Digital banks are rising in popularity, especially among business owners and investors. Instead of having to go into your branch every time that you need to discuss matters pertaining to your account, you can log into your bank’s online platform and chat directly with customer support. Additionally, many digital banks offer video chat services that are instantly accessible.
It’s fair to say, digital banks are the future of banking. If you have decided to make the switch from high street banks, then we’ve got you covered. Here’s how to find a digital bank that’s right for you:
Comparison Sites
The best way to find an online bank account is to use comparison sites. These sites allow you to compare online banks, making it easier to find the bank that’s perfect for you. Comparison sites will present all of a bank’s pros and cons. Additionally, you will be able to adjust your filters, so that the banks you are suggested by the platform are personalized to your needs. You might also want to check out independent review sites. Make sure that any comparison or independent review site that you are using isn’t sponsored, because the bank sponsoring them could be paying them to give favorable reviews.
Insurance
If you are going to use online banking services, then it’s absolutely essential that you find a bank that is insured. Some online banks do not insure their customer’s savings. This means that if the bank was to close, you wouldn’t be able to get your savings backed. If you aren’t going to hold any savings or large amounts of money in your online bank account, then insurance isn’t especially important. With that said, it’s always nice to know that you are financially protected. If a bank’s website doesn’t clarify its insurance status, you should be able to find out by emailing them and asking directly.
Fee-Free ATMs
Some online banks charge very high fees for ATM withdrawals. While cash isn’t as prevalent in our society today as it once was, there are still times when you need to make withdrawals and use it. If you have to pay high fees every single time that you make a withdrawal, then you will end up losing a lot of money. Try to find a bank that offers fee-free ATM withdrawals. Most of the leading online banks offer fee-free withdrawals, so you shouldn’t have any difficulty finding one that does.
Savings Accounts
If you are going to use an online bank account as your main bank, then you should find one that offers high-interest savings accounts. It doesn’t make sense to hold your savings in a high-street bank account, and your day-to-day spending money in an online bank. Some online banks offer very lucrative savings accounts. If you are going to hold your savings in an online account, then you need to follow our previous advice and make sure that you take out an account with a bank that is insured. You shouldn’t risk your savings by putting them in an account with a bank that isn’t insured and can’t fully guarantee your money back if they go bankrupt.
Customer Support
A quality online bank will have around-the-clock customer support. If you are going to store your money in an online bank account, then make sure that you can get hold of a customer support representative at any time of the day or night, from anywhere in the world. One of the main advantages of online banking is customer support, which is usually fantastic, so you shouldn’t have any difficulty finding one that does have good customer support. Most online banks have 24/7 video chat services that allow you to get in touch with a customer support agent instantly.
Robust Security
Security is also very important. Online transactions are sometimes targeted by sophisticated fraud gangs and hackers. In order to ensure that you never fall victim to these kinds of people, you must take out an account with a bank that takes its security very seriously. Additionally, you also need to make sure that the bank you deal with processes its customers’ data securely.
Investment Advice
Finally, try to find a bank that offers online investment advice. There’s no point holding savings in an account when you could be investing them. Some online banks have very good investment accounts. You should be able to speak to an investment agent without an appointment, at any time of the day or night. Good online banks offer these around-the-clock services.
If you want to open an online bank account, then you need to find one that is right for you. The best way to do this is to follow this article’s guidance and to take each point into consideration. Finding the perfect online bank isn’t difficult, but does require a lot of research.
