Web savings accounts 'coming into their own'

New online savings accounts are beginning to offer competitive saving rates and attractive withdrawal options, which could prove attractive for consumers looking for easy cash access.

Such is the claim of money expert Russell Emmerson, who writes in the Advertiser that many Aussies may be feeling decidedly sceptical about putting their money in risky investments at the moment.

As such, he claimed that opting for an online account could allow people to benefit from high interest savings while at the same time being able to pull out cash should they need to cover some unexpected cost quickly.

He insisted that web-based savings accounts may prove more appealing than term deposits for consumers who are worried about keeping their cash close at hand.

Financial strategist Theo Marinis concurred, telling the paper that many people could be put off by being locked into a term deposit at the moment.

Elsewhere, the Age has pointed out that online savings accounts are getting easier to apply for, as ID can now be verified electronically.ADNFCR-1761-ID-18849410-ADNFCR