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Online savings accounts are the best way to start making your savings work for you, but they're not perfect.

Here are 5 ways to improve online savings accounts:

1. Make Transfers Happen Quicker
   HSBC is notorious for quickly deducting money from an outside account and then taking their time depositing it into yours. It's at least a 4 to 5 day process. It should happen in one business day, flat.
2. Don't Limit Outside Accounts
   E-Loan recently changed its policy on linked accounts, but still only allows one outside account to be linked at a time. OSAs should allow for a larger number of linked accounts. Make it convenient for the user, not a pain.
3. Advertise Offline
   Even though brick and mortar banks are starting to get into the business, they're still robbing their customers by not advertising their higher interest products to them. Banks such as Citibank are offering good deals to get started saving online (like a $50 bonus for signing up), but promoting mostly to an online audience. ING Direct has the most offline marketing, mainly because they have no offline customers.
4. Get Rid of Tiered Rates and Minimums
   You shouldn't need to have a certain amount of money in your account to get the maximum rate — it should be available to every customer. Thankfully, most online savings accounts don't tier their rates, but those who do should stop.
5. Keep the Entire Sign-Up Process Online
   Don't send me a snail mail letter with my password or confirmation number in order to open my account — do it all online. Part of the appeal of OSAs is that everything is a click away — the last thing I need is more paper.

You should still open an account if you haven't already (here are 10 reasons why).