Q:

How do you make an online savings account?

A:

Quick Answer

To open an online savings account, choose a financial institution, and complete the associated registration process, as listed by the Bank of America website. There are multiple financial institutions offering online savings accounts, including Bank of America, Chase and Citibank.

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How do you make an online savings account?
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Full Answer

All savings accounts have different terms associated with fees, minimum deposit requirements and interest rates, as listed on the Bank of America website. As of 2015, a regular savings account with Bank of America offers an interest rate of 0.01 percent. To create this account, complete the application process by answering the associated questions related to contact information and employment history. Through Bank of America, you can choose between a regular savings account and a rewards money-market saving account.

Chase offers a basic savings account, a plus savings account and a range of certificates of deposit, as noted by the company's official website. Certificates of deposit are low-risk investments for those who do not plan on touching their money for months or even years. These investments offer higher returns than standard checking accounts and are insured by the Federal Deposit Insurance Corporation, as stated by the Wall Street Journal.

Citibank offers day-to-day savings accounts as well as savings plus accounts, as listed on the official Citibank website. Both types of online savings accounts offer a free debit card, online bank statements, mobile banking and real-time account transfers. The accounts also have a rewards program that offers incentives for spending money.

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