An online savings account is a savings account offered by financial institutions that is solely online. This means that the activity on these accounts is online only and may not have a brick-and-mortar branch accessible. But that doesn’t mean you won’t have access to your account or the money within the account. For instance, at Jovia, you can still withdraw money using our 55,000+ Allpoint® Network ATMs worldwide or at our branch ITMs on Long Island.*

At Jovia, we’re here to help you navigate your financial decisions and find the account that best fits your needs. In this article, we’ll discuss the advantages of an online-only account and some important factors to consider before opening an account.

1. Convenience

A primary advantage of an online-only account is that your banking can be done at any time from your online or mobile device. So, you don’t have to worry about being close to a branch, taking time out to commute to a branch, or spending time waiting in a branch. This is great for those who want to enjoy credit union membership benefits but don’t live close to a branch.

2. Fewer Fees

Online savings accounts typically have fewer fees since there are fewer overhead costs associated without a physical branch. With Jovia’s online savings account, there are no monthly maintenance fees, which means you get to keep more of your money.

3. Keep things organized

When all your banking happens via your mobile device, keeping track of your accounts and incoming and/or outgoing expenses is simple. No more worrying about losing a paper statement or forgetting how much is in your account! It’s all there, right at your fingertips, for easy viewing at any time and e-statements can be downloaded at any time. 1

4. Favorable Online Savings Rates

Online savings accounts sometimes offer a greater interest rate, which means higher earnings on deposits. As mentioned, these accounts don’t have the same overhead costs, so financial institutions are able to pass the savings on to you through higher rates on their online share accounts. Check out our current rate for our online-only savings account here.

5. Get assistance at any time.

With an online-only account, many financial institutions offer support beyond traditional banking hours. At Jovia, our Virtual Branch is available at all hours. You can speak with a live agent during regular business hours, and if it’s after hours, Via, Jovia’s Virtual Interactive Assistance, can help assist. Learn more about our Virtual Branch here.

You can also easily manage your account within online and mobile banking with mobile check deposit, automatic transfers, and early direct deposit^.

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Membership eligibility requirements apply. A minimum of $5 must be maintained in an Online Savings account to access all Jovia products and services.

This account is an online-only account. No transactions can be completed on an Online Savings account in a Jovia branch or shared branch location. Use Jovia’s Virtual Branch, Online or Mobile Banking, and Jovia or Allpoint ATMs to make fee-free transactions.

* Allpoint® ATMs are fee-free for cash deposits and withdrawals only. Other fees may apply. For more information, please refer to our fee schedule.

^ Early Direct Deposit of regular periodic payments (such as salary, pension, or government benefits) may be available to you up to 2 days earlier than the payer’s scheduled payment date. This feature depends on timing of the payer’s submission of ACH deposits so it may not always arrive early as it depends on the timing of your payer’s payment instructions. Certain non-payroll and tax payments are not eligible for early direct deposit.

1 Paperless statements are required for this account and all other Jovia accounts/products. You must register with online/mobile banking to view paperless statements.