An online savings account is just a bank savings account with online banking. In the past, people needed to visit the bank to be able to do banking, deposit or transfer money and pay bills. However, with online banking introduced in the recent years, banking experience became very easy and most convenient.
Online savings account has many benefits and features that can be very helpful for the account holder. If you have a savings account, you should apply for an online banking account. Almost all banks now, especially those large banks have online banking services for its clients.
You need to have first a savings account before you can apply for an online savings account. Actually, it would be better to have both at the same time. It is easy to apply an online savings account because you can do it without going to the bank. However, you need to activate your account using the ATM machine of your bank.
Some benefits of having an online savings account are:
1. Transfer money to other account free of charge (only for same bank transfer)
2. You can also transfer money to other bank with small fee
3. Pay bills online like Meralco, Credit card bill, water utility bill and more
4. Create an automatic savings account.
5. Access your savings account online anytime
These are just few benefits of having an online savings account. There are other features you can avail with an online account so you should apply for it.
I really like online savings account since I am working abroad. I always use it during my remittance to the Philippines. I easily know if the money I sent was already credited to my account using my online banking. I can also send money to my loved ones using online savings account through BPI Express Cash.