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Online banking – A New Path to Higher Interest Rates

Posted on January 15, 2013 | in Online Banks | by

higher-online-bank-ratesThe ‘Great Recession’ has had more impact on the banking sector than anticipated by most trade pundits. The economic downturn compelled the Federal Reserve to introduce new fees on checking accounts and certain low-interest policies. These policies and new reforms were not too consumer-friendly. The economic downturn has hence, soured the once cordial relationship between customers and banks.

Why Adopt Online Banking?

Amid speculations of another fiscal cliff, most annuity holders seem to be disappointed with their current investment strategies. In these troubled times, the only ray of hope seems to be online banking. Some reasons that make online banking better than their brick-and-mortar counterpart have been discussed below:

1.      Higher Interest Rates– For those who’ve grown tired of the near-zero interest rates, most online banking rates provide a new reason to cheer up. These online banking rates are visibly better than the rates provided by banks normally.

2.      Better access- Online banking is quite convenient for the customers and provide greater accessibility.

3.      Reliability- Online banking is quite reliable and user-friendly.

4.      Cost-Effective and Fast – Online banking helps in quicker transactions and is comparatively cost-effective too.

While looking for best interest rates online, it can get quite difficult to choose because of a plethora of different options available. The best ways to get excellent interest rates online have been discussed below:

Extensive Research

There is no substitute to hard work, so nothing can fetch you better results than extensive research. Look out for best online bank rates by visiting all those websites that specialize in listing the different online banks along with the respective competitive interest rates they offer. Some points to remember while looking for best interest rates have been listed below:

1.      Choose Websites that list Savings Account Alternatives:

Look for  websites that lists savings account alternatives, if you’re looking to save money while also enjoying higher interest rates. Customers can enjoy the benefits of higher interest rates with the help of certificates of deposit rates and high yield checking accounts.

2.      Look for Sites that Aggregate Interest Rate Data:

Visiting every individual bank site or visiting their respective physical branches can be quite time-consuming and intimidating. If you aim to save your precious time, consider  looking for sites that aggregate the interest rate data and hence, help you find the best bank rates easily.

3.      Check Out Recommendations:

Make sure you check out various recommendations, and sift through the various online banks that provide higher interest rates than their physical brick-and-mortar counterparts do.

Banks that only offer excellent interest rates can sometimes be deceptive too. It is essential to seek  more information about such banks. Sometimes, higher interest rates are indicative of something fishy, so don’t just get lured by the higher online bank rates.

Consider the fees and your own convenience as well. A good online bank should have not just a great interest rate, but also excellent customer service, reliability, accessibility and a reputable name. It is recommended to always consider an online bank that possesses a sound and stable financial history.

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