Everything You Need to Know About Online Banks. For Real.

Now that every bank’s online—we’re talking credit unions, we’re talking financial institutions with checking and savings accounts—it’s almost as if the old way of banking has become obsolete. Couple that with the global pandemic and you got yourself little reason to enter a brick-and-mortar building to do your banking.

In a nutshell, online banking offers everything you’d get from visiting a teller—not Miles Teller, he’s doesn’t own a bank but he may have an online savings account at one of the safest online banks that we love. You never know. Quick movie pitch: Miles and Michael B. Jordan play small business owners who sign up for two online only banks and compare ATM fees. Timothée Chalamet is obviously involved. Working title: Minimum Balance. We’ll get started on that script, while you sign up for online banking.

Yes, they do. One of the main concerns people have about doing their banking from an app is client services. We’re right there with you. At Wealth Rocket, we value the human aspect of in-person banking. When something goes wrong, you waltz—or run, or walk, or perform whatever TikTok dance is trending—into your branch and have a teller sort it out. The best online banks have customer service options too. Should something go wrong with your account, it can be fixed ASAP.

Even the Canadian Big 5 and the biggest American banks made a splash as they cannonballed into the pool of online banking. If you live in North America and want to bank online, you have more than enough options, whether it’s ole faves like Capital One and BMO or newcomers like Ally and EQ Bank.

When you sign up for an online bank, you’re getting major bonuses. Because they don’t need to pay overhead like a physical location, you get access to higher interest rate and fewer fees. There’s also the convenience factor involved since you can pay bills, deposit checks/cheques and send and receive money without getting out of your sweatpants. In fact, nobody should get out of their sweats ever. We’re not in our sweats now, but we wish we were.

Another most excellent —Bill and Ted forever!—feature of online banks is their versatility. If you’re using a budgeting app, you can link your bank account to keep tabs on your spending. This is crucial if you’re trying to save money or simply want to stay on top of your finances.

Banking online also provides an added layer of security since the funds you deposit into online only banks are protected by the Federal Deposit Insurance Corporation (FDIC) in the United States and Canada Deposit Insurance Corporation (CDIC) in the True(deau) North Strong and Free.

Online banking has technically been around since 1982 when the Bank of Scotland partnered with Nottingham Building Society’s Homelink service. However, it didn’t capture mainstream attention until 1997 when Japan’s Sumitomo Bank pioneered the first online banking service. Nowadays, banking online is easier than ever. You don’t have to worry about dial-up internet and having to yell at your sibling to get off the phone so you could add Nine Inch Nail lyrics to your AIM away message. The 90s were wild. What’s not wild, is Wealth Rocket. We’re experts in the field of finances and are here to help you sign up for the safest online banks. Brick-and-mortar banks still exist, but online banking is safe, easy, and sweatpants-friendly.