How to Open an Online High Interest Savings Account

After researching high and low, you have discovered that you can earn the highest rate of return by opting to choose a virtual bank for your deposit needs. Opening an online high interest savings account vary a bit from bank to bank, however the steps you need to follow tend to be very similar to each other. Online high interest savings accounts can initially can be opened online. The process is the following:

  • First select the online bank you would like to use
  • Search their website for “open an account” link or information
  • You will be prompted to enter your personal information
  • An account number for a checking account must be connected to the online high interest savings account
  • Consumers must accept the terms and conditions of the site
  • An electronic deposit transferred from your existing checking account will provide the opening balance
  • Depositors must review information and then finish account opening process
  • Within a couple of days a verification process for your checking account will occur, typically there will be ┬ásmall transfer amounts of under $1 that will need approval via link verifications
  • Typically withdrawals cannot occur for the first 10 business days after the account is opened
  • All future deposits are subject to a 5 business day hold before withdrawal

You can also open an online high interest savings account by mail. The basic rules and concepts are the same:

  • Depositors are required to complete a form online and print it
  • The form and a check to link the high interest account must be mailed directly to the banking address they will provide on the website

Online high interest savings accounts are a convenient way to handle all your deposit transactions while typically earning a higher rate of return then offered by brick-and-mortar banks. The process to open up the account is safe and secure, just make sure to research your choice thoroughly to make sure that the bank is legitimate ad they provide all the features you will want to take advantage of.

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These articles are written by the in-house GOBankingRates team.