online savings account

Opening an online savings account is quick, simple and a popular way to open and manage one of the primary accounts you have in your life. While some banks offer online access as convenience or benefit, other banks only offer online access to you account. In fact, in most circumstances an Internet-only bank pays you higher interest rates on your savings account because it also has less expenses and overhead than a bank with branch locations.

An online savings account (OSA) is a savings account managed and funded primarily on the Internet.

OSAs are often characterized by a higher interest rate or lower fees, compared with traditional savings accounts. Many of these high-yield accounts have no minimum balance. Account holders may link their OSAs to their existing external bank accounts for easy transfer of funds between multiple accounts. Some also offer ATM cards so customers can directly access the funds in their OSAs.

Some banks offering OSA's may not have bank branches and a customer may deposit funds into their account by either ACH transfer, mailing in a cheque, or direct deposit. To withdraw money, customers can initiate an ACH transfer into another account or sometimes request a cheque from the bank in the desired amount.

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