Benefits of an online savings account

Top 5 benefits of an online savings account and why you should be online

More than ninety percent* of us use online banking apps, compared to around thirty percent fifteen years ago. Being able to restock the fridge, communicate with family and friends worldwide and send someone flowers all from the comfort of our sofa, it’s no wonder having our bank balance at the tip of our fingers became a must have. The Information Age, spurred on by the pandemic, cemented in a change in personal circumstances or our financial behaviour. Now a growing number are choosing online savings accounts to house their money.

What are the benefits of an online savings account and online banking?

Are you curious about what an online savings account can offer? Find 5 savvy benefits of having an online savings account.

1. Access your account 24/7

One of the biggest advantages of having an online savings account is that you can access it, 24/7. Wherever you are, as long as you have an internet connection, you can have instant access to online banking. Depending on the type of account, if you want to withdraw or transfer money, you can do so in a matter of minutes, even if you’re abroad. No queuing or travelling is a big help towards saving you time and energy.

2. Simple online banking  

A huge advantage to having an online savings account is just how quick and easy it is. You don’t even have to sit  at a computer to get started, you can get instant access to your savings account from your phone or tablet. You can do everything from the comfort of your own home. Banks like Hodge, want each customer’s journey to be as simple and enjoyable as possible. We research and invest in our technology to make it easy to use. A big help towards saving you time and energy.

3. Online interest rates

If you’re looking for the best online savings account interest rate, where better to be than online? Most high interest savings accounts can be managed entirely online. The best online savings account interest rate for you will depend on how much you want to save, what you’re saving towards and whether you’ll need easy access to your money. When considering an online savings account think about the interest rate but also if there are minimum or maximum deposits, notice periods to access your savings and fees or charges such as a monthly maintenance fee or withdrawal charges. It’s also worth looking at the eligibility criteria to make sure that it’s the right savings account and interest rate for you.

4. Transfer money between accounts

With an online savings account, transferring money between accounts couldn’t be simpler. This may be a particularly great benefit if you find yourself frequently transferring money between your current account and savings account. All you’ll have to do is log on to your online banking and do it yourself, you don’t have to worry about going in branch or phoning someone to do it for you.

5. Online savings accounts are safe and reliable

All customer data is encrypted, passing through multiple layers of security. At Hodge we work with external fraud prevention partners, monitoring suspicious activities, such as phishing attempts, impersonation attempts and any unauthorised use of our brand. It’s very difficult to breach an online savings account, but if a suspicious transaction is detected, we will work with you to resolve the matter as quickly as possible. You can find some great tips to protect yourself from online fraud here.

Find out more about savings in Five our your savings questions answered and The benefits of a cash ISA blogs.

*https://www.statista.com/