Online savings accounts have become far more popular in the last few years for many reasons. Among the most important reason for you, the consumer, is that you can save money by opting for an online checking or savings account over using a local bank. Online banks often provide many other benefits, as well.The BasicsHaving online bank accounts can be scary at first, especially if you are concerned that you financial information is available online. The bottom line is that online banks have secure sites that are just as safe as a local bank account. You will have a unique user name and password that is used to access your account through the bank website. You can also check out tips for safety, such as always typing in the link for your bank rather than clicking through a link online.Most online bank accounts can also be accessed easily through mobile phones, providing you with on the go, up to date information on your account instantly. If you have been looking for a way to manage your money more efficiently, online banking is a convenient solution. Online banking also has the added benefit of allowing you to monitor your accounts for problems, anytime, anywhere. If you have had theft problems, this is the perfect way to stay on top of your accounts.The BonusesWhen choosing online savings accounts, you can begin saving with a very small deposit. Most online banks require a lower amount than local banks for a minimum deposit, as well, so you have more freedom to use your money as you wish. Savings accounts with smaller minimums can also be ideal for kids learning to manage their money for the first time, since you won't need to come up with several hundred dollars to open an account.Online savings accounts can be a good way to set aside money for a specific purpose, as well. Most online banks are totally paperless, allowing you to view interest and balances online only. Paperless options are also a simple way to introduce kids to the benefits of eco-friendly, paperless banking that is sure to be a staple in the future.