The first advantage of an online bank is its low cost. The main services are free, such as withdrawals of money, bank card, checkbook. However, you have to be careful about the other paid services you may need so you do not end up with exorbitant prices on the transactions you need every day. This is why you must consult all the proposed rates, and read the fine print on their contract proposal.
You can compare interest rates in the medium and long term.
Also check which consumer service or after-sales service the bank offers.
Does the bank provide you with a dedicated bank advisor?
The benefits of an online bank account
The low cost. The services offered being remote the bank has much lower running costs. In addition, competition between banks is very strong and forces them to offer ever more attractive rates.
Ease of use. If you are already used to managing your money and administrative procedures online, you will be very comfortable and you will enjoy managing your bank account online. You no longer need to go to office openings to do your banking or other banking transactions.
Security. The security of an online bank is exactly the same as the famous and traditional banking institutions, since the majority of online banks are subsidiaries of large groups. If in doubt, you can choose an online bank affiliated with a major banking group.
Open an online bank account
Opening an online bank account is very simple. Several documents justifying your identity will be requested. And a minimum amount must be paid into the account.
Once the requested documents are sent, there will be a few days delay for the bank to verify your details and that the funds are paid into the account. This time may vary depending on the bank you choose.
In general, within a few days you have access to your account and receive your credit card by post.