An online savings account is a great choice for building an emergency fund.

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All of these accounts are FDIC insured. (You can check whether an online savings account is FDIC insured at the official FDIC institution directory.) All info is current as of 26 June 2011.

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Michael and Jamie Singer, both in their early 30s, recently hired a financial adviser to manage some of the money intended as a down payment on their first home that had been in CDs and an online savings account.

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Using an online high-yield savings account, I split my money into several different subaccounts, each of which I designated for a specific goal.

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One option is to open a savings account through an online bank, where interest rates tend to be higher.

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It can supplement a low income to make ends meet, make an expensive hobby affordable, give your online savings account a big boost, and give you the added security of diversifying your income.

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Then set up an automated deposit to whisk that money away into your online savings account as soon as your paycheck comes in.

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