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I am Charles King(27). At Finance Classic I want to share my financial knowledge with the world. Here you can also find some good financial videos which are very interesting and very informative. If you would like to share your thoughts and knowledge with me and my visitors then please comment here or contact me at: charls413 [at] gmail [dot] com

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Let me share my hobbies with you. I like to play, wondering around. Another thing that I want to tell you is that, I want to be honest and I like honest people.

Online savings account

There are many people who try to find out a bank with whom they can open an online savings account and get a high interest rate. They may have the information about different banks but they feel nervous of transferring the large amount of money to an online account at a bank that does not have any branch near to them. Is it safe to put the money in online savings account?
Well, the answer is yes. It is safe to put money in online savings accounts. Though there may be many advantages but you need to be very careful of the phishing schemes. The scammers will open up a fake website that will look identical to a website of a reputed financial institution. You will think the website to be legit but they are actually designed to steal your personal information and commit identity theft. Thus, you should be smart enough to protect yourself from any fraudulent emails or phishing websites.

Online savings account with reputed banks offer a variety of advantages and convenience. You will have the constant online access to your account with all the necessary information and attractive interest rates. Make sure that you have researched the bank who is offering you the facility of online savings account. Your deposits with the bank will be insured by the Federal Deposit Insurance Corporation (FDIC).

Before you open up an online savings account, it will be a good idea to browse through the website of the bank offering you the online savings accounts. Review the history of the bank, the location of its headquarters building, and information about its FDIC insurance coverage. You will find the FDIC logo on the website of the reputed banks with the wording like "FDIC insured accounts" or "Member FDIC." If you wish to research more on the bank, you will find them listed on the FDIC’s online database of FDIC insured institutions. It is not necessary that all the reputed banks have to be listed with the FDIC. There are some chartered overseas banks, and the FDIC will not insure your deposit with that bank.

Online banking is a safe, profitable and convenient method of handling your accounts with the bank. You don’t have to go to your local branch because everything will be possible at a single click of a mouse. Online banking is safer as well as faster than mailing a check. It is always suggested that you should print out the account statements regularly and review them thoroughly so that you are aware of any possible identity theft or any unusual activity.


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