Online Savings Account Fees
What You May Or May Not Have To Pay

Most people who contemplate opening an online savings account are doing so in hopes of finding a high interest rate and may forget about the online savings account fees.

Because they want a high interest rate they're not really looking for a traditional savings account. They're looking for a Money Market Account or a High Yield Savings Account that usually carries an interest rate of around 4% to 5%.

By doing a quick search you'll soon find that almost all online savings accounts will beat the interest rate that your local bank offers for a regular or even a premium savings account. But with opening online accounts you may encounter Online Savings Account Fees! So is this how "THEY" get you?

That's the million-dollar question! It really depends on the banking institution. Most of the banking institutions that offer online savings accounts will require a minimum daily balance or you may encounter a monthly maintenance fee, *Notice I said most*, as a part of your online savings account fees.

Also with many of the online savings accounts you're allowed just 6 withdrawals of your money per month, allowing just 3 of those withdrawals by check. Withdraw money more then 6 times and they'll assess a fee for each additional withdrawal.

Granted those fees aren't too high, usually around the $5.00 to $10.00 range per withdrawal but that's YOUR HARD EARNED MONEY you're giving away freely.

And don't assume that all high interest online savings accounts let you withdrawal money by check or ATM. Some only let you wire transfer the money directly to your checking account. Remember to look for the check writing / ATM withdrawing feature before opening your account.

That's one of the big differences between a traditional savings account and a money market savings account. The term banks use is – Liquidity, meaning the ability to easily access money, which is what a traditional savings account usually does. A non-liquid account would be more like a money market / high yield savings account where you can't access your money as easily.

Some online banking institutions require a Minimum Balance To Open An Account. That opening balance could range anywhere from $0.00 to $20,000 . But once you've safely transferred your money over to open your account, watch out for online savings account fees. Below is a list of some fees you may encounter and should inquire about and be comfortable with before opening an online savings account.

1. Keeping A Minimum Balance – Even though you opened your account with $5000 dollars you may only need to keep a $500 dollar minimum balance if any to avoid a monthly maintenance fee. That means if your account drops below $500 dollars the online bank may charge you a monthly rotating fee until you're above the $500 dollar mark once more. These online savings account fees usually range from $5.00 to $25.00 dollars per month.

2. More Than Six Transactions Per Statement Cycle - If you have more than six transactions, usually by transferring money to another account, to third parties, automatic transfers, telephone transfers or check writing you will be assessed a fee. That fee is usually around $10.00 per additional transaction. Check with your banking institution for their rules on six or more transactions and transaction types allowed. Note: You're usually allowed unlimited deposites.

3. Check Printing Fees - The online banks that do offer check writing with online savings accounts may give you an initial order of free checks. After that you may have to pay for additional checks.

4. Stop Payment Fees

5. Official Check Fees

6. Check Copy Fees

7. NSF Fee - This is a returned or "bounced" check charge or non-sufficient funds fee.

8. Returned Outgoing Wire Fees

9. Domestic Outgoing Wire Fees

10. International Outgoing Wire Fees

11. Federal Express Fees

12. Statement Copies - Since most if not all of your banking will be done online you're usually charged a fee when you want a copy of your statement. Although some institutions do allow online access to your monthly statements and may even send them to your email address.

13. ATM Withdrawal Fees - Fees assessed when using an ATM that's not associated with your online banking institution.

14. ATM Inquiries - Again fees that may be assessed when using an ATM that's not associated with your online banking institution.

15. Customer Service Inquiries Some online banks may charge a fee to talk with customer service face to face. This online savings account fee doesn't usually come into effect unless you use this service more than two times in a statement period.

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