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Online savings accounts are a great way to get the most bang for
your buck while still keeping your cash liquid. In most cases you
link your checking to your online account and then you transfer
money between the two at any time. When you transfer money into
this account usually there is a longer than normal hold period.
Because the accounts are mostly electronic and require minimum
resources for the banks to maintain, you receive excessively good
rates in most cases. The rates on these accounts in most cases will
rival, if not beat, the local rates of CDs.
Many people worry about having their money accessible online. I
have to say, about 3 years ago I was pretty much a fool for putting
my money online. Today through the technology and level of security
they offer is great. I feel more secure with my online banks than
going to an ATM in my local town.
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