Online Savings Account

by Melanie Cath
The online savings account is one of the best ways to save, and make your savings work for you. An online savings account nearly always offers much higher interest rates than any other account except term deposits - and they have fees that the online savings account has not. The online savings account can offer such good interest rates because it can only be accessed by computer. This means that bank staff is not needed and so there are fewer costs.

The downside is that you do need access to a computer and the skills to use it. These are not hard to learn with a little application. And you could actually do the banking from another computer so you don't have to own one. What you do need is a transaction account to link it to, but this is no hassle. You simply link the accounts, and then go online to transfer money to or from your online account. This means there is one step more between when you can access money, meaning that you may not be quite so quick to spend - a consideration for those impulse spenders whose money seems to burn a hole in their pockets.

About the Author

Mel C writes about a variety of subjects including online savings accounts, high interest savings accounts and term depositaccounts.