Consumers who look online for a savings account are undoubtedly faced with a slew of options. However, not all savings accounts are created equal. This is why it is important to be proactive about selecting the savings account that is right for your needs and budget. Here are few tips to help you select the best savings account online.

Low opening deposits. One of the most frustrating things about opening a savings account is the opening deposit requirement. A $5,000 minimum opening account deposit requirement, for example, can be disheartening for a college student or a new family. Look for an online savings account with a low opening deposit requirement.

No minimum balance requirements. Most savings accounts have minimum balance requirements, which means you have to maintain a set amount of money in your savings account at all times. If you fall below the minimum amount, you will be charged a fee. In order to avoid additional costs and use your money when you need it, find an online savings account without a minimum balance requirement.

Compare savings plan features. Many companies are now offering online savings accounts with attractive features for savers, such as automated savings plan for different goals. Study these savings plan and select the one that meets your specific goals.

Want more tips? Find savings resources here.