subject: Online Savings Accounts Vs. Full Service Savings Accounts [print this page] A decision you have to make is whether you would like an online savings account or a full service savings account. They are quite different, so understanding how they perform for you may help you make an informed decision. Below are the differences between these two types of bank accounts, but in most cases, an online savings account in the market requires the account to be linked to a transaction account. Therefore you need to have both.
Online Savings Accounts
An online savings account is a unique modern twist to the traditional savings account and offers excellent benefits such as competitive interest rates on the money placed into the savings account, no bank fees, no minimum deposit, no minimum balances, unlimited transactions and round-the-clock access to your account via phone and internet banking.
If you find it difficult to make it to the bank, or you receive your payments through online transactions, an online savings account may be the most ideal account for you. The downside is that you will not have the face-to-face customer service as part of your account, nor the options of a cheque book or ATM card (in some cases).
Full Service Savings Accounts
Some people prefer traditional or full service banking accounts, which offer you some of the same perks as an online account would and more. For example, many savings accounts offer no account-keeping fees, no minimum monthly balances, higher interest rates based on the money you have in your account, limited or unlimited transaction fees, free direct credits and debits, free internet and phone banking services, and a cheque book option.
More than anything, select an account that is the most practical for you. If you work during hours that are difficult to get to a regular bank, an online banking experience may be more ideal. Just always be sure to compare bank accounts and make sure they are offering low or no fees, flexibility, support and transparency.
by: Elizabeth Mclean
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