If this scenario is familiar to us, then opening an online savings account may be of great benefit. With most online accounts, there is not a local bank or branch to run to in order to withdrawal some cash. Usually, we are given a list of local ATM's that will give us access to our funds. So, buying something on the spot is less likely to happen since we need to plan ahead to get our money out of savings. Another perk is that the money staying in our online savings account will generally acquire a higher interest rate. This to the limited overhead required with online banking. Having an online savings account is like having a bank in our office.
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