings accounts so that all of your money will be insured.



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