MoneyWise Live


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. 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. 

  • What’s the difference between online banking and online banks?
  • Is it possible brick and mortar banks will be a thing of the past someday?
  • Why would someone want to switch to an online bank giving up the feeling of security of going into their local bank branch?
  • What kind of good rates can you get online and name some other advantages to online only banks?

Next, Rob and Steve answer these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:

  • Is Robinhood a well known online bank and is there a site where you can objectively evaluate online banks?
  • If you're a co-signer on a loan for your brother who has recently had severe medical issues and is in the rears and now you've received calls from an institution offering lower rates, should you be suspicious of this offer?
  • If you keep seeing offers for credit cards that give you 10% discount, should you fall for it or stay away?
  • If you need to fix some things in your home and need to access some equity, is it best to use a HELOC or just refinance?
  • If you're attempting to set up an account at Robinhood and they're asking for info on your local bank, should you be concerned about this?
  • If you were over-charged for a 9 month learning program ($16,000 for a typically $1000 priced plan) and the learning institution has since close because of overcharging, can you go about getting this obligation discharged or cancelled?
  • What's the benefit of knowing your own credit score?
  • If you have a 403(b) from a previous job, what is the best thing to do with it?
  • If you really don't think you need a credit rating, is it OK to just go cash for everything?

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