Online Banks Are Giving Away Money Just To Open An Account

Want to increase the amount of money in your savings account faster? Of course you do. And good news — now, it’s easier than ever. All you have to do is open a high-yield account in minutes online for free, get the cash bonus, and never look back. [review options and rewards below]

The perks of online-only savings accounts:

  • You know those cookies you enjoy every time you go to deposit a check? Or how about the candy the teller gives your kids every time you walk in the door? Those are all part of a bank’s overhead costs. The same goes for the employees’ salaries — and while they’re likely well-deserved, a company’s overhead costs shouldn’t have to be something that affects your lifestyle and your wallet. Switching to an online-only bank eliminates overhead costs, so there’s much more money around to focus on you and your specific needs.
  • Online-only banks can help you build savings faster. If you only do one thing, make sure it’s transferring your savings account to an online-only bank. More often than not, online-only banks offer higher savings interests rates to help you accumulate more in a short period of time. The highest rates can be up to 1.60% (compared to 0.01% at brick and mortar banks) (1). So your money will grow at a much faster rate.
  • Online-only savings accounts and banking integrate so easily into your everyday lifestyle. Think about it: You don’t have to go anywhere. There’s no need to call anyone or drive to your local branch. You just need to wake up, read your email, scan through social media, log into your online banking and see how your savings account is doing (spoiler alert: it’s doing really well).
  • Some online-only banks are rewarding in more ways than one. If you do your research, you may find that some online-only banks will offer you really lucrative incentives for making the switch from a brick-and-mortar bank.
  • Online-only banks and savings accounts go where you do. So if you move, you won’t have to worry about finding a new bank. It doesn’t matter if you’re moving across the street or across the world. If your bank is online-only, you can still access it from anywhere, day or night.
  • Online-only banks don’t have ATM fees. We’ve all been there — you’re out and about somewhere and you need a quick $20 in cash. So you stop by the nearest ATM (which is likely not owned by your bank) to pull out some money. However, unless the ATM is owned solely by your bank, you will likely get charged some sort of withdrawal fee merely for taking what was already yours.

How to switch to online-only banking:

You can choose to transfer your checking and savings account over, or maybe only your savings account. At the very least, make sure you transfer your savings account. The benefits are huge, and largely unheard of. Until now.

How do I find an online-only bank for my savings account?

Do your research! When you find an online-only bank that has good deals and good reviews, it will totally be worth it. Search around online to see which online-only banks offer the best incentives and have the best reviews.



Citations:
(1) Murakami-Fester, Amber. (2018, June 1.) What Is an Online Bank? The Pros and Cons. https://nerdwallet.com/blog/banking/pros-cons-online-only-banking/

(2) Caldwell, Miriam. (2017, April 26.) Should I Switch to an Online Bank? https://thebalance.com/should-i-switch-to-an-online-bank-2385857