Online savings account generally offer higher interest
yields than brick and mortar banks do.
Online savings accounts are able to offer a significantly higher
yield than brick - and - mortar banks and checking accounts is because you're limited to six withdrawals per month from an online savings account; this is federal law that every online savings bank must adhere to.
Not exact matches
An online high -
yield savings account may have fewer qualifications to open this type of account and they may even pay higher
than a
bricks and mortar bank.
- Online, high
yield savings account: Online banks like ING Direct and HSBC Direct usually offer better rates
than other types of savings accounts because they have less overhead
than traditional
brick - and mortar banks.
While this is hardly «high
yield» when compared with the 4 % and 5 %
yields common prior to 2008, it is still better
than what you will get at a
brick and mortar bank.