Online savings accounts are offered at many banks, but finding the right one that offers a good interest rate, online tranfers and other desired options may be difficult. With proper research, finding an online savings account can be easy.

Local Banks

Checking with local banks is the easiest way to find how you can open an online savings account with a trusted bank or credit union. While not all local banks offer an online savings account they are a good place to start gathering information and interest rates.

Search Online

Begin an online search, but keep in mind interest rates and ratings. Don't get an account based solely on interest rates. Check withdrawal terms, bank legitimacy and history, fees if any, and minimum balances that may be required.

Evaluate the Options

Review the options and decide on what is most important: the ability to withdraw funds from the account; a low minimum balance; high interest rates and if any penalties will be levied. Rank your choices in order from least to most desireable.

Research the Options

Search for online reviews of the choices. Check out issues that may have presented themselves to other online customerrs and how and if they were resolved. Visit online Better Business Bureau websites for any possible complaints.

Set up an Account

After you have made a decision, go to the website of the chosen financial institution, fill in the required information and make the first deposit.

Source:

Bank Rate

Consumer Search

Savings Toolbox