Until recently, when people thought of saving, the safest and best option was brick and mortar banks. People worked so hard to save whatever they could. But, sadly, when it came time to withdraw, they would find that the interest rate on their savings was nothing to boast about.
Thankfully, with the explosion and spread of technology and the advancement of the internet, there are more options available for saving. Saving is no longer limited to just banks. One can now easily find reliable fintech companies that offer savings services online.
What are the benefits of saving online, and why is it a better option than the traditional method of saving with the bank?
- Earn more: The interest rate on savings at traditional banks is notoriously low. You will make higher earnings with online savings. So what makes the difference? The companies in charge often have lower costs of operations. The benefit of that is passed on to you as they can pay higher interest rates on your deposits.
- Easy to set up: You don’t have to stand in a queue at the company’s office to open an online savings account. It does not require you to fill an endless number of forms or make photocopies of any documents. You can set it up on your phone from anywhere.
- Easy to use: It is easy to navigate the platforms of your chosen service provider. There are also agents online willing to help and point you in the right direction if you have a problem. So you don’t have to make many trips to a physical office to seek answers.
- Easy access to funds: You can withdraw or transfer your money whenever you want. In other words, it is entirely liquid. This is very helpful in our uncertain world, where things can happen unexpectedly, and one may need quick access to funds.
With inflation rates constantly rising, it is important that we get more value for our money. Saving online helps us earn more on our money. Rather than letting your money sit idly in the bank and earn a pittance, why don’t you make a move to open an online savings account?