The benefits of online savings accounts versus the conventional savings account route are numerous. Online savings accounts have the ability to offer an impressive interest rate return on their savings plan options while their brick and mortar counterparts are scaling back. Easy access for their customers as well as their ability to not be dictated by the oddity of banking hours already has online savings accounts way ahead of the game. However, there is an even greater appeal to check out these innovative banking options right now. New customers get special incentives to join this growing trend.
Many banks are offering the lure of cash incentives if customers agree to sign on with their companies. These incentives can begin at the modest $25 level and travel upwards of $150. These incentives, when added to the total amount of money in the savings account, will increase the amount of money obtained from the interest. This will translate into more money being made in a faster amount of time. However, in order to qualify, it may be mandatory to stay with that banking institution for a pre-determined amount of time.
Deposit matches are another draw in for new customers. Online banks are willing to match the amount of money a customer deposits into their savings account up to a certain amount every year. A minimum balance is not usually necessary to receive these deposit matches and, in the rare cases that they are, they are much lower than a conventional savings account. Later, when certain saving milestones are reached, banks begin offering a points based reward program. These points can be redeemed for gift cards, gas cards, or just plain cash. IPods, clocks, and toasters have even been known to be given on special anniversaries that mark the time of partnership between the customer and the bank.
A business that is completely carried out and maintained on the internet is going to have the most current technologies involving security and fraud. They are guaranteed to be the most advanced and fastest when it comes to handling transactions. This is a great benefit compared to some businesses that may depend solely on physical traffic and may consider the upkeep of their website as a secondary issue.
Online savings accounts have been steadily growing in popularity over the last decade and donâ€™t seem to be slowing down anytime soon. While traditional banking institutions have been easing back on the interest rates during the recession, the online banks have been holding steady at a fairly higher rate. Thanks to these trends, new customers have the enviable ability to experience the most perks.