Q In reference to last week's column on interest rates on savings: What do you think about the e-savings accounts that are currently offering 4.5 percent? How are they able to offer such high rates? What's the catch? Is there any way those rates will last? I'm interested but won't bother if they're going to go away in three months.

JEAN, MINNEAPOLIS

A The catch is that it's a teaser rate to attract your business. An interest rate of 4.5 percent for an online savings account can't last long.

The highest rate I could find was an introductory rate of 3 percent. At the moment, the average rate on savings accounts is less than 1 percent. The online rates are in the 1.2 to 2.4 percent range, and the higher rates usually come with activity restrictions and balance minimums. The same holds with combination checking-and-savings accounts. They offer better-than-average rates, but with this type of account there are monthly transaction requirements, such as direct deposit and a certain number of debit card withdrawals.

Still, online banking is competitive. I use one myself in addition to a brick-and-mortar institution. My experience has been good. It has been so satisfactory that I will probably transfer everything to the online bank. I don't like the fee-creep going on in my traditional bank.

If you're thinking about doing business with an online bank make sure it's FDIC insured. Online banks usually offer slightly higher interest rates on savings than their brick-and-mortar peers because they have less overhead. It's also a competitive strategy when many people remain reluctant to do all their banking online.

I know a couple of people who chase yields with online banks. I don't think it's worth the effort or hassle. The real question is whether you want to bank there. If an online bank intrigues you, I'd open up an account with a small amount of money. I'd test it out, see how convenient it is for you and make sure it offers good customer service and support.

You can comparison shop for online bank savings rates and terms at these two websites: www.monitorbankrates.com and www.bankrate.com.

Chris Farrell is economics editor for American Public Media's "Marketplace Money." Send questions to cfarrell@mpr.org.