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Are Online Savings Accounts Worth It?

My friend asked me the other day whether I thought high yield savings accounts [3] were worth it. He’s an engineer and a numbers guy at heart, so he appreciates the mathematical differences between an online savings account and your standard no-interest checking account. What he wanted to know was whether there were headaches involved in dealing with something that was online-only.

I think that as I’ve gotten older, the amount of headache I’m able to stand has dropped significantly. A few years ago, I’d be willing to stay on the phone for an hour with a Comcast rep arguing down my bill. I’d research purchases for hour, then wring my hands for days, and then research some more before pulling the trigger. Now? With all the other headaches I have, the last thing I want to do is add to the mix!

Ultimately, I feel that based on the nature of the relationship I have with banks, online savings accounts are worth it.

Here’s what you’re in for when you open an account with an online bank:

Do you have an online savings account? Is there a hassle I missed?

(Photo: jbhill [5])