There are so many banking options that it can be overwhelming to choose a bank. One thing you choose is if you want a traditional bank or online bank for your financial services. Both traditional and online have positives and negatives that just depend on your own needs to choose which one you’d like to bank with.
Traditional banks have brick-and-mortar locations. You can walk into a traditional bank and have interactions with staff at the bank. You’ll be able to deposit money and withdraw money at the physical location and have your money in your account or in your hands at that moment. You might not get the best interest rates for your accounts, but you know you’ll be able to build relationships with the staff which can help if you need a mortgage or small business loan.
Online backs are all virtual. They have no physical locations. You won’t be able to talk to anyone in person, but there are 24/7 phone and chat options for help. You will have to make online deposits and transfer money between a traditional bank to withdraw cash or opt to not use cash. You will find higher interest rates and fewer maintenance fees at online banks because they do not have the same overhead as a traditional bank.
