OSAs are often characterized by a higher interest rate or lower fees, compared with traditional savings accounts.
To withdraw money, customers can initiate an ACH transfer into another account or sometimes request a check from the bank in the desired amount.
OSAs, combined with rising interest rates, have made cash an increasingly attractive investment option.
They provide a relatively low risk option for investors looking for a place to park their money, especially in uncertain economic times.
Inflation, stagflation, recessionary fears and stock market volatility are among the economic indicators that have encouraged more and more investors to consider cash as a way to balance their portfolios.