The traditional banks offering a storefront since the dawn of time have seen, since the advent of digital technology, steal the show by online banks only accessible by interest. Some people like both and have both a physical branch and a virtual bank account. Others prefer to have only one account. So online banking or traditional banking? What differences?
The ease of opening an account: an advantage for the traditional bank
When opening an account will you be better received in an online bank or a traditional bank? Physical banks are less careful about the importance of income for people wishing to open an account. To be accepted as a customer by an online bank you will have to prove a minimum salary or failing that, a solid savings. Clearly, the higher your income, the greater your chances of opening an account with a bank chosen from among the best online banks are important.
The current service offer: no difference between an online bank or a traditional bank
To open a bank account, carry out traditional operations (direct debits, transfers), take out savings, we can say that there is no difference between the two forms of banking establishments. Check discounts for online banking customers can be mailed or deposited with a traditional bank affiliated with the network. (Online banks are generally subsidiaries of a traditional bank). For current services, online banks or traditional banks are all very well placed.
The diversity of more targeted banking products: an advantage for the traditional bank
With regard to the offers offered, physical banking is much more efficient. You can take out a mortgage, invest in the stock market or build up savings that are perfectly suited to your future projects. The savings products available on online banks, on the other hand, are much more limited. This difference between an online bank or a traditional bank is to be taken into account if you plan to diversify your savings by spreading them over specific products.
The amount of bank charges: advantage for online banking
The main reason that pushes the French to turn to online banks are their rates much lower than those charged by traditional banks. The reason is that virtual banks have no branch network to maintain and therefore less staff, which allows them to offer extremely low rates with services that are sometimes completely free. According to online banks, the customer can thus obtain (subject to acceptance) a free bank card, reduced rate agios and not have to pay account maintenance fees or intervention commissions in the event of rejection. debit.
At the end of the year, a traditional bank will always prove to be much more expensive than an online bank, especially for customers on a tight budget who often use their overdraft.
Certainly, on the aspect of banking fees, online banks largely dominate the battle between online banking or traditional banking. However, it should be noted that they are never completely free and the prices applied vary according to the brands. To make the right choice between an online bank or a traditional bank, it is strongly recommended to compare the prices charged for each of them.
The hours and the availability of advisers: an advantage for online banking
The customer relations department of an online bank always offers a much longer time range than a traditional bank branch which generally closes its doors no later than 6 p.m., closes during the midday break, on Saturdays or Mondays.
The customer of an online bank is welcomed from Monday to Saturday on much wider opening hours (sometimes until 8 p.m.), without interruption during the day. This “non-stop” reception is particularly practical for people who work and need to reach an advisor during their meal break.
When you call in a traditional bank, your dedicated advisor is not always available, especially when he is on an appointment, which means you have to call back or wait for a call back. If we compare the accessibility of an online bank or a traditional bank, we see that the customer service of a bank on the Internet is much more accessible and often reachable more quickly. You do not have a dedicated advisor but a professional is always there to answer you. It offers a range of means of communication (telephone, email, chat, sometimes video) which facilitates remote exchanges.
Human contact: an advantage for the traditional bank
Online banks only offer a remote service, while traditional banks that operate in branches have a dedicated advisor for their clients. Some profiles of people appreciate this reassuring relationship and criticize the reception of online banks for a form of impersonality.
Online banking or traditional banking? The game is tough because each has its own advantages and disadvantages. This little comparison may have given you a first idea to make your choice.