Online banking is becoming a popular banking choice for many Black Americans because of its ease of use and accessibility. So why should you consider online banking options instead of traditional banks?
Online banks generally can offer higher interest rates for savings accounts because they don’t have to spend on maintaining physical locations. Most even offer interest on checking accounts which generally never happens with traditional banking institutions.
Online banks are easy to use because of their lack of physical locations. You can transfer money from another checking or savings account to an online bank easily and everything can be done on a desktop computer or through a phone app, making this accessible to anyone with basic internet access.
Not everything is great especially if you’re intent on using cash. You can’t make cash deposits with may banks because they don’t have ATM, and there may be transaction limits if you can make cash transactions.
The bottom line is online banking often has a better payoff with less hurdles than traditional banks. So consider your circumstances and pick the best way to handle your business!