Traditional brick and mortar banks are notorious for offering absolutely pitiful interest rates for savings accounts.
That's led to a boom in business for higher-yield online savings accounts.
According to Business Insider, online bank accounts and their associated apps are generally convenient, secure, and hassle-free.
However, be warned: Many online banks do not offer outgoing wire transfers. They may offer paper checks, but those can take days to arrive.
So if you're about to close on a home, be sure to ask what your lender's requirements are for transferring your downpayment and closing costs.
If they insist on a wire transfer, then give yourself time to transfer your money to a bank account that will do it for you.
