In this day and age, online savings accounts have taken the reins in the industry. Online accounts provide the flexibility of anytime banking with a high annual percentage yield (APY).
The main attraction of online banks is that they can provide higher interest rates because they don’t have the added costs of running many traditional brick-and-mortar banks. They also tend to boast no maintenance fees or minimum balance requirements. Online savings accounts have the capability to link to external bank accounts, which makes transferring money easy.