MoneyWise


Advantages of Online Banks

December 13, 2018

Once upon a time, going to the bank was a regular part of life in America. But online banking has made most trips to the local branch unnecessary. So is it time to ask, “Do I need a brick and mortar bank at all?”  Online only banks are doing everything they can to lure you away from your traditional bank, starting with competitive interest rates. On this MoneyWise, Rob West and Steve Moore look at the advantages of using a bank whose only branch is in cyberspace. 

Next, they answer your questions at (800) 525-7000 and questions@moneywise.org about the following: 

  • If you've been married for 5 years and have a Roth IRA and a 403(b), should you withdraw from the 403(b) to pay off a small amount of debt before you begin to have children?
  • If you co-signed on a $15,000 loan for your daughter in 2009 and 10 years later, she still owes $12,000 because she's a single mother and can only make the minimal payment, should you pay it off for her?
  • If you're wanting to start investing and trying to decide between the stock market or gold and silver, how do you decide? 

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