Get Rich with High Yield Online Savings – 5 Amazing Benefits
April 21st, 2011 | 
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Tired of earning a paltry 0.25% APY on your passbook savings account?
With the advent of the internet, banks can now offer their customers the same features as brick and mortar banks for a fraction of the cost. All transactions are handled online, which eliminates countless costs, allowing banks to pass on the extra interest savings to you, the customer.
That’s why online savings account can afford to pay 4%+ APY on your savings balances. It’s a cost cutting game; so why aren’t more Americans participating?
I will quickly share 5 persuasive reasons to open your free online savings account to save more money & build wealth for the future years to come.
1. High Interest Online Savings Rate are More Attractive – Why accept 0.50% APY when competitors offer 5% APY? Considering there are trillions of US dollars sitting in accounts earning less than 1% APY, it makes no sense to “bury” your money underground. High Yield savings pay a far more attractive yield than traditional savings do. Plus you end up with more money at the end of each week. Need I say more?
2. Online Accounts Are Normally Rid of Fees – Because of the simplicity of your online savings account, banks like ING Direct, Emigrant Direct, and HSBC Direct wave all banking fees to attract your business. Many online accounts offer withdrawal protection, free check writing services, complementary ATM checkcards, and checking transfers at absolutely no cost. Since all transactions post automatically, there is little risk taking on their part. Without risk, online banking institutions disable the unnecessary fees.
3. $0 Account Minimums – Another negative feature of brick and mortar accounts is the tedious account balance minimum. Banks want customers to maintain a certain balance so their accounting & maintenance duties seem justify. If you don’t maintain their minimum balance, they generate revenue off of maintainence fees, which range from $4 to $10 typically. On the contrary, most high interest savings accounts require no minimum balances, leaving you to manage your money without any fee-based intervention.
4. Reduce Risk to Your Investment Portfolio – Investors realize cash is king, and with your online bank savings, a 4% APY reduces overall risk to your investment returns over the long run. Your cash will earn a fair rate until you move it into other investment vehicles. Holding cash is very important, giving you to power to take advantage of prime investment opportunities when they present themselves.
5. You Get Richer, Faster – The greatest benefit is that your money earns “money” faster (aka compound interest), and will help grow your savings well into the future. For every extra dollar your savings earns, that dollar too can earn for you, over and over again. As you can visualize, the more your money earns, the more money your earnings earn. It’s a never-ending cycle that pays off dearly in the long run, especially retirement.
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