Keeping your money in a bank is common sense at this point, but online banking is – unfortunately – not something many people have grown accustomed to, yet. There are many benefits to explore in this area, and it’s not a bad idea to check out what some online banking services can do for you if you’ve got a regular flow of money.
Figuring out which bank to put your money into is probably the most important step, and there are many factors to consider. Brainwave Technologies has picked out several contenders that are good options to start with, but of course, there is an online bank for every need and no shortage of good choices. Check out the best online bank for more ideas.
Here are Brainwave Technologies’ picks.
A great bank for those who want to keep large savings accounts, as well as people who regularly trade on the financial markets. They have no penalties on their CDs (Certificates of Deposit), and their online banking system is uncomplicated and simple to navigate for pretty much anyone, including people who’ve never used something of this sort before.
Another great option for users with a preference towards savings, Chime also gives attractive sign-up bonuses for new customers and features a constantly updated online banking experience that gets refreshed with new features on a regular basis. The bank also offers its users the possibility to enroll in a savings program automatically, and their ATMs can be used at no charge.
The checking accounts offered by the TIAA bank are popular on the market due to the way they work and the nice bonuses they provide to their users, especially the fact that they accumulate interest over time, a relatively unique feature as far as most checking accounts are concerned. Again, users can withdraw from ATMs at no extra charge, and the bank offers advanced mobile banking features.
How Are Online Banks Better?
Online banks are starting to dominate the market in multiple ways, from their great interest rates to their relatively low fees and user-friendly approach to customer service. It’s worth noting that online banks tend to be the ones that develop their apps and other similar functionality most actively compared to others on the market, and they are typically quite innovative in this regard.
Tech-savvy users can expect to gain a lot from using an online bank as their primary financial instrument, and even those who aren’t used to this style of banking can usually benefit a lot from exploring what these services have to offer and how they work in general.
Downsides of Online Banks
Of course, as with anything, there are also some disadvantages to using an online bank compared to a traditional one. Most notably, users might experience some difficulties in making cash deposits. Further, many online banks tend to be somewhat limited in what they offer. There is also the fact that users are limited to interacting with the bank entirely online, which may make certain matters more difficult to resolve, depending on the situation.
In general, though, online banks are quickly proving to be the most attractive option on the market for those who want easy control over their finances with minimal hassle, and they are also great in terms of their rates and other financial features. It’s a smart choice for many people who want to simplify the financial aspect of their lives, and it brings many benefits that are only going to get better over time, as the style of this service continues to evolve and grow beyond its current state. It’ll definitely be interesting to follow that progress.
– Amita Choudhary, Brainwave Technologies