Australians have traditionally gone to their local bank branches to manage their finances. Whether it’s to deposit money, pay bills, update their details or apply for loans or investments, customers have relied on the nearest local branch to ensure smooth transactions. In this day and age of technological advancements, even the banking industry has gone digital. Transactions that used to be done in traditional local bank branches can now be done online. As if this is not fast and efficient enough, a new player in the industry emerged – online-only banks.
Online-only banks have less overhead costs. This results to lower and fewer fees and even lower home loan interest rates.
As the name suggests, an online-only bank offers products and services completely online. This means that you can manage your Australian bank account using the internet and your computer or smartphone. One of the advantages of an online-only bank is since it has no local bank branches, it has the capacity to offer discounts and savings to customers. How? Online-only banks have less overhead costs. This results to lower and fewer fees and even lower home loan interest rates.
If you’re always on the go and feel like going 100% digital for an Australian bank account is a good idea, here are some things to take into account:
Compare bank accounts
There are online-only banks which focus on transaction and high interest savings account, while others specialise in offering credit cards and loans. Make sure to compare the products and services of several online-only banks to see which has the best offer.
Know the Australian bank interest rates
Different banks offer different interest rates and in general, online-only banks offer discounts and savings in their services. Look at their interest rates and see how they fare against the competition.
Try their online banking platforms
Since everything will be done online, it pays to know how to use their online and mobile banking platforms. Make sure that these are user-friendly. It’s good to read reviews online about their platforms, as other customers give feedback on their user experience.
Check device compatibility
Avoid the inconvenience of not being able to use their banking platform or app because it is not compatible with your phone or tablet. Make sure that you have easy access to your bank account by checking the supported devices of the bank.
Ensure that it has a good record
It’s important to choose an online-only bank that you can trust, one that can take good care of your hard-earned money. Do your homework and find out if the bank has a good reputation. You can likewise read reviews and ask friends who already have accounts in online-only banks. In this way, you’ll have an idea if they meet the customer’s needs and expectations.
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