Ways to Save & Even Make Money with Online Banking

Posted on 19 June 2011

As with most day-to-day activities, more and more people are doing a majority of their banking online. This process is certainly convenient, allowing you to transfer between accounts, pay bills, and view your balances from the comfort of your home. However, online banking can also be a way for you to make money. Since you can save time and make money at the same time with online banking, there is no reason not to explore the option for your banking needs.

From a saving money standpoint, online banking delivers. Since you can check your balance before making any purchase, you will never have to endure the overdraft fees for withdrawing too much money. In addition, fewer trips to the bank mean using less gas. The savings may be minimal, but they do add up over time. If you are cutting it close on paying a monthly bill on time, you can go online and pay it instantly rather than sending a check by mail and hoping it makes it on time. Not to mention the fact that some banks companies gives you small discounts for receiving your statements online rather than in the mail.

In addition to the ways to save, online banking has plenty of options for making you money as well. One popular perk banks offer is increased interest rates on savings accounts for transferring money or having money directly deposited into your account. Banks usually require that a certain amount of money be either deposited or transferred each month, usually in the $500 range, but many banks will double your interest rate as a result. Even with the interest rates being low, doubling the rate will provide a substantial increase in money over time. For most people, gaining the perk is as simple as having their paycheck directly deposited into their account each week.

Another option offered by many banks and credit cards is a rewards program. Using a rewards program while running your business can help you make extra money just by doing normal business activities. It will require you to go online and register your card or account to the rewards program, but it will be well worth the time. For each dollar you pay from your account, you will receive a certain amount of points. These points can be accumulated and later redeemed for a variety of rewards. Among the typical options are gift cards to restaurants, money for gas, money for groceries and airline tickets. Another option offered by some banks offer is to have money placed directly into a savings account, provided you have a savings account with the bank you have the rewards program with. This is typically your best value because banks are willing to sweeten the deal in order to have you open up an additional account with them.

There really is no reason not to participate in online banking. You are going to be spending the money anyway. Why not save your time, your money, and be rewarded for it? Banking is a part of life that isn’t going away, but you can make the most of the process by taking advantage of the perks of online banking to make a little extra money.