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Swiping Right on Online Banks 🏦📲✨

The Digital Age of Money Management

Author

Bailey
October 19, 2023

Hello and happy Thursday Monarch readers, it’s Bailey again 👋🏼

Missing Madelyn? Trust me, I get it - she’s an icon, she’s the moment, she is Her.

She is also heads down looking for a job as she bravely jumps into a new career path.. so my cold open of this email is to plug her search 👀 If anyone comes across a job (ideally remote) they think will fit her bubbly personality & incredible EQ, please sauce it our way. Or if you know someone directly hiring, she’s happy to send her resume (detailing over 8 years of INCREDIBLE child care 👑) your way.

Now, to help us transition into today’s topic, Madelyn:

Source: Me baby

Do you remember the days of driving to the bank and waiting in line to deposit a single check? Pshh, that’s SO 2018 (unless you love doing it - keep that up active queen). Point is - times have ✨rapidly✨ changed! If you've ever wondered about online banking's rise, take a comfy little seat because we're diving deep into the digital age of banking 🏦

🦋 Today’s Monarch Menu:

  • What is online banking?

  • What are the advantages of using online banks?

  • What are the drawbacks?

  • Reader bonus: best online savings accounts in Michigan

  • The verdict: are online banks better than traditional banks?

What is Online Banking?

Imagine managing your finances right from the palm of your hand (orrrr the comfort of your couch 🛋️). That's online banking for you! For many, it’s the digital avatar of your local branch, letting you check balances, transfer money, pay bills, and more, all from your computer or smartphone. No more sprinting to the bank before it closes!

Then we have banks that have fully embraced the digital revolution, like Ally, Vio, and even Amex! These banks, known exclusively as online banks, typically operate sans physical branches. But fear not! They're still legit, and are usually chartered and insured by the FDIC. This helps ensure your hard-earned money is safe. And the best part? They let you manage everything electronically, from opening a new account to depositing checks, often with some juicy perks attached!

Here’s a summary you can save to your camera roll for some reason!

Source: also me ; )

What Are the Advantages of Using Online Banks?

We live in a fast-paced world where convenience is king Queen 👑, and online banks have stepped up to the plate, knocking it out of the park with a wide variety of benefits:

  • No or low fees: Enjoy banking minus irritating deposit or withdrawal fees

  • Competitive interest rates: Your savings grow faster, thanks to higher APYs

  • Low or no minimum deposit: No pressure to maintain a hefty balance!

  • Early paydays: Because waiting for payday can feel like an eternity

  • Automated bill payments: Set, forget, and never miss a payment

  • Mobile check deposits: Just snap, upload, and voila!

  • Free ATM withdrawals: Cash withdrawals without the sting of fees

  • Additional perks: Cashback cards, sign-up bonuses, and nifty in-app tools

What Are the Drawbacks of Online Banks?

Before you make a dash for the digital frontier, here are a few potential speed bumps:

  • Cash constraints: Depositing and withdrawing cash might not always be straightforward

  • Ghost branches: Yep, no physical branches to walk into

  • Limited offerings: Their menu might not be as extensive as traditional banks

  • Customer service blues: Without in-person service, you're banking on phone or online support

  • Scarce ATMs: Their ATM network might be leaner

  • Tech is a must: Best suited for the tech-savvy ladies

  • Checking account blues: Some might not offer day-to-day banking options

Lil’ Bonus: High APY Online Savings Accounts 2 consider!

The Verdict: Are Online Banks Better Than Traditional Banks?

Ah, the million-dollar question! (😂😂😂😂😂)

Online banks often come out ahead with minimized fees and competitive rates. And their digital platforms are typically top-notch! BUT, if the touch and feel of paper money and the charm of in-person service warm your heart, traditional banks may always have an edge. They also often provide a wider array of services under one roof (which is only going to expand as they work to compete with online-only).

Here’s the best part: why choose?

Embrace the best of both worlds! Get yourself an online account for the perks and keep a traditional bank account for those moments when only face 2 face will do.

✨In conclusion✨ The world's moving online, and banks are no exception. While online banks offer a smorgasbord of benefits, they might not be everyone's cup of tea. Especially if you’re looking for a more hands on experience! Assess your needs, weigh the pros and cons, and pick what works best for you.

Happy banking! (get that BREAD🥖)

Bailey

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