-->
-
-
Related Mahalo Pages
How to Open a Checking Account Online | FDIC | How to Open a 529 Plan | How to Open an IRA | How to Open a Roth IRA | How to Find the Best Checking Rates | How to Open a CD Account | How to Lower Your Credit Card Rates | How to Open a Savings Account | How to Open an IRA | How to Read a Credit Report | How to Manage a 401(k) | How to Open a Foreign Bank Account | How to Save Money | How to Get a Mortgage | Online Banking | How to Plan for Retirement | How to Buy a Savings Bond Online | How to Close a Savings Account
Categories
Managed By: daphneo
Managed Since: 06/05/2009
Views: 52
Money Earned: M$1.32
Page revenue is subject to change as we obtain data from our partners
Managed Since: 06/05/2009
Views: 52
Money Earned: M$1.32
Page revenue is subject to change as we obtain data from our partners
- View History
- Discuss on the Message Board
- Embed this Page
-
Share this page
-
-
-
Introduction
- If you want to open a savings account online, there are several options. Some traditional banks offers specific online bank accounts with different terms than regular savings accounts. There are also Internet banks which do not have banking locations. You can also open a standard savings account online with some banks.
-
Step 1: Traditional Banks
- You can open a savings account online with a traditional bank that has brick-and-mortar locations.
- Most banks offer online banking, which is the ability to do some or all of your financial transactions online.
- Several traditional banks offer special online savings accounts. These accounts usually have different terms and conditions than the typical savings accounts offered by the bank.
- You can also open a traditional savings account online with some banks. This account will have the same terms and conditions as a standard savings account. You can visit the bank to conduct your financial errands or do it online. The only difference is that you can open the account in front of the computer for your own convenience.
-
Step 2: Online Banks
- Online banks do not have brick-and-mortar banking locations (although they usually have office locations).
- Online banks can typically offer higher interests because of the overhead costs they save, making them a good option for savings accounts, since one of the purposes is for the money to grow.
- On the downside, they can be less reliable, since there is no banking location to visit if the Web site has problems or goes down.
- Some online banks offer check cards and/or the ability to pay bills online. With others, accessing your funds will be more complicated and might require you to transfer your money to another account first.
-
-
Step 3: Researching the Bank
- Whether you will be opening the account in a traditional bank or an online bank, make sure to research it to make sure its legitimate and reliable.
- Research the bank to make sure it's legitimate. Internet is a common place for scams.
- Many U.S. banks are insured through the U.S. government agency Federal Deposit Insurance Corporation. This provide protection for you in case the bank fails and the ability for you to receive your money back up to a certain limit, currently $250,000.FDIC: FDIC
- There are legitimate banks which are not ensured through FDIC. While they are legitimate, they might not be stable and reliable institutions. Be aware that the protection of your funds is limited if the bank is not FDIC insured.
- A legitimate bank should also provide safe transactions in order to prevent hackers from accessing your information.
-
-
Step 4: Opening an Account
- Opening an account online is typically a quick and easy process.
- You might need several types of ID, a credit card and your social security number.
- A deposit is usually required to open a savings account.
- How to submit the deposit will vary depending on the bank.
- The bank will need to confirm the information you provide before finalizing the opening of the account.
