Traditional banks that have been consolidated since the beginning of time have been stealing the focus since the advent of digital technology in online banking that is only accessible for interest. Some people like both of them and have both a physical branch and a virtual bank account. Others prefer to have a single account. So, online banking or traditional banking? What are the differences?
Ease of opening an account: advantage for the traditional bank
When opening an account will it be better received in an online bank or in a traditional bank? Physical banks are less careful with the amount of income of people who want to open an account. To be accepted as a customer by an online bank, you will need to prove a minimum salary or, failing that, a solid savings. Clearly, the higher your income, the more likely you are to open an account with a bank of your choice best online banks they are important.
The range of daily services: there is no difference between an online bank or a traditional bank
To open a bank account, do traditional transactions (withdrawals, transfers), make savings, we can say that there is no difference between the two forms of banking establishments. Check remittances for online banking customers can be mailed or deposited with a traditional network affiliated bank. (Online banks are usually subsidiaries of a traditional bank). For today’s services, online banking or traditional banking are all very well located.
The diversity of more targeted banking products: an advantage for the traditional bank
In terms of the offers on offer, the physical bank is much more efficient. You can take out a mortgage, invest in the stock market or accumulate savings that are perfectly suited to your future projects. The savings available at online banks, however, are much more limited. This difference between an online bank and a traditional bank should be taken into account if you plan to diversify your savings by distributing them into specific products.
The amount of bank charges: an advantage for online banking
The main reason that pushes the French to resort to online banking is their prices are much lower than those charged by traditional banks. The reason is that virtual banks do not have a network of agencies to maintain and therefore less staff, which allows them to offer extremely low rates with services that are sometimes completely free. According to online banks, the customer can thus obtain (subject to acceptance) a free bank card, reduced interest rates and not having to pay account maintenance fees or intervention fees in case of rejection of sampling.
At the end of the year, a traditional bank will always be much more expensive than an online bank, especially for tight-budget customers who often use their overdraft.
It is true that when it comes to bank spending, online banking largely dominates the battle between online banking and traditional banking. Please note that they are never completely free and the rates applied vary by brand. To properly choose between an online bank or a traditional bank, it is highly recommended to compare the prices charged for each of them.
Working hours and the availability of advisers: an advantage for online banking
An online bank’s customer service always offers a much longer working time than a traditional bank branch, which usually closes at 6pm at the latest, closing during the break. at noon, on Saturdays or Mondays.
The customer of an online bank is welcome from Monday to Saturday during a much longer opening hours (sometimes until 8pm), with no interruptions during the day. This “non-stop” welcome is especially handy for people who work and need to contact an advisor during the lunch break.
When you call a traditional bank, your dedicated advisor is not always available, especially when there is an appointment, forcing you to call back or wait for a refund. If we compare the accessibility of an online bank or a traditional bank, we find that the customer service of an Internet bank is much more accessible and can often be reached more quickly. You don’t have a dedicated advisor, but there is always a professional to answer you. It offers a range of media (phone, email, chat, sometimes video) that facilitates remote exchanges.
Human contact: advantage for the traditional bank
Online banks only offer remote service, while traditional bank-operated banks have a designated advisor for their customers. Some people value this reassuring relationship and criticize the reception of online banks for a form of impersonality.
Online banking or traditional banking? The game is difficult because each has its own advantages and disadvantages. This little comparison may have given you a first idea to choose from.