Maybe it’s your “rainy day” fund or you are saving up for a vacation or home improvement. Either way, it is time to open an online savings account at your Reno credit union or bank! With so many online savings accounts available to you in Reno, how do you choose? Learn about criteria for choosing an online savings account in Reno here!
Online Savings Accounts vs. Checking Accounts
Online savings accounts work differently than checking accounts. Savings accounts and checking accounts may vary in interest rates. Also, savings accounts may have a limit on the number of withdrawals or transfers you can do each month. Many institutions only offer a debit card with a checking account. Online savings accounts can come as part of a bank or credit union’s checking account setup, so if you open online savings and checking accounts together be sure to ask about overdraft protection policies. Will funds from your online savings account used to make up the deficit on a checking overdraft?
Online Savings Accounts & Interest Rates
Interest rates on online savings accounts will vary depending on the institution. Different banks and credit unions in Reno and around the nation will vary in their interest rates. An interest rate on these types of accounts can also be referred to as annual percentage yield, or APY.
It is worth it to open an online savings account with a high APY if you intend on keeping some money in the account. Online savings accounts have interest rates to help your savings grow over time. An online savings account can yield steady progression or growth while having a low risk.
When you choose to open an online savings account in Reno, you will also want to ask about the minimum balance. If you go below the required balance on your savings account, you may be charged for having the account open. Some high-yield online savings accounts will have a higher required minimum balance. Consider this before opening an online savings account with a high APY.
Online Savings Accounts at Reno’s Great Basin FCU
At Great Basin FCU, our online banking allows you to manage your funds any time of the day. You can use our GBMobile App when you are on the go as well. Use online banking to view transaction history on online savings accounts and checking accounts. Check your balance, pay bills, and transfer funds with Great Basin FCU online banking.
Online savings accounts through Reno’s Great Basin FCU are federally insured up to at least $250,000. These accounts are backed by the full faith and credit of the United States Government. You can learn more about your online checking account insurance with this brochure.
You can receive eStatements through your Great Basin online savings account or checking account. Save yourself the hassle of holding onto paper statements for years. You can use eStatements with your online savings accounts and checking accounts. Open an online savings account at a Reno or Sparks branch of Great Basin FCU today!Share: