7 Reasons You Should Open an Online Banking Account


Your life is more hectic now than it was a couple of years back. You are deluged with information, events, activities, work and a million other things that require your attention. The last thing you want to do is line up at your local bank after a hard days work and wait your turn. Time doesn’t allow. You are exhausted, yet banking is part and parcel of our daily lives. Enter online banking! With the click of a button you can transfer money, pay bills, check balances and still have time to catch up with the latest episode of Game of Thrones!

Here are our top seven additional reasons why you should be banking online today. They are all no-brainers

1) Convenience

Just imagine it. No more queuing, ever. You can do you banking anywhere, anytime and at your own convenience. You no longer have to deal with overworked bank attendants or put up with unruly customers. Just fire up your phone or computer and get banking! This is exactly what online banking offers. A hassle free way of managing your money, 24/7, at your own convenience.

2) Lower Fees

Banks charge fees for withdrawals, cheques, over-the-counter-service, overdrafts, loans. They charge a fee for almost everything! Even the “free services” have indirect charges. It’s how banks make money. They need that money to maintain infrastructure and pay employees. That money comes from the fees you pay. Online banks however have lower overheads. This is because they have fewer buildings, infrastructure and employees. The savings in those areas are passed on to you the consumer through lower fees.

Don’t get me wrong, they still charge fees. However, they charge lower fees compared to traditional banks. To better maximize your savings, research and compare the fees charged by various online banks before you sign-up.

3) Availability

Traditional banks operate at specific hours. Mostly 9am – 6pm on weekdays, a few hours on Saturdays and rarely on Sundays. If you examine those times carefully, they are the exact times you are also busy making a living and tending your family. Online banks on the other hand are at your beck and call. They are designed to work around your life and flow naturally with it. You can do your banking anytime when its most convenient for you.

4) Innovation

It takes longer for traditional banks to roll out new features on their services. This is because each additional feature requires user education. It takes time, money and human resources to make this happen. This makes rolling out new features a cumbersome process. Online banks however have a nimbler platform. They easily roll out new features that improve customer experiences and do so in a way that still keeps the consumer first.

Online banks are at the cutting edge of technology. They offer the latest in banking features while still functioning as banks in the traditional sense. Such new features include automation of your finances, scheduling recurring and one time transactions, paying bills electronically etc. With online banking you will never miss a transaction!

5) Integration With Other Financial Products

Let’s face it. We are overwhelmed by information. For example, look at your phone and count the number of money management apps you have. Expense trackers, budgeting, investments tracker, portfolios etc. You have to keep tabs on various aspects of your financial life on a daily basis.

Truth be told, our brains aren’t designed to handle all those moving pieces. We are bound to forget some and drop the baton at times. Online banking integrates with your other financial services and gives you a bigger picture view of your finances.

6) Better Record Keeping

With traditional banks you get your statement once a month in the mail. Online banking however offers you a constant view of your statement and transactions. You have a real-time handle on your finances and can easily tell what is happening in your financial life. It also acts as a security feature. You can easily observe any suspicious account activity and alert your bank immediately to forestall further fraud and loss of your money.

Having a clear record of your money makes it easy during tax time. You can arrange the flow of your finances and extract a true record of what you owe Uncle Sam.

7) Online Banking Security

Contrary to erroneous beliefs online banking is safe. Yes there are glitches here and there, but that is an occurrence everywhere. Even at traditional banks. As much as the online bank is providing security for your funds, you need to do your part in safeguarding your account.

Follow some of these tips:

  • Create a strong password
  • Update your computer programs and anti-malware regularly
  • Don’t click through suspicious emails
  • Always access your accounts from a secure location
  • Monitor your accounts regularly
  • Always log out when you are done banking
  • Insist on an account with two-factor authentication

Conclusion

Online banking is a savior for your hectic life. It allows you to do so much more with the limited time you have and meshes well with your life. As pointed, you will always have a hawks view of your money at all times and forestall any fraud. This is not to mean thats it all cotton candy and roses with online banking, but the benefits far outstrip the downside.