Have you been banking at the same bank for years without ever changing it up? Banking is one of those things where many of us developed our own routine years ago, and it’s tough now to even think about veering off course. You have your routine for everything – whether it’s depositing checks or taking out a line of credit. You know the employees at the bank, they know you and simply put: you’ve been doing your banking the same way for years, so why change now? It turns out there’s a whole world of online banking out there that offers benefits you may not even know existed and with the way technology works today, it’s easy to simplify your life by never having to set foot in the bank again. Curious about online banking? Let’s take a look at why it just may be the perfect transition for you.
Should You Switch to Banking Online?
Lower fees and higher interest rates. Because online banks do not need to maintain physical locations and storefronts, they’re often able to offer accounts with much lower annual fees and higher interest rates to help you earn more money, faster. Having your money work for you is a good thing, and that should be your ultimate goal. Do your research to find out what online banks have to offer regarding lower fees and higher interest that will help you earn more money.
There are loads of perks that come with online banking (via US News):
- No ATM fees – which could save you $4.35 per transaction
- Low or no overdraft fees
- No or low non-sufficient fund fees
- No monthly maintenance fees
- Deposit checks via phone
- Higher interest rates on savings accounts
- Online banks are also FDIC insured just like a brick-and-mortar bank and offer the same level of protection.
No more waiting in line. Many of us are pretty strapped for time these days, and the last place we want to be is in line at the bank. Gone are the days of standing in long bank lines just to deposit to talk to a teller. Online banking offers mobile deposit options and direct deposit options that are easy to navigate and make banking a much less time-consuming process. You may need a little more lead time if you’re looking for a cashier’s check or something of that nature, but with a little planning, you can do it all online.
If you like the physical aspect of going in the bank and seeing your hard-earned money get deposited, then online banking may not be the right fit for you. But, if you’re looking to see your money earn more at a faster rate and want the convenience of being able to manage everything from your phone and computer, you may be looking for the perfect fit. Try online banking with a savings account at first – see how you like it and if it works for your lifestyle before jumping in with both feet. What do you think? Would you make the transition?