 TITLE: Are Online Savings Accounts Safe? CONTENT: What Is an Online Savings Account?\n----------------------------------\nAn online savings account lets you conduct your banking from anywhere you can connect to the internet and at any time. You can open an account or transfer funds online, for instance, without the need to visit a branch of a bank or credit union. But since many online savings accounts are offered by companies that don't have brick-and-mortar branches, you wouldn't be able to do in-person banking even if you wanted to—a potential drawback for some.\nMany traditional banks and credit unions that operate brick-and-mortar branches also provide online accounts. However, online-only banks may offer features and options that make their savings accounts stand out.\nMajor differences between online-only banks (also called internet banks) and traditional banks include:\n*   Online banks don't have branches that you can visit, while traditional banks do. So if you're a customer of an online bank, you can get customer service help online but not in person.\n*   Online banks normally don't allow you to deposit cash, while traditional banks do.\n*   Online banks frequently offer higher interest rates than traditional banks do.\n*   Online banks usually charge lower fees than traditional banks do.\n*   Online banks often don't require a minimum balance, but many traditional banks do.\n*   Online banks might make it tougher to get quick access to your money than traditional banks. In part, that's because it might take a few days to transfer money between an online savings account and an account at another financial institution.\n*   Online banks might not let you write checks, whereas traditionally banks usually do.\nAmong the well-known names in online-only banking are Ally Bank, American Express Bank, Discover Bank, Marcus by Goldman Sachs and Synchrony Bank. END