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1. Most people really don't care about a savings account, unless
it is goal oriented.
Very few people follow a budget religiously. Most people have a
savings account because that's what you are supposed to have, right?
Some people will have a savings account with a short term purpose
in mind. Maybe they finally want that Plasma Television or a furniture
upgrade. They set spending limits for themselves and take their
savings accounts seriously for at least a little while. Why would
people bother switching to an online account when savings accounts
as a nonentity anyway.
2. People fear technology: Hackers, Spyware, and Viruses Oh
My!
It's funny, how a few movies and a couple of segments on the News
can change our entire perception of a medium. Many people just won't
access their finances at all online regardless of what you tell
them because they believe a sweating guy in a dirty T-shirt, smoking
a cigarette is just waiting by a computer is just waiting to steal
their information.
Following simple common sense techniques and practices will keep
all of your assets safe. I mean really, even if you blatantly screw
it up and give all of your bank information to the worst person
in the world; you are not liable for one cent in the majority of
online banks. Shouldn't that make even the most paranoid of people
feel a sense of security?
3. Experts say that most savings account holders are loyal.
I must have read at least a dozen articles that cite brand loyalty
studies and customer surveys that view savings account owners as
loyal. I highly doubt it is loyalty that makes you keep your money
with someone. It's much easier to believe that it is convenience
and features that keeps customers coming back. Do you really care
if Bank of America, Washington Mutual, and/or HSBC has your money?
Do walk around bragging that you have money in a certain bank? Do
you find yourself dreaming that one day you can open an account
with a certain Bank? I know I don't!
Features and convenience is what really keeps us going. The more
access we have to our money the better. The easy it is to tie a
checking to a savings, so that a nickel extra can be transferred
to savings, the more I want that account. If my savings account
can act as my checking account overdraft, without any extra fees,
that's the account I want. You give me a bank with every feature
under the Sun with a competitive savings account rate, that's the
account I want.
In Conclusion:
Savings accounts online are fantastic financial instruments that
offer a great deal of value. Most people need to spend a decent
amount of time to understand their use and value. We know for sure
that banks are taking care of the security issues. More and more
features pop up every day with the current and new online savings
accounts. The main reason most people are reluctant to take any
action on their current savings accounts is time. Most people, I
don't argue with them one bit on this; value their time over a few
cents on the dollar annually.
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