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Most mainstream banks and financial institutions give their customers access to online banking platforms, but there are some institutions that limit their offerings to the online world. Online banks provide their services and products through the World Wide Web, which you can access using an Internet enabled computer or smartphone. In the online world, you can bank as and when you like and there are no queues to worry about.
An online bank is one that does not have any branches. Since this leads to a considerable reduction in overhead costs, and so these banks tend to offer competitive interest rates and keep fees to a minimum. An online bank works like a conventional bank and offers similar products and services, which means you can turn to an online bank to open an everyday or savings account. You can also open an online term deposit, home loan and even a self managed superannuation fund (SMSF).
Online banks give their customers round-the-clock access to account related information via Internet banking, and you can transact online and over the phone.
Back to topIf you’re comparing online banks to pick one that works best for you, pay attention to the following:
When choosing between the two, a lot boils down to personal preferences. If you’ve shared a personal relationship with your banker over a prolonged time, and this makes you privy to special rates and offers, continuing with your existing banking relationship might make sense. In most cases, people are getting used to the technological changes in this realm, and even people who deal with conventional banks are turning to online and mobile banking platforms.
The main reason behind the popularity of online banks has to be the fact that they offer cheaper banking solutions. Not to fall behind conventional banks, they’re also trying to provide top notch customer service. However, the online world offers limited options as of now, and if you're looking for a credit card, a personal loan or a car loan chances are you'll have to get in touch with a conventional bank.
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