In challenging economic times, smart consumers look to stretch their budgets and save wherever they can. One of the easiest ways to save is to pay no monthly fees and earn higher interest rates by using an online savings account. These accounts are easy to use and don’t require leaving the house to set up.

One of the most convenient concepts to come out in the internet age is online banking. Instead of making trips to the bank branch and standing in lines, setting up an online checking account means more free time in a busy schedule and not having to complete banking business during limited banking hours. The age of 24/7 banking has made for easier banking at lower costs.

Online checking accounts often come paired with a connected online savings account. However, the rates and fees on these connected accounts can be less favorable than a separate online savings account from another bank. To find the best online savings account, do a simple comparison noting three key areas to compare.

The first point of comparison is to make sure there are no monthly fees for the particular account chosen. Some banks will charge monthly fees if the balance goes below a certain amount. Know how much is likely to be kept in an online savings account and pick accordingly, keeping in mind monthly fees are hard to overcome when interest rates are low.

The second consideration is what the current interest rate offered is. In today’s ultra-low interest rate environment, some accounts pay virtually no interest, while others can offer above market interest rates so it pays to shop around. Make sure monthly fees don’t eat up the interest earned, as any fees will likely eat up most, if not all of the interest due each month for a savings account.

The third consideration is ease of account access. Most online savings accounts can be electronically connected to accounts at other banks with an initial transaction made to insure the connection is working. When comparing accounts, make sure there are no restrictions on inter-bank transfers and there are no fees for making these transfers. Due to competitive environments and the difficult economic conditions are looking to add fees in any way they can so the consumer must be careful to make sure the account they choose has no hidden fees.

Just three easy steps are all the smart consumer needs to take in order to earn the highest interest rate possible while eliminating monthly fees when using an online savings account. The internet has made stretching the household budget easier than ever. Utilizing the best banking accounts online stretches the dollar even further.