Opening an Online Savings Bank Account

Opening an online savings bank account is a simple way to securely store your money. Read on to learn how to complete the process.

 Step 1 – Compare Terms and Rates

When looking for possible banks, be sure to compare their terms and rates on savings accounts. If you are considering opening additional accounts with the bank (e.g. a CD), be sure to compare those terms and rates as well. Above all, when considering an online savings bank account, make sure the bank:

• is FDIC insured
• has a user-friendly website
• offers helpful customer service
• has solid customer service reviews

Step 2 – Read The Fine Print

Don’t just settle with the bank that offers the highest return on your online savings bank account. You should also consider the following:

• the maximum number of transfers you can make each month
• overdraft policies
• applicable transfer fees

Step 3 – Choose A Bank

Once you’ve fully researched your options, simply select the bank that is right for your needs.

Step 4 – Complete The Process

Opening an online savings bank account takes about 15 minutes. Simply visit your bank’s website and click to open a new savings account. You will need to provide some personal information, such as you address, Social Security Number, and Driver’s License number (if applicable). If you have any trouble, many banks have customer service representatives available on Instant Messaging to help you through the process.