Online Banks Often Pay Higher Interest Rates Ask the Experts AARP Everywh
Online Banks Often Pay Higher Interest Rates - Ask the Experts - AARP Everywh...
Photo by George B. Diebold/Corbis Online banks often pay higher interest rates. (But keep in mind that in these days of rock-bottom interest rates, you'll hardly reap a fortune online. Five times a 0.1 percent rate on a savings account is still only 0.5 percent.) Make sure any online bank you choose is FDIC-insured. Look for the FDIC logo on the bank's website or go to the and check the institution's status. When banking online, it pays to be extra vigilant about security. When you finish a transaction like paying a bill or transferring funds from a checking to a savings account, make sure you fully log out from the site and close your browser. Also, don't click on any link in email that purports to be from your bank — the email could have been sent by who placed identity-theft software in the link. If you want to verify something about your account, go to the bank website by typing its address yourself into your browser. For other tips, go to this . Also of interest: Carole Fleck is a senior editor at the AARP Bulletin.
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Do Online Banks Pay Higher Interest Rates
Often yes but check that they' re legit FDIC-insured
Q. Can I get a higher interest rate for my savings account if I use an online bank? A. Often you can. Check out and to find the best interest rates available on savings, money market and checking accounts. See also: According to a MoneyRates.com survey of 81 traditional banks and 36 online banks in June, online savings accounts can offer rates as much as five times higher than those at traditional brick-and-mortar banks.Photo by George B. Diebold/Corbis Online banks often pay higher interest rates. (But keep in mind that in these days of rock-bottom interest rates, you'll hardly reap a fortune online. Five times a 0.1 percent rate on a savings account is still only 0.5 percent.) Make sure any online bank you choose is FDIC-insured. Look for the FDIC logo on the bank's website or go to the and check the institution's status. When banking online, it pays to be extra vigilant about security. When you finish a transaction like paying a bill or transferring funds from a checking to a savings account, make sure you fully log out from the site and close your browser. Also, don't click on any link in email that purports to be from your bank — the email could have been sent by who placed identity-theft software in the link. If you want to verify something about your account, go to the bank website by typing its address yourself into your browser. For other tips, go to this . Also of interest: Carole Fleck is a senior editor at the AARP Bulletin.
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Cancel You are leaving AARP.org and going to the website of our trusted provider. The provider’s terms, conditions and policies apply. Please return to AARP.org to learn more about other benefits. Your email address is now confirmed. You'll start receiving the latest news, benefits, events, and programs related to AARP's mission to empower people to choose how they live as they age. You can also by updating your account at anytime. You will be asked to register or log in. Cancel Offer Details Disclosures