Online-only Banking, Online-only Bank
admin December 13, 2021

Unless you want to waste a set of splendid online facilities you can afford right now, you can read this blog.

We’re going to talk about online banking today, not because it has been the trend recently.

But because it is important.

It is important to the world.

And it is definitely important for the Brits.

Let us have a look at some statistics:

A conformed 76% of the UK citizens used online banking in 2021.

Okay, there’s more.

Today, you have got 83% of small and medium businesses in the UK to go for online banking.  

Let’s learn just a little bit more.

By the end of 2022, 38% of British citizens will either have an online-only bank account or wish to have one.

And 38% of the British population means 20 MILLION PEOPLE.

So, whether or not you’re feeling to have an online-only bank in 2022, then you must know that people are aware of it.

It is NECESSARY THAN JUST BEING AN ALTERNATIVE BANKING OPTION.

We’re going to find it out here in this blog.

So, read on.

Why Online-only Banking in 2022 Fetches Multiple Advantages

Online-only banks are now a reality, and businesses from all over the world depend on them.

Being more important than a trend, online banking can be a fantastic way to organise and secure your financial life. Transactions using cash is definitely good, but it is better if you try reducing that habit and shift the money more into the realm of the digital.

So, the doorstep loans in Ireland from the private lenders you have just taken out can be used the best if you deposit the money in your online-only bank account…

…or…

…start your first or another online-only bank account.

But, you seem to have questions, which all collect into a big ‘WHY’?

In that case, read the following points to find out the answers.

  • Yes, It’s Secure
  • Easier Deposit and Withdrawals
  • Brisk Banking
  • Manage Multiple Accounts Effortlessly   
  • An Affordable Banking  

Let’s know about these points in detail, shall we?

Also Read - How Can You Start Investing Even if You Are Not Rich?

Yes, It’s Secure

Don’t forget that online-only banks are backed up or secured by the same corporation that secures traditional banks.

Before starting an account in an online bank, just make sure if the accounts in that bank are guaranteed by the Federal Deposit Insurance Corporation or the FDIC.

The FDIC protects your account and its identity. It is also responsible for insuring $250000 (convert that to pounds) if any theft or mismanagement occurs.

However, such issues have zero to rare frequencies of occurring because online banking is more secured with tech features.

Like?

Well, you have obviously known about end-to-end encryption methods. A two-way authentication system allows you to secure your data and money in efficient ways.

In addition, the good news is that the banks constantly upgrade such technical measures with the help of their tech team and government regulations.

You’re safe.  

Easier Deposit and Withdrawals

You really don’t need to commute to a bank and put the money in your bank in order to deposit an amount.

You again do not need to do the same for gaining some quick cash.

You can pay your bills, subscribe to streaming services, buy your dog’s food or pay your kids’ online tuition fees…well…online!

Some online banks also offer the facilities of availing a debit card if your traditional bank ATM supports it.

Try to have a good word with your online bank professionals.

Also Read - 14 Strict Ways to Stop Impulse Buying

Brisk Banking

What does a doorstep loan in Ireland and online banking have in common?

Speed!

Paying your bills or transferring money in your mum’s account takes a second or two.

Plus, you don’t have to commute anywhere!

Manage Multiple Accounts Effortlessly

Transferring accounts in your banks can be lengthy.

Although you might have multiple accounts in the same bank, you still need to travel there and literally wait for up to 3 days in order to get the amount funded in your account.

With online banking, that issue is nullified.

Not only can online banking make fund transfers in a matter of seconds, but it also helps you view your transaction histories and track them in an efficient way.

You can also start an account much faster than starting an account in a traditional bank.

An Affordable Banking

The best thing about an online banking option is the low-interest rates.

You get surprisingly low APYs with the help of an online bank because of the lack of infrastructure.

Also, overhead costs are missing, and that naturally lowers the APY.

With online banks, you’d also get to access accounts like high-yield savings accounts.

You will also get to make certificates of deposits or CDs.

With many online banks, you will get the facility to start a no-penalty CD if you want early money withdrawal.

To Conclude

Well, online banking is going to rise more in 2022.

Why don’t you start educating yourself on online banking options from now on?

It can be assumed that you might start an online-only bank account soon.

You may take out loans for the unemployed in Ireland if you’re low in personal savings.

And this can be an exceptional way to start a new account too!