We often tend to read and hear that traditional physical banks are now obsolete. With the internet and mobile apps, many of his clients manage their account from A to Z themselves without having to go see an advisor in a branch. And yet, the bank charges continue to increase from year to year! So what is to be done? The mentioned solution is very often to switch to an online bank. The followers of this new type of dematerialized banking establishment do not lack arguments in their favor. But, specifically, what are the real advantages of an online bank? We have selected five of them, so you can decide.
Online banking: we necessarily think of the welcome bonus!
When you open an account at an online bank, it is very common for them to reward you with a welcome bonus. This usually takes the form of a sum of money being credited to the account when it is opened, or a few weeks later depending on the contracts. The amount of cash is around 80 euros most of the time, but some online banks go up to 150 euros, or even 200 euros in temporary operations.
It is also possible that the online bank offers you account maintenance fees, when any, for six months or a year. This proposal is usually linked to an account that has a premium bank card or extensive insurance, so you want to go a little further than with a classic account. It’s up to you to see if he’s interested.
Online banking: almost non-existent banking fees!
Most online banks have zero bank charges, or just a few euros per month. Today, a traditional bank charges its customers, on average, 220 euros a year. By choosing your online bank well, you can save more than 200 euros a year, which is far from being anecdotal.
When an online bank charges bank fees, they are usually low and always associated with a premium account. This can be justified by the presence of a deferred debit bank card, more comprehensive insurance that covers you during your travels, or even free transactions that are often charged elsewhere, such as instant SEPA transfers, for example. Proposals that can justify the payment of a few euros per month.
It should also be noted that there may be “hidden costs”, for example, when the bank displays income conditions: if you do not pay the minimum required amount each month, you may be charged a small amount. Therefore, it is necessary to be attentive, to avoid getting a bad surprise. But in the vast majority of cases, there is no ambiguity on the subject. If this is a problem for you, you can opt for an online account with no income conditions.
Gain flexibility with online banking!
It is true that with an online bank, you cannot go to a bank branch to physically meet an adviser there. On the other hand, you can contact an advisor online, usually by email, through instant messaging, or even by phone. Unlike traditional banks whose branches are often closed two or three days a week, online banks typically offer available support six or seven days a week. Contact time is also extended.
Also, thanks to the online banking site and application, you can usually do a lot of things yourself. You can even block or unblock your card in case of temporary loss, in addition to being able to perform all the common tasks without having to contact an adviser. It’s a definite time saver.
Online banks sometimes offer more interesting savings accounts
It is not uncommon that, in addition to the traditional Livret A, Livret Jeune and LDDS accounts, online banks offer their own personalized savings accounts. The latter offer variable compensation, but it is often attractive, especially since it is often associated with a very high ceiling. If you have money that you don’t want to tie up for years in other savings products, this is an attractive option.
In addition to this, many online banks also offer the Home Savings Plan (PEL) and stock investment solutions, including the Securities Account and the Equity Savings Plan (PEA). You have plenty of options if you’re looking to increase your investments – online banking isn’t just a simple checking account, quite the opposite!
Online banks are usually part of a traditional and experienced bank
This is not necessarily a point that all online banks insist on, and yet it is a fact: some of them belong to traditional banks. This is particularly the case for Boursorama Banque, which belongs to the Société Générale (SG) group, Monabanq, which is affiliated with Crédit Mutuel, and BforBank, which is part of the Crédit Agricole group. And that’s good news: it means these online banks are built on significant experience and you don’t put your money anywhere.
Also, some of these online banks push their link with their parent to the point of giving access to their branches for certain services. For example, Monabanq allows its clients to use ATMs at Crédit Mutuel and CIC branches to deposit their checks there instead of sending them by mail. The proposal may even be in cash in some cases. Like, sometimes keeping a little link with a traditional bank can be good!
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Source: BFM TV
