Savings account with online banks are useful for people who do not need a banking service frequently. The key benefits of an online bank are: i) It offers higher rates of interest than traditional banks because of its lower maintenance and running costs, ii) It takes lower fees for a service, for example discounting overdraft fees partially or even fully and also issuing free debit cards and allowing free online payment of bills, iii) An online bank takes substantial time to transfer money to another bank's account. This is a blessing in disguise as savings accounts are meant for saving and online banks provide the incentive to save more and spend less. Online banks for these purposes are becoming extremely popular these days. Read more at: http://www.savingsaccounts.