How Many Bank Accounts Should I Have?

– Online savings account

In the past decade alone, the number of online-only banks has risen. These banks typically offer sweeter deals by way of higher interest rates and low monthly fees (if any at all). With online savings accounts, you’re mostly getting the convenience of quick service at the touch of a button without having to stand in lines to speak with a teller.

To get started, you’re usually required to link an existing checking account with your savings account. You’ll also be able to make deposits through other accounts as well and you’ll have the ability to deposit checks right from your phone.

Traditional banks caught on to this trend and have since created their own online savings options. However, the higher interest rates offered by online savings banks are still worth looking into. Check out this savings account from Credit Karma.