All Topics > Financial Services > Savings Account Online >

Savings Account Online Massachusetts

Online savings accounts are savings accounts that a customer opens online and do business via the internet. Online savings accounts generally offer higher interest rates than traditional Massachusetts banks, and this website will explain these types of accounts in depth.

1. Local Companies

2. Savings Account Online - Info

3. Statement Savings

4. Certificates of Deposit

5. Featured Local Company

1. Local Companies

AspenCross Financial Group
508-870-0440
One Technology Drive
Westborough, MA

Primerica
508-832-7093
714 Southbridge St
Auburn, MA

Women's Wealth Management of Baystate Financial Services
617-585-4576
One Exeter Plaza
Boston, MA

C. Barone, CFP Professional & Associates
866-431-9580
242 Lowell Street
Waltham, MA

LCS BONDS & Financial Management
781-878-8979
83 Franklin Road
Norwell, MA

Lantern Financial, LLC
617-482-2700
50 Franklin Street
Boston, MA

IEM, Inc
901 751 9737
11 Chestnut Street
Andover, MA

Banknorth
508-634-3440
196 East Main St
Milford , MA

Cohen Financial Group
508-875-8523 ext. 210
50 Speen Street
Framingham, MA

The Gallagher Group
978-409-1034
7 Argyle St. Ste. 15
Andover, MA

2. Savings Account Online - Info

With so many banks and other financial institutions opening websites, more people are getting into the habit of opening bank accounts of all types online instead of going into the buildings where they are housed. The Internet makes savings account online access fast, efficient, easy and safe. This practice allows customers to choose from a great many more sources, since they don’t have to be concerned about the location. Being able to open a savings account online gives one the opportunity to open an account anywhere in the world, though some institutions may have restrictions concerning the location of their customers. This means, in simple terms, that in most cases a U.S. resident will not be able to open a savings account at a U.K. based bank. Whether this holds true of all online banking centers remains unclear, but it is something you will need to research when you choose a bank where you wish to open a savings account.

Savings accounts are only one of the many types of accounts that you can open online, but they are probably the most popular. Savings accounts online are easier to maintain than savings accounts established at a physical bank—making deposits is easy and convenient and tracking the account is easy via the web. It was probably the inception of online banking centers such as ING Direct that inspired other banking institutions to offer customers the option of opening an account online. Since that time, even worldwide giant Bank of America allows customers to open an account online and forward funds later either through the mail or by visiting a branch in the city where they live. After all, with the rush to conduct so much business online, a bank needs to join with the flow of the others in order to stay competitive. Customers want to do their banking online today, and that includes opening new accounts. The fast-paced lifestyles of the 21st century require more options in banking, such as online access to accounts and the ability to transfer funds between accounts.

3. Statement Savings

The most popular savings account, at least for the average banking customer, is the statement savings account – formerly known as passbook savings at many institutions. This account requires a minimal balance, sometimes as low as $25, depending on the individual bank where you open the account. That doesn’t necessarily mean that you can’t maintain an account with a lower balance. However, if you do, one of two things will happen (and perhaps a combination of both): the bank will not pay you interest on your funds, and/or they may charge you a monthly maintenance fee for the account during each month that it is below the minimum balance requirement.

In spite of the minimum balance requirements, in most cases there are exceptions to this rule: student accounts, senior accounts, and accounts that fall under the Uniform Gift to Minors Act within each state. Another exception is an account for an employee of the bank, but these accounts usually require the employee to open the account through their Human Resources Department, though you can sign up for online access to make transfers between accounts. Before signing up for a savings account online it would prove beneficial for the individual if they review the various options and exceptions associated with such accounts: understanding how savings account online offers work ensures that the individual gets the most out of their invested and saved money.

Statement savings (or regular savings accounts) have the lowest rate of interest, and banks pay the lowest interest on these accounts, with savings and loans paying a higher interest rate. Credit unions tend to pay a higher rate than either banks or credit unions on the regular share account, which is the credit union account comparable to the statement savings account. Many people may be more familiar with this account, as it relates to an interest checking at the bank, because the credit union pays dividends on both the share account (savings) and share draft account (checking).

