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With more people flocking over to online bank services, it seems that brick-and-mortar banks are slowly nearing the end of their hay day. It’s safe to say that an online bank account will make your life much easier and less stressful. However, with the plethora of new options and features offered by online banks, you can easily feel overwhelmed.
To help you better understand what to look for in an online bank, we are highlighting five things everyone should know.
Better Fees And Interest Rates
Of course, with every bank account, you will want to save funds and avoid overspending on unnecessary and overblown bank fees. Most people opt for a checking account that enables them to deposit, send and withdraw money. As we know, with each transaction, some banks impose inflated fees that clients want to avoid, and this is possible with online banks due to their lenient fee policies.
In addition to that, online banks offer the best interest rates for people that want to open savings accounts. Since the need to maintain facilities is reduced, the best online bank can allocate funds for a better customer experience and lower saving interest rates. With the promise of lower interest rates, no one can argue that online banks aren’t quickly taking over the financial world.
Today’s clients want and deserve more. When you are looking for the best online bank, you should always keep your priorities and needs in mind. Always choose banks that go above and beyond to ensure that you reach financial knowledge and one that provides unparalleled convenience.
Your online account should be easily accessible with the help of smartphones, tablets, or computers. Nowadays making and receiving payments has never been easier and all it takes is just a few clicks. On top of that, online banks will provide you with cards that can be used on ATMs that are owned by the bank or other ATMs service providers that the online bank established a partnership with.
Having financial management tools is always a big plus when dealing with banks. Some online banks will have their own tools that will help you achieve financial literacy and better manage your funds in a fun way, for example, through saving challenges and informative blog posts.
Another important feature online banks provide is activity notifications and alerts. You can always stop fraudulent use of your account or card by having a clear overview of all your incoming and outgoing expenses.
Some banks might even be insured by FDIC (Federal Deposit Insurance Corporation) which means that your deposits are protected if for some reason the bank fails to keep your funds.
State Of The Art Security
Staying on the topic of alerts and safety, your bank account should be the most secure place for your money. One way to notice whether the bank is secure is to open up its website and see whether there is a lock symbol next to the URL. This means that the website is secure and the communication channel between the browser and server is guaranteed by a valid SSL/TLS certificate.
Different banks have different policies regarding security. Make sure that you consult the bank and inquire about their policies and what they can offer to ensure the safety of your funds.
Great Customer Service
Great customer service is important now more than ever when choosing a bank. This applies to both online and traditional banks. Sometimes, a problem can occur with your bank account and you might need to get a hold of an expert that can help you instantaneously. With traditional banks, you have to queue in your designed branch and fill out forms.
On the other hand, if you are tired of queueing and you are looking for great customer service, online banks offer 24/7 access to a personal banking representative via phone or live chat. A great bank can be distinguished by its customer service.
Opening An Online Bank Account
You might wonder whether it is simple or complicated to open an online bank account and the truth is that it can’t get any simpler.
However, you should look for banks that only ask you to provide your personal information, your routing, and checking numbers. All of the forms can be easily accessed and filled online which saves you time. Working with banks that require extensive and redundant information can increase the risk of identity theft.
To ensure that you are working with professionals, take the time and check the online reviews of the bank in question and see whether there are more positive or negative reviews.
Online banks are taking over the financial world and with haste. If you are looking to open an online bank account, make sure that the features they provide will serve your needs. Look for online banks that will ensure safety and also provide better fees than the competitors.