The main advantages of a direct savings account are:
- You get high interest as returns for your investments made, depending on the banks that you have invested. You should get the interest rates carefully from all the banks and then have to apply accordingly.
- There is no need to maintain a minimum balance in most of the emigrant direct bank account.
- All the deposits made through fnbo direct savings account is free.
- You can track the financial records of the online savings account through the statements available. You can access either weekly, quarterly or half yearly statements online.
- Some high yield savings account charge monthly debit transaction charges in the direct savings account. If you maintain a higher monthly balance i.e. around $50,000, then you get a waiver of the monthly charges.
- You get full access and customer service to the direct savings bank account through internet banking, telephone banking, direct debit card access etc.
- In case if you take a loan with direct debit facility from the direct savings account, then you get a discount on the installment that is getting deducted from your regular account.
- The interest which you get as a part of investing from your regular bank account is taxable. But you can make it tax free as per the guidelines of the investing bank.
- As the competition is very high among the investment bankers in the united states and UK, the bankers offers bonus interest rates apart from the regular interest rates to attract more depositors and investments.