More and more people these days are turning to online banking options for their checking and savings account needs. This makes perfect sense as more aspects of our lives are rapidly being transferred to e-processes and wireless communications in general. In choosing Internet banking options though, and particularly an internet savings account, it’s wise to take a number of factors into consideration before making any concrete moves, as these choices can have a huge and lasting impact (either positive, or negative) on your financial situation and freedom.  As such, here are five tips that I’ve found personally helpful when considering and choosing the best online option(s) for personal savings accounts.

– Interest Rates: These are perhaps the most important aspect to consider of online savings accounts.  While rates may fluctuate some over time for any institution, some online banks are consistently at the top of the list in terms of interest rates, while others are known for lower consistent averages. Discover rates and other online rates for different accounts are usually posted right on their website, but it’s wise to do some research and comparison, and figure out each institution’s history as it pertains to annual percentage rates for their accounts. Good, consistently high interest rates can make you some serious money with virtually no work of your own, which of course is always a plus.

– Minimum Balance Requirement: Although most online options will lay these requirements out in plain view if there are any associated with an account, sometimes they’re not so easily visible, and can be very costly for you if you don’t maintain them.  Before choosing an online account, take the time to figure out exactly what the minimum balance requirements are if any, and make sure you can abide by them in your current and future financial situations.

– Customer Service: Although the very idea behind online accounts is being able to manage your assets and personal savings via the web, it’s important that you have the option to speak easily and conveniently to a real person if a problem should arise that can’t be handled over the computer.  Checking up on a company’s customer service policy before trusting them with your money is always a wise decision.

– Safety: While most online banks these days maintain the highest possible security measures for their customers, checking up to make sure that’s the case before trusting them with a life savings is a no-brainer.  If a company appears to be behind the curve in modern safety applications, then strongly consider not placing your faith, and money, in their electronic hands.

– ATM Use: This is another particularly important aspect to be aware of before you join an online account.  Although your savings are generally something you try to avoid touching too often, being able to access your money by ATM in case of emergencies can be a big concern.  Also, if a particular account allows the free use of ATMs with partner institutions that don’t have any locations near where you live, then sometimes it can be wise to search for another option.

No matter your financial situation, seeking a savings account with the best interest rates and options that make the most sense for your particular needs is something we should all be vested in.  In these harsh economic times, choosing an account that makes our money work most for us, could be the difference between financial freedom and unnecessary monetary stress.  Do yourself a favor and take the time to do a bit of research and find a great savings account out there for you.