Online banking gaining popularity

A recent study showed an increase in the number of U.S. households that use some form of online banking. Will the trend continue?

According to the study, more than two million U.S. households adopted online banking and bill payment during the last year. And that increase of two million put the total number of households that engage in some form of online banking at near 70 million. This growth speaks volumes about growing consumer confidence in online banking systems.

Online banking comes in many different forms, from checking the balance of an account, to confirming that a check cleared, to paying bills, to transferring funds, to investing savings.

The latter – investing savings – is currently one of the more intriguing online banking options, as some banks are able to offer higher-than-average rates of savings accounts, money market accounts and similar products. Often, these banks are able to offer higher savings rates due to the lower-cost nature of conducting business online.

With savings rates fairly low across the board right now, some investors are turning to online options to find a better rate for their savings. Are online savings accounts an option that you will – or already have – considered?

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