Advantages of having online savings account ~ Pinoy Reviews

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Saturday, May 17, 2008

Advantages of having online savings account

I wonder why with more and more people using the Internet, some local banks still doesn’t let you have online savings account. Personally, whenever I want to open a savings account or apply for credit cards, I make sure that the bank offers online banking. Here are just some of the advantages when you can have access to your savings account online:

  1. You can easily check your account without going to the ATM
  2. You pay your bills online
  3. You can transfer funds with just the click of a button
  4. Doing number two and three saves you time by avoiding the long lines in the bank

I also have yet to see banks that will allow you to open accounts online. Of course, because of the banking laws in the Philippines, it would be very hard to open an account online as you still need to go to a local branch in order to submit your documentary requirements. In other countries, banks give incentives to those opening accounts online such as higher interest rates. But I guess, it’s one step at a time so I’ll just settle seeing all local banks letting their customers access their accounts online.