Banking services are gradually shifting towards the Internet. Most traditional banks already have their own online platforms to make their products more accessible, but a completely new kind of bank has emerged recently as well. These new banks don’t have any real offices and provide their services only through the Internet, and this form seems even more convenient and flexible than the old ones. In this article, we explain why these online banks are so popular and tell you about the most useful of them.
Internet banks benefits
Online platforms providing banking services are extremely popular now because they allow you to get all the traditional banking products without actually going to an office, waiting in line, and so on. With a platform like that, all it takes to order a credit card or take a loan is just a few clicks. Digital banks are just as trustworthy as traditional ones because they are licensed and monitored by the same financial regulators. That means you have no reasons to avoid them because of security risks.
Moreover, online banks seem to have overall lower fees. They don’t have to spend money on offices, so their costs tend to be much lower. They are also more convenient to use: you can manage all your loans, cards, and investments using just your smartphone everywhere you go. However, every bank has its own conditions, so you should choose the right one for you. So here are the top 4 best Internet banks for you to consider.
SoFi
Founded in 2011, SoFi is a reputable and very popular US-based bank that features all kinds of loan types, investment options, and other products. It’s known for its relatively low fees, but only residents of the USA can sign up and use the bank.
Revolut
Revolut is a major online bank from the UK. It operates across about 150 countries and features many different kinds of traditional banking products and several unique options like crypto investments. But there are paid plans and rather high fixed fees for certain payment directions.
Wise
One of the most well-known digital banks, Wise focuses on international transfers. It’s quick, safe, and cheap, but it has a really limited range of banking products: there are no loans and no options to save money at interest.
BunqThis online bank is focused on flexible savings: you can store money at interest in 16 currencies here, and you can even invest in stocks through the same platform. However, there are no loans at all