Home › Forums › ๐ฐ Financial District › Is it a good idea to switch to an online bank?
- This topic has 11 replies, 6 voices, and was last updated 2 years, 5 months ago by
bestlife.
Is it a good idea to switch to an online bank?
-
I keep hearing and reading things about online banks, and Iโm wondering if it might be a good idea to open an account, or even to switch all my accounts to an online bank.
Do you have an account with a bank that offers services only online? If so, would you recommend it?
I opened a savings account with an online bank last year. I think one of the main benefits of online banks is that since they donโt have locations that you can visit, they can offer much lower fees than traditional banks.
I donโt recommend using only an online bank. I think itโs best to keep your accounts with your regular bank, and to open an additional account for your savings with an online bank.
The reason for that is that while some online banks allow you to deposit checks only by taking pictures of them with your phone, youโll have some problems if you want to deposit cash into your online account… Same thing if you want to withdraw some cash, you canโt really do that with an online bank that has no brick and mortar location.
I think an online only savings account is pretty convenient, but itโs best to keep a regular account too. You can deposit cash at your brick and mortar bank, and then transfer it to your online account if you want to.
I see… I didnโt think of that, but itโs true that you canโt deposit money if your bank is only online! Thanks for the tip.
I think online banks are pretty convenient. You can easily deposit checks with your smartphone, transfer money, or check your transactions online and quickly see if thereโs any problem, or if everything is fine.
If you feel comfortable with doing transactions online, I recommend opening an account with an online bank as Iโm sure youโll find it convenient too!
Sounds great!
I was also wondering, is it possible to open an investment account with an online bank, something like a GIC?
Sure! I think online banks make investments a lot more simple. And you can check and compare rates and terms before you open your account, without having to call anyone or go anywhere.
If youโre used to doing everything online, it only makes sense to use an online bank as well.
I donโt mean to brag, but I got a GIC with Omnia Direct and I think itโs the best thing ever!
You must be logged in to reply to this topic.