Online savings accounts offer automatic savings where you schedule pulling out a set amount from your other bank accounts into your savings account. This feature is especially helpful for those who do not have the luxury of manually setting aside some amount for the sake of saving.
There are banks which offer sub-accounts. Let’s say for instance you want to save for a new car. You can create another account out of your existing online savings account. The idea is pretty much the same as automatic savings – you just schedule the amount to be entered to your special savings.
You can also pay your bills using your online savings account. Like automatic savings, you can schedule the payment of your regular monthly bills without worrying about checking the bill every month. As long you have enough funds on your account, paying your monthly bills is as easy as ABC.
Unlike the regular checking and savings account, an online savings account does not carry with it an ATM card. This feature can work so much to your advantage. Have you heard about the principle “out of sight, out of mind?” With the proliferation of many ATMs around, you will not be tempted to make unplanned withdrawals from your account, which has caused a lot of heartaches for those who are not able to handle the pressure. With online savings account, your savings stay saved.
Online savings accounts offer great customer service. You will always find friendly and helpful bank personnel to address your problems. You only need an internet connection and you can inquire about any problem you face with your online savings account.