Online saving account - being popular coz of Rising interest rates!

High interest rates have increased rate advantage over traditional brick-and-mortar acc.

Increasing interest rates at lightning speed has drastically dropped the popularity of older banks.

0.06% to 0.24% in 2022 (The nationwide savings account average yield) says FDIC traced the growing average online savings account yield in 2022 - 0.46% to 3.02%

Advantage- online bank offers checking and savings account together

Free ATM usage & checking acc with many other benefits of online acc.

Some have limited transaction, other with transfer free charge