It is indeed a fact that physical bank locations are still very relevant and provide us with a host of services that make our banking life easy for us. With the rise of the internet, banks have quickly realized their potential and have been quick to embrace the online format with open arms. Internet banking of net banking or online banking lets banks offer a host of services in a far more accessible and convenient manner. These days, all you need to carry out everyday banking activities like transferring funds or checking out your balance is an online bank account. It makes visiting banks physically outdated for the more mundane tasks. Additionally, you get to save a significant amount of time too.
Indeed, as banking professionals reveal, 24*7 access is the critical advantage made possible by online banking. It aids consumers to stay in touch with their banks anytime, anywhere and carry basic banking operations. There are a myriad of other advantages of online banking. The most important among such factors are as follows:
It Is Extremely Convenient
Whether your present banking needs to see if a transaction has gone through or depositing checks, online banking can provide all such simple functionalities. To do the same, you can check your bank account online. The best online banks, click here for a list of the best Canadian ones; let you simply click a picture of a check and upload it to the bank portal online or through an app. And that will do the trick. Indeed, the degree of convenience that online banking offers is quite unprecedented. Your physical location doesn’t limit your banking abilities anymore as all you need to get access to essential functions is the internet,
Online Banks Usually Offer Higher Interests
Online banks usually provide a higher interest rate on savings and deposits than conventional brick-and-mortar banks. The difference often becomes significant if you have a hefty bank account. Even people who don’t have hefty bank deposits stand to get significantly higher interest as earnings. This is not merely an assumption, as a particular study found. MagnifyMoney analyzed checking account rates, found the APY or annual percentage yield to stand at as low as 0.1%, or earned a meager 50 cents annually if you deposit $5000 with a traditional bank. This is in contrast to the potential 2.00% APY provided by online banks. That means your earnings can be as high as $100 with the same deposit amount.
Online Banks Usually Charge Less Fees
Another great advantage of online banks is the lower fees they charge. It is made possible by the drastic reduction of overhead costs in the absence of keeping and maintaining physical bank branches. This fact makes it possible for online banks to pass on the resultant savings to their consumers in reduced maintenance charges. They further give you the provision to have zero deposit in your account without attracting any penalty and charging no or minimum transaction fees.
It Lets You Immediately Transfer Money
There might be a wide variety of reasons that might make it necessary for you to transfer money fast. You may need to repay a friend who needs the sum urgently or transfer a significantly large sum of money from your checking account to your savings account. If you have accounts with online banks, you can transform this process into a straightforward one. Not to mention the fact that the transfers take place real fast, like almost in real-time. Through an online account, a consumer can transfer money amongst their or other accounts to financial institutions and to and fro between their personal and business accounts. With the magic of online banking, you can do all these without ever stepping foot in a physical bank branch. It is little wonder that the big banks are waking up to this tech disruption and are joining the online banking bandwagon. Accordingly, they are offering dedicated mobile apps and online banking portals.
Get Better Quality Services
The single window online banking solution made possible through dedicated net banking portals and apps lets you manage your finances better and more quickly. Additionally, often you can access multiple services through the mentioned banking platforms. They make everything like viewing bank statements, depositing checks, setting up automatic payments, and being aware of what’s happening in your account in real-time. Using such a comprehensive variety of banking services online helps in many ways.
It would not be inappropriate to term the convergence of the worlds of banking and the net as one of the greatest game-changing disruptions in finances. It serves to save you both time besides allowing you to make real-time scrutiny of your bank accounts. Indeed, physical bank branches are yet to become redundant. Still, the wave is undoubtedly in favor of the net, and who knows what might happen next. Hope you can easily track and manage finances with online banking.