An online savings account is a savings product you open and manage entirely through an app or website, no branch visits, no paper forms. You get the same core benefits as traditional savings (interest on your balance, separate from everyday spending) with faster setup and clearer visibility into your money.

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How online savings accounts work\n

You open the account digitally, verify your identity, and fund it by transfer from another bank or from your main account. Interest accrues on your balance according to the bank’s rate schedule. You can usually check your balance, move money, and set savings rules in real time.

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Because there is no branch network, many online banks can pass lower operating costs through to customers in the form of competitive rates or fewer fees. What matters most is whether the bank is licensed and your deposits are protected, see Deposit Guarantee for how EU protection typically works.

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Online vs branch-based savings\n

Branch savings accounts may offer in-person support but often involve slower onboarding and less transparency about rates and fees. Online accounts suit people who want to save on their phone, automate contributions, and see progress toward Savings Goals without visiting a counter.

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Online savings with bunq\n

bunq is a fully digital bank. You can open Savings Accounts in minutes, earn interest paid weekly, and use features like Auto Round Up and Savings Goals. Combine savings with Budgeting and instant notifications so you always know when money moves in or out.