Here’s Why You Should Switch to Online Banking

Updated on January 17th, 2022
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When it comes to banking, individuals often default to what they know best. And that’s traditional banking. Unfortunately for them, they’re likely going to face a lifetime of long lines and hidden fees. Well…it’s not that bad but there are surely better solutions. Thanks to online banking you can now do all your banking without ever leaving the comfort of your own home.

If that’s not convincing enough, here are a few other reasons why you should make the switch to online banking.

Convenience

The bottom line is that it’s much easier to access your online bank than a traditional one. When you use a traditional bank you need to adhere to their business hours in order to access your funds and accounts.

If you work full-time then it’s often difficult to carve time out of your day to make a trip. Not only that, once you’re at the bank you often need to wait in a long line before you’re even able to speak to the clerk. I don’t know about you but waiting in lines at the bank can be grueling.

With online banking you can easily access all your accounts online. No lines no hassle.

Lower Fees

Compared to online banking, traditional banks have much higher operating expenses. Those extra expenses mean more fees pushed onto the consumer. In this case that’s you.

With online banking you can avoid many of those fees since there’s much less overhead.

Quick and Easy Deposits

The majority of traditional banks will let you deposit checks through an ATM. With online banks you can easily deposit checks through their mobile application. Simply snap a picture, sign the back, and voila your money is in your account!

In addition, the majority of online banks offer access to a huge network of ATMs so if you’re ever in need of some cash you’re still in luck!

Higher Yields

This goes back to the fact that online banks have much fewer expenses than traditional ones. Because of this online banks can offer higher rates on savings accounts.

When looking for a new bank make sure you always calculate your potential earnings on CDs and savings accounts. Many individuals make the mistake of jumping ship before doing the math. Is it really worth switching your accounts for an extra $50 a year? When making the switch always comparison shop to make sure you’re getting the best deal.

Simple Money Management

One of the best perks of online banking is the ability to easily access and manage your money. Paying bills and other related tasks have never been more simple.

Most online banks offer the ability to check accounts, pay bills, transfer funds, and send money all from a single dashboard.

Pro tip: Look for an online bank that gives you automated savings options. For example, you can set up automatic transfers from your checking to savings account each month. Some platforms allow you to automatically round up your debit card purchases and deposit that amount to your savings. This way you’ll always be putting money away. Remember, every bit counts.

Final Thoughts

It’s no secret that we’re moving towards a completely digital economy. One solution at the forefront of this is online banking. If you’re still relying on a traditional bank then you should definitely look to make the switch today. You won’t regret it.

Chalmers Brown - Former CTO of Due

Chalmers Brown - Former CTO of Due

I'm Chalmers Brown and former CTO of Due. I'm a big fan of technology and building financial products that help people better their lives. I have a passion for financial products that help people. I build complex financial infrastructure protocols that help scale financial companies. They are secure and support millions of customers worldwide.

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