As with any other major decision you should do some checks to make certain you are doing the right thing. Ask about them at your church. Consult the Better Business Bureau and speak to your state consumer affairs representatives. One final point to keep in mind when you start to make your enquiries. All these organizations stand to benefit by having you as a customer. Here we make a list of the pros and cons of the online savings accounts. The Good Side of the Online Savings Accounts The best thing is the convenience that you get. You do not have to stand in serpentine queues anymore to find out what s going on with your account. You are also saved from the travel that you need to make up to your bank, which closes at a particular hour to add to the miseries. The best place to start is on the internet. You can quickly find and compare a huge number of banks and loan companies to sniff out the best rate for you. Don't just go to their sites though. Look for some of the magazines and comparison sites they will give you lenders you probably wouldn't have thought of. Another thing for you to keep in mind is that you should shop around for the best deal. And don't hesitate to haggle a bit with the banks and loan companies. Play them off against each other. No matter how good their offer sounds always tell them that you will need to think about it. That not only does that make you sound financially responsible but it allows you to go back to other lenders and say hey I've been offered this by ABC Bank can you beat it? Explain the situation you've found yourself in and ask what they can do to help. Some, not all, but some companies will freeze the interest, especially if you've always had a triple A credit rating in the past. Let take a worst case scenario here and assume your creditors aren't helpful. If you find that is the case then start to look at some of the options. Both of course have benefits but by getting advice from a pro and asking them why they choose the investments they did will help you gain a free insight at the same time. If you decide on using a professional advisor be sure to do some checking to make certain they have a proven track record of success.