What are the benefits of Online Banking? Or Saving online? Can I really make money that way?
A question from SirSmokeabunch: What are the benefits of Online Banking? Or Saving online? Can I really make money that way?
I’m hearing stuff about it being a great idea to do online bank account to save money because you get more interest or something? How does that work?> Thanks Everyone!
Chosen answer:
Answer by MarkyP00
I don’t know where you live, but I’m in the USA. Here’s my spin on your question.
My local bank pays 0.33% interest anually. That’s basically nothing!
My on-line account earns 4%. It actually amounts to about $ 30 a month in interest. That’s real money. I can request this to be transeferred into my bank checking acount any time I wish. It takes about a day to complete.
I have a checking account at a corner bank. I put money in the account, then transfer it electronically to my on-line account. I leave a little in there just for emergencies (see comment at the end). If I need to write a check and I don’t have enough in the corner bank, I go on-line and transfer money back to the checking account. All this is done with no added fees.
As for on-line banking, it saves me in not having to write checks and mail them to various accounts. I can pay my credit card, phone, cable and electric bill all on-line without having to write checks and put stamps on envelopes. That alone adds up to a couple of dollars a month.
You won’t get rich, but you’ll come out ahead than if you just put your money in a savings account at your corner brick-and-mortar bank.
But DO keep a small amount in that corner bank, just for that last-minute emergency purchase where you don’t want to wait a day or two for on-line money transfers.
What do you think? Leave you answer below!
Tagged with: banking • benefits • Money • online • really • Saving
Filed under: Online Banking
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