Banking online is becoming ever more popular and their interest rates on savings accounts even more popular. Banks that offer their services over the internet can benefit the consumer in more ways than one.
Online banks don’t have all of the expenses that brick-and-mortar banks have. For example, online banks don’t have to have to cover the costs of branches or tellers, allowing them to give more back to costumers, like higher interest rates!
By banking online, you can manage all of your banking needs without ever having to step foot in a physical bank. Thanks to advancing technology, like using your smartphone to deposit checks electronically, makes banking online even more convenient.
The convenience of banking online is making it simple for people to bank anywhere at any time. More importantly however is the money you earn with higher interest rates. Today, interest on savings accounts are extremely lower, so low that with most savings accounts you actually lose money to inflation. The average interest rate, for savings accounts, for the nation is a low 0.09%! Thankfully, online savings accounts offer interest rates much higher than the national average.
If you’re currently in the market to open up a savings account or would like to earn a higher interest rate than what you’re currently earning, switching to an online bank might be a good decision for you. One bank I really like for their online services is Discover.
I particularly like Discover for their high-yield savings account. The current interest rate on their savings account is 0.90%, much higher than the national average of 0.09%.
Take a look to see what interest rate you’re currently earning on your savings account with your current bank. You’ll probably find your current interest rate is closer to the low 0.09% range. If so, why not start earning more on your money? You have nothing to lose, and only money to gain!
If you want the benefits of high-yielding interest rates and the convenience of being able to do your banking anywhere at any time, get started today with Discover!
Author: Tyler DeBroux
Tyler started Oddball Wealth towards the end of 2014 after graduating college, as a way to stay relevant in his area of study, stimulate his mind, and to educate and help others.
Tyler has worked in the financial services industry, as a financial advisor, helping his clients make wise financial decisions and personalized long-term financial plans. Since graduating college in December of 2014, Tyler has paid off more than $15,000 in student loan debt and counting, his goal is to have all his student loans paid in full by the in of 2016.
Tyler is an entrepreneur and an expert in personal finance. Two of his many hobbies include investing and building online businesses. He is also a big advocate of early retirement and an aggressive saver, who utilizes any financial resources and tools available to him to help reach his goals for achieving financial independents.