Online banking appears to be growing more popular as Americans organize their personal finances to deal with harsh economic times and the consequences of a protracted recession, reports SavingsAccounts.com, which launched a new site design today.
The improved site makes it easier for consumers to compare rates and features from many banks at a glance and open a new online savings account.
Visitors to the new SavingsAccounts.com site are finding that online savings accounts can often offer higher yields than accounts opened in branches, as well as lower minimum deposits to open the account. SavingsAccounts.com provides information about FDIC insured banks which now offer increased protection up to $250,000 per depositor.
"We observed a significant increase in traffic to SavingsAccounts.com in the third quarter," says Matthew Bernardini, CEO of A8Media which operates SavingsAccounts.com. "We believe that this is due to the market uncertainty and the recession. People are saving more, and in some cases, saving for the first time in a long time."
Given the increased interest in finding a new bank or comparing rates, the team at A8Media decided to upgrade the tools and content on the SavingsAccounts.com website.
With so many changes in the banking industry and the declining stock market, smart consumers are focused on protecting their savings and long term financial plans.
"Online savings accounts are a smart place to put your money with the constant market fluctuations that we are currently experiencing," says Mr. Bernardini. "Banks have focused on making the process simple and painless hoping to attract new customers."
"Just like shopping on the Internet, online banking appears to be gaining greater consumer acceptance," adds Mr. Bernardini. "While some of this may be driven by the convenience of finding information online, we have observed spikes in traffic that can be correlated to specific events in the economy."
At SavingsAccounts.com, a customer can click through to the online bank of their choice and open an account using simple, easy-to-follow instructions.