Free Online Savings Account | Are Free Savings Accounts a Scam?

High Return Savings Account — Sat, 26 Sep 2009 11:58:58 +0000

People looking at a free online savings account have to be asking themselves, “Is this a scam?” I mean how on earth can a bank afford to offer a free online savings account when every other bank is charging me fees up the yin yang just for the privilege of allowing them to hold MY money. Online Banks Have a Lot to Gain from Nationwide Savings Deposits Online banks specialize in managing the short term deposits of customers like you and I. They have become specialists in understanding and predicting the cash flow needs of consumers willing to leave their money in a bank that is not local. Savers who go online looking to open a free online savings account are more likely to treat that deposit like a CD – ie. not touch it for an extended period of time. The longevity (length of time) deposits stay in online accounts is usually considerably greater than that of local accounts. As a result the online bank has a greater ability to pay higher interest rates and offer the accounts without service charges. What Is the Catch? There Must Be Some Reason Online Savings Accounts Are Free The catch is online [...]

Free Online Savings Account | Are Free Savings Accounts a Scam? is a post from: Online Savings Accounts - High Rate CD Accounts | Kidssavingsaccount.info

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Free Online Savings Account | Are Free Savings Accounts a Scam?