4. Certificates of Deposit

In addition to a statement savings account, financial institutions offer Certificates of Deposit (CDs). This monetary instrument pays a higher rate of interest than the statement savings account, has a higher minimum balance requirement, and must be kept on deposit for a specified number of months in order to avoid a penalty for early withdrawal. The interest rates vary on Certificates of Deposit and are contingent upon the face value and term of the CD. The lowest appears to be $500, however, in most cases, the lower the face value, the longer the term of the deposit. In many cases, one can find a $10,000 CD with only a three to six month term, but a $500 CD tends to have a term varying from twelve to thirty-six months. The reason for the difference is perhaps in the fact that it takes more time to obtain a return on the investment of a $500 Certificate of Deposit than it does on a $10,000 Certificate of Deposit, thus, your funds must remain on deposit longer for the $500 than the $10,000.

In the event that you need to withdraw the funds you have on your Certificate of Deposit, you must be aware there is a penalty for early withdrawal. The penalty is not just a reduced interest rate, but there is also a fee involved to process the withdrawal. To avoid paying a penalty for early withdrawal, you might want to consider keeping enough money in a statement savings account to cover any emergencies that might require additional funds. It is always advisable that an individual have a nest egg for any emergencies and a savings account online can serve as one’s nest egg. It may mean waiting a little longer to purchase a Certificate of Deposit, but you avoid a penalty by making a withdrawal from your savings account instead of cashing in your Certificate of Deposit before its expiration date.

5. Featured Local Company

KD Benefits Inc.

508-285-4300
10 W. Main Street
Norton, MA
www.kdbenefits.com

Does your organization need Group Health, Life, Short and Long term disability, Vision, Dental, 401(k) and Profit Sharing Plans? Please Contact Amy Vetstein for a free consultation via phone or email.
(508) 285-4300 ext 205

Amy H. Vetstein
Vice President-Registered Investment Advisor
avetstein@kdbenefits.com

Read more about Savings Account Online

- Credit Card Processors Massachusetts
- Certificates of Deposit Massachusetts
- Does My Business Need to Accept Credit Cards? Massachusetts
- Online Banking Massachusetts
- Five Ways to Save on a Merchant Account Massachusetts
- Currency Trading - Top 5 Firms Massachusetts
- Factors to Consider When Choosing a Merchant Account Massachusetts
- Online Payment Gateway Massachusetts
- Defining the Different Merchant Account Types Massachusetts
- Credit Card Processing Massachusetts

Regional Articles

Related Local Events

Commodities Portfolio Management 2008
Dates: 9/15/2008 - 9/17/2008
Location: Location To Be Determined
Boston MA
View Details

Commodities Portfolio Management 2008
Dates: 9/15/2008 - 9/17/2008
Location: Renaissance Boston Waterfront Hotel
Boston MA
View Details

Rate Article

Save to My Articles

Articles Insider

Advertising	Fashion	Nightlife
Business Services	Financial Services	Online Database
Career	Franchise	Real Estate Resources
Cars	Health	Software
Chamber of Commerce	Holidays	Technology
Computer Hardware	Home Appliances	Telecommunications
Construction	Home Electronics	Trade Shows
Education	Home Services	Travel
Educational Content	Internet	Weddings
Entertainment	Legal	World History
Family	Miscellaneous

Advertising	Educational Content	Home Appliances	Real Estate Resources
Business Services	Entertainment	Home Electronics	Software
Career	Family	Home Services	Technology
Cars	Fashion	Internet	Telecommunications
Chamber of Commerce	Financial Services	Legal	Trade Shows
Computer Hardware	Franchise	Miscellaneous	Travel
Construction	Health	Nightlife	Weddings
Education	Holidays	Online Database	World History

Searching...

Savings Account Online Massachusetts

1. Local Companies

2. Savings Account Online - Info

3. Statement Savings

4. Certificates of Deposit

5. Featured Local Company