Not a lot of people like to do paperwork. Besides not really having the time to dig through all those endless files, the actual work itself is, at least for some, headache-inducing. That’s why when people consider learning how to open savings account online, one of their primary concerns is the potential hassles the whole exercise imports as well as the time it takes.
The good news is that the process is quite painless. What’s more, it appears to get easier with each year that passes. For a quick overview on how to open savings account online, here are the usual steps involved:
Step 1: Do your homework.
Before you open savings account online, you want to find out what rates are currently on offer. Good places to check are ING Direct, HBCS Direct or Emigrant Direct. Compare the rates of these institutions with the rate offered by your bank.
Naturally, you want the highest rate possible in order to garner the highest yield. However, just because one bank is offering the highest interest rate does not mean it’s the best one. Remember that rates tend to fluctuate regularly. So make your choice based on other features being offered as well.
Step 2: Open savings account online.
Just go to the website of the bank or financial institution of your choice and fill up the online application form provided in the sign-up page (usually located somewhere in the homepage). This would only take about 5 minutes.
If you plan on linking your savings account with your checking account, be sure to have the account number handy.
Step 3: Deposit initial funds.
After you’ve completed the online application form, the next step to open savings account online is to fund the account. How you deposit the initial funds depends on what your bank allows. Some banks will allow you to mail in a check. Others will let you to use ACH debit - that is, transfer from your existing checking account to your new online savings account.
Step 4: Verify your address.
And finally, the last step is verification. The online bank will ask you to verify your address by mailing you a letter. The letter will contain information on how you can confirm your account. Once this is done, then you have successfully opened your online savings account.
Taking everything into account, to open savings account online is pretty easy. And usually, you are guided every step of the way. So if you are thinking of stashing away some of your money and earn countless benefits while doing it (e.g., tax deductibility and earnings in interest), then it is definitely worth a half hour to open savings account online.
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