Before understanding the benefits of online accounts let us know what is meant by an account in detail because when you get acquainted with the importance of an account and its usage, you shall be using it in an optimal way. A financial account is nothing but an account given to the customer/s by the bank/s to help him/her in their financial transactions. As you know there are different types of accounts offered by the banks such as savings account, credit card account, deposit account, current account or any other type of account offered to the customers by financial institutions. A customer can make use of his/her account as and when required for withdrawing loans and other purposes, provided that he/she is eligible for all those facilities while sticking to the terms and conditions. Every account holder engages with their accounts either in offline mode or online mode, but still there exist a smaller percentage of a population in underdeveloped countries who resort to offline transactions rather than online. The usage of offline accounts has now become obsolete due to the increasing adaptability of technology in all the systems. With the increasing ease of access, a considerable percentage of the population depends on the online transactions. So, any person who wishes to open an online account would look out for the best online savings account offered by various banks. And, in fact finding the best online savings accounts is not a difficult job, because you can get lots of banking systems that are enabled by technologies, who can offer various facilities without time restrictions.

Best Online Savings Account

Best Savings Account

The banks let the users know about their account transactions in their statement, so at any given point of time you can know about your account details from the online facility of the institution. The rules pertaining to account opening and closing across the world may slightly differ from one another. The savings account is a financial account that serves the customer in saving his/her money with the provision of paying an interest to the money saved depending on the rules of that particular institution. But, this account should not be used in a narrow sense for applying the cheque to withdraw the money and more such things. The liquid state of the money in the savings account will let the customer set aside a certain portion of the assets while adding the earnings in return. According to the banks, the money in the savings account cannot gain any profits immediately while adding a bit to the bank reserves. And the bank can let the money to the customers for higher interest rates. As discussed earlier, the other types of accounts include deposit account (transactional or current or checking), time deposit account, and money market account.

Online Savings Account

When you choose an online savings account, then you will be getting higher interest rates and a good customer service or support in return. Selecting the best online savings account for storing your money is an excellent idea but you should utilize the saved money within a one-year time limit. This money is not subjected to the short range risks as well as volatility in the market, and therefore it will be safe in your account while making the earnings from the interest as much as possible. One should opt for the high paying savings bank account for his/her emergency needs because he can make of the funds as and when required. The high yielding savings accounts are mistaken in other terms nowadays, but in the past decades the interest rates were used to be around four to five percent with respect to the money market account and the savings account. In the today’s scenario, the rates are getting reduced to a considerable level and are lying in between one to two percent and in some of the cases it is dipping below one percent. This trend is going to continue until the banks are not satisfied with the cash deposits of the customers.

The percentage of people who are thinking to earn large amount of money without taking the risk over the money is increasing day-by-day, so according to the CNN Money survey, it was said that hardly 0.06 percent of Annual Percentage Yield (APY) or interest was given to the savings account. In this case, some of the nations do offer a meager amount of interest of about 0.01 percent on the savings account, but this is a kind of bitter pill to swallow for those who wish to protect their money amid the economic turmoil across the global market. We have quoted some of the important factors that are attached to the savings bank account, which will be matching the expectations of the customers as well.

Interest Rates

The person who has deposited in the bank account will be expecting the high-interest rate for the money. This is an essential factor also, but the rate should not reduce the value of money while making it weak as far as purchasing power is concerned. The amount of interest rate offered by the banks should not strike the inflation while maintaining the minimum amount of balance in the account. From the reports of the CPI-U or the consumer prices, it is evident that none of the financial institution is paying the interest rates higher than the inflation.

Customer Service

The customer service counts a lot for all the banks because the service is the real factor wherein customers deal with the bank/s for their transactions. A user-friendly website of the bank embedded with professional transfers and maintenance followed by reliability and navigation will establish a long-term customer relationship with the bank. The customer service offered in live through the bank representative will also make the customers happy, provided that the representative is available on phone, knowledgeable and helpful to the customers who can answer all the queries followed by frequent accessibility either through phone or in personnel for resolving the problems. If this kind of service is offered to the customers, then the business between the customers and the banks become very easy and fast.