Last Updated on Apr 17, 2020 by James W

In the past, to open a bank account you had to take time out of your busy day to make the journey to a brick and mortar office. And once your account was all set up, you still had to visit the bank’s branches to conduct other transactions as well. Of course, at the time, it didn’t seem like much of an inconvenience because there were no other options.

However, this is no longer the case, thanks to the option of opening an savings account with no commitment. You can open your online savings account from the comfort of your own home, have all the documents verified online, and proceed to make deposits and payments online, saving you time and hassle.

Continue reading below to learn more about the many benefits a savings account can provide.

Interest Rates

If you’re looking for ways to put your money to work for you, you can open an online savings account and end up accumulating more funds in your account over time. As with any savings plan, knowing that you will earn from your increases saving will make you happier, less stressed and will give you more financial freedom.

Over time, as you earn more in interest, your account balance will increase and you’ll be able to earn even more from your increased savings. You will also be happy to know that when you spend money, you can earn more money if you qualify for the variable bonus rate each month. With that in mind, whichever way you use your funds, you will get to earn more from your savings and move closer towards your savings goals.

Access Your Money from Anywhere

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Online savings accounts allow you to access your savings from anywhere and spend your money at any time of the day. You don’t have to visit your branch to access your funds, which makes it ideal for accessing different services available online and utilising various payment points. This will save you time and costs that you would otherwise incur for visiting your bank’s branches.

Transfer Your Money to Other Accounts

With an online savings account, you can transfer funds to other accounts without visiting your branch. And you don’t have to spend time filling out paperwork and forms or fulfil other requirements such as getting your fingerprint scanned. And with no transfer fees to worry about, other than those charged by the recipient bank, online banking is a great choice for those doing business online or offline.

No Account Keeping Fees

Before the advent of online banking, setting up a bank account would cost you. Nowadays, however, with the right account, there are no account opening fees, so you can get down to saving and growing your money from the get-go. With no account keeping fees and great interest rates, the funds in your account will only increase, even when you have not accessed your account for several months.

Free Access to Selected ATMs

ATM fees may seem negligible compared to the amount of money you are withdrawing. However, with time they can add up to significant amounts. At the end of the financial year, you’ll often find that your ATM expenses add up to hundreds of dollars. To shield you from those unnecessary expenses, some banks offer you free access to all local ATMs when you open an online account, reducing your annual banking fees and allowing you easier access to your money.

Secure Access

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Accessing your account online is risky if you’re not doing it from a secure platform or if you’re using a browser or a computer that is vulnerable. However, banks are aware of such vulnerabilities and they have taken steps to safeguard your online transactions. One of the most important actions that banks have taken in terms of security is developing a secure banking app. The App secures your communications, making sure that there will be no intermediary attacks when you make your online transactions.

An Online Account is a Must Have

The rise of e-commerce has made online bank accounts necessary because they offer you a secure way to carry out transactions over the internet. And without the need for a minimum balance or to pay account keeping fees or transfer fees, you can easily save money or even make money on your savings without incurring any banking costs.

Free ATM access and secure banking apps make it safe to access your funds from anywhere so you are never without access to your funds. In today’s modern, fast-paced, 24/7 world, having an online account is a must, so you can stay in control of your spendings, your savings and enjoy your money as you see fit.  

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