How does an online savings account work?

An online savings account functions similarly to one offered by a traditional bank, except you manage your banking needs digitally. With an online savings account, you won’t have the option of walking into a bank when you need support, but you will be able to quickly click your way ahead and complete most transactions.

What can I do if I have an online savings account?

When you have an online savings account, here are your options: • Transfer funds into another account (say, one held at a traditional bank), and then take out cash in person. • Use an ATM. Some online banks allow you to link your savings to a debit card, which makes this possible.

How do I deposit money into an online savings account?

Instead of having to find your way to a physical bank branch, Cook says you can typically make a deposit into an online savings account by depositing a check online, through a mobile banking app, or by using an ATM in your online bank’s network. You could also transfer funds from a different existing account.