Current research figures suggest that over 80% of all internet users do online banking, and that the demand for the online savings account is at an all time high. Online banking has created some win-win situations for both the banks and for consumers. Online only banks have significantly lower overheads than traditional banks as they do away with the need for expensive branch networks. The win for consumers not only comes in the form of added convenience with access to your account 24/7 but because banks can pass the savings onto consumers in the form of lower fees and higher returns. The key reason quoted for the attractiveness of the online savings account, is the higher interest earnings draw card.

When selecting an online savings account, there is no one size fits all product. Your financial behaviour is a key factor in choosing an online savings account- especially in as far as transacting volume and saving patterns are concerned.

Here’s what to look out for when comparing online savings accounts.

Interest Rates

Check the interest rates payable on the account and compare them to others on the market to ensure they are competitive. Make sure you know if the interest rate is a standard variable rate or simply an introductory rate for a fixed period, e.g. 6% for 12 months. Check how interest is calculated and paid. The most common method used is to calculate interest daily and for it to be paid monthly.

Minimum Deposit

Look out for the minimum deposit required when opening an account. Many online high interest saving accounts have no minimum deposit required but there are some that may require an initial lump sum, say $2,000 to open the account.

Account Fees

Check whether there is any fees payable on the account. These may be in the form of a monthly account fee or usage related fees such as charges for making a transaction or contacting customer services via phone instead of online.

Interest Penalties

There may be indirect account fees payable too. Look out for online saving accounts that charge an interest penalty when withdrawing money from your account. A common penalty is that you may earn no interest for the entire month in which a withdrawal is made.

Read beyond the headlines

Make sure you understand the full details of the online savings account offer that you see. A promotion may advertise ‘earn up to 6% interest’. In this case you’d want to see if all your money would be earning the 6%. Some banks have a range of interest rates that apply depending on how much money you have in the account. Ideally every dollar should be earning the same high interest rate.

Accessing your money

Before applying for an account, think about how you may need to access the money and how quickly you’d need to access it. Many online banks work by linking your savings account to your normal everyday bank account. This is cost effective and often fee free but may take a couple of days for the money to get to your bank account. Some online banks provide an ATM card providing instant access to your funds.

Build your savings wealth faster

It’s easier to set up an online savings account and then neglect to add money on a regular basis. When applying for an account you should think about setting up a regular direct debit from your everyday bank account. By making a regular deposit each month you’ll soon find your savings and interest earnings starting to add up.

The Good News

The good news is that many of the online saving account offers on the market are very competitive and you will find a range of offers with high interest rates, no minimum balance requirements and no fees or penalties. Just be sure to compare the variety of online savings accounts available before you apply online.

Widely been regarded as the most reputed financial institution in the world, Bank of America has something for everyone thanks to its varied financial products and services. Bank of America Platinum Credit Card is quite a popular product of Bank of America because of excellent introductory offer, good rewards and number of other benefits.

If your credit record is excellent then there is nothing better than Bank of America Platinum Credit Cards. It s worth mentioning in this regard that Bank of America Platinum Credit cards gives you rewards for maintaining a good credit record. When you add this up with balances transfers and buying and introductory rate on cash advances you can’t ask for more.

Features:

1) You get a credit line of up to $25000 with this Bank of America card.

2) You get a 0 per cent introductory APR on your balance transfers as a Bank of America Platinum Credit Card holder.

3) Reasonable APR will be introduced once the introductory rate comes to an end. New APR will be applicable on cash advances, balance transfers and purchases.

4) There is no annual fee associated with Bank of America Platinum Credit Card.

5) You can shop more confidently with these platinum credit cards, as security is the buzzword at Bank of America.

6) With the help of this card, you can take the benefits of free cash advances, purchase guard and purchase replacements.

7) As a holder of Bank of America Platinum Credit Card you are also entitled to get number of assistance services. It includes, automatic auto rental insurance and travel insurance.

Before availing this credit card, you have to take into consideration certain things. To start with, don’t delay your payments. The late payment fee is in the range of $15 for balances up to $100. You have to pay $30 as a late fee if your balance is more than $200. If you do not want to lose the brilliant introductory rate, it is of paramount importance that you restrict yourself to your credit line strictly. Generally speaking, you will lose the introductory rate once you close your Bank of America account.