Video - Money: Know It to Grow It - How to Open an Online Savings Account

Transcript:

 

Opening up a savings account is easier than you might think.

Let's walk you through the basic steps.

Step one: find the right bank.

Look for an online bank with features and an interest rate that fits your needs.

And see if they are FDIC insured.

Step two: Choose an account.

There are three main types of online savings accounts.

A High Yield Savings Account that offers a higher interest rate on your savings than a traditional savings account.

A CD or Certificate of Deposit. Where you agree to put a set amount of funds in a savings account for a given amount of time for possibly even higher interest rates.

And Money Markets. A savings account that offers higher interest than regular savings accounts but, in many ways, acts like a checking account.

Step three: Have your personal info ready.

Most financial institutions will require basic information to open a bank account, like your social security number or occupation, for example.

Step four: Open the account.

Go to the website or the bank's mobile app and follow the instructions for filling out an online application. Most are quick and easy to complete.

Step five: Add funds.

You can transfer the funds you wish to deposit into your account via another source like a checking account.

You may have to wait a day or two for the transfer to complete.

And that's it. You're ready to save and grow your money in an online savings account.

So that's how to open an online bank account. Find more ways to know and grow your money at synchronybank.com.

 

LEARN MORE: Video - Money: Know It to Grow It - Federal Reserve