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Thinking Of Making The Switch? Here's What You'll Need To Open An Online Bank Account

Alexis Raskin

There has been a general trend in recent years towards free online banking as opposed to traditional banking. Opening an online bank account is now as easy as getting a free credit score, and just as beneficial. If you’re thinking about making the switch, keep reading to find out more about the ease of opening an online banking account.

What Does Online Banking Really Look Like

Online banking are banks that are free to issue their banknotes without regulations beyond those applicable to most common enterprises. There is no role for a central bank here, which is a beneficial way to avoid maintenance fees. Central banking in recent years has come to be seen as unnecessary by newer generations because of these avoidable fees.

Easy Accessibility

Another appeal of online banking is the ability to access your bank at any time, and any place. Long over are the days of waiting on your bank’s clock, waiting for opening hours or being unable to review at your accounts after work. This availability puts the power in the bankers’ hands, instead of waiting for a teller to be at their job.

No Minimums With Online Banking

A great draw to online banking is no minimum requirement for your balance. This takes the pressure off having to worry about making enough direct deposits into your account. This applies for most online banks, making it much easier for those who don’t have a steady income currently.

No ATM Fees

With several free online banks, there are financial services that offer accounts with zero ATM fees.

For example, MoneyLion is a money-saving service that keeps your money in your account. MoneyLion is available through more than 55,000 fee-free ATMs across the globe, meaning no ATM fees. This is a sign of a reliable online banking service, as most will be part of an ATM network with thousands of easily acceptable ATMs across the globe. These ATMs can also be located through your mobile device.

Available Customer Service

While several online banks are operated through AI and Robo advisors, that does not mean online banks neglect the need for human contact while you’re banking. If human contact is important to you, then Ally Bank (NYSE: ALLY) Interest Checking could be the most viable option for you. Their customer service is accessible 24/7, so you will always have someone to guide you through any problem with your banking activity. They are also very ATM fee-friendly and provide a $10 monthly reimbursement for fees charged at other ATMs nationwide.

Cash Back Rewards

Lastly, online banking often comes with rewards systems, such as offering cashback for their customers. A reward of using MoneyLion is users can take out a loan from their planned future income, and pay back the money at their own pace.

This removes the stress of deadlines from a certain loan when life gets in the way.

MoneyLion has entered into a compensation arrangement with Benzinga under which MoneyLion pays a fee for marketing and advertising services. MoneyLion does not have editorial control over the content of this material. MoneyLion does not adopt, endorse, or guarantee the accuracy of content posted by Benzinga, and such content does not represent the views of MoneyLion.

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