Types of Services Available at Online Banks

Online banks are becoming more and more popular as people realize their various benefits. For many people, online banks are an effective way to get a checking or savings account, often without any monthly fees. However, you may not know that there are actually a number of services that you may be able to take advantage of at an online bank. If you’re looking for the best online banks, here are four services you may be able to get.

  1. Checking Accounts

One of the most widely-used services at online banks are checking accounts. In fact, it’s common to use an online bank just for a checking account, which may also be called a “spending account”, depending on the service you use. Especially if you just need an account to make payments and have a debit card, an online banking checking account could be the right option for you.

  1. Savings Accounts

Many online banks also offer savings accounts. While not all online banks offer this option, it can be an effective way to start saving if you currently don’t save money very frequently. That’s because having a savings account attached to your checking account makes it super easy to put money away if you’re not using it. Plus, some of these banks even have high-yield savings accounts, which means that you can earn a significant percentage just by putting your money away in a savings account.

  1. Investment Accounts

Some online banks may offer you the ability to invest in some ways. Investment accounts may vary between banks, but could include a money market account, CDs, and even brokerage accounts. These investment accounts are an easy way to get more out of your money; it’s often a more effective way to get money over time than just putting your money in a savings account, even a high-yield savings account. Plus, you can diversify, putting some of your money into investment and some of it into savings accounts.

  1. Personal and Student Loans

Lastly, and least commonly, you may be able to get personal and student loans at some online banks. Not all online banks offer these types of services, but if you’re looking for some kinds of loans, you might not have to go to a physical bank to get them. Instead, it might be easier to look into an online bank account that can give you access to these types of loans.

Conclusion

Online banks are a great way to get access to traditional banking services, which may include a checking account, savings account, and investment accounts, as well as loans, without having to visit a physical bank to do so. Online banks are also constantly expanding their offerings, so just because you can’t do something with an online bank now, that doesn’t mean you’ll never be able to do so. If you’re interested in getting the best online bank, make sure you choose one that has the accounts you’re planning to use. 

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