It can seem complicated, you may even be skeptical about it, but online banking isn’t only easier – it can actually gain much more money for you.
With the dawn of cybersecurity becoming more necessary sometimes than physical security, the concept of online banking can seem really daunting to some. It seems as though everyone is touched to some extent by online scams, identity theft, etc. If it hasn’t happened to you already, perhaps it happened to someone you know. Even if you’re not necessarily concerned about your online security, many are daunted by the complicated nature of online banking.
There are also multiple definitions to online banking. Of course it’s a great idea to introduce an online aspect to your traditional banking. Many banks have helpful apps that save you trips to the bank, allow you to check your balance and transactions, and overall actually help you identify when a fraud is occurring on your account, a lot more efficiently. However, the form of online banking that has really taken off, are banks that are completely online. What does this mean exactly? It’s what it sounds like: no physical locations at all. Before you wave that off as a ridiculous idea that will never work – online banks of this nature have actually been taking off recently.
How and why would you open an account with a bank that has no physical location, often comes down to a couple of simple reasons.
- The savings that these banks have from not investing in physical locations, is passed on to you. Banks like Ally Bank, have savings accounts with 2.5% interest, verses the average interest rate being .09% across the board.
- The ease of having a bank that is entirely online, they make sure their online presence is user friendly and stream lined.
More and more banks are introducing online features as necessary to being account holders with them. Why not become comfortable with a highly secure, user friendly type of bank that will yield the most bang for your buck?