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Why You Should Switch To An Online Bank, Even If You Aren’t Already

Moneymagpie Team 19th May 2023 No Comments

Reading Time: 3 minutes

Online banking has revolutionized the way we handle our finances in modern society. Despite its immense popularity, some individuals may be apprehensive about adopting it due to security concerns or lack of technological expertise. However, with advancements and cutting-edge security measures, online banking is a reliable option for managing your finances conveniently and securely from anywhere at any time. The advantages of online banking are countless, making it imperative that you make the switch today. Keep reading to explore why even if you haven’t already embraced this trend yet!

Encrypted Security

In today’s digital age, where cybercrime is on the rise, it’s natural to have concerns about online banking security. However, Varo Bank is one of many leading online banks that offer 256-bit AES encryption. This state-of-the-art encryption technology aims to provides a robust and impenetrable shield against any unauthorized access or breach attempts- giving you unparalleled peace of mind when it comes to safeguarding your sensitive financial information from potential threats in the virtual world!

No Minimum Balances To Open An Account

The freedom and flexibility offered by online banks are unparalleled. Unlike traditional brick-and-mortar banks, which place a burden on their customers with minimum balance requirements to avoid fees, online banks provide options that are tailored to your individual needs. With no restrictions in place, you can open an account with any amount of money and never feel compelled to maintain a specific balance.

This convenience is especially valuable for those who are just starting out on their savings journey or who may not have significant cash reserves but still want the opportunity to save toward future goals. By choosing an online bank over its physical counterpart, you’ll be able to take control of your finances without worrying about arbitrary rules or penalties.

Higher Savings APY

Online banking offers a plethora of benefits, but one advantage that unequivocally stands out is the significantly higher Annual Percentage Yield on savings accounts. This can be attributed to online banks operating without physical branches and associated overhead costs; hence they are able to offer their customers substantially greater yields than traditional banks. Opting for online banking not only proves financially beneficial but also facilitates in building your financial stability with ease as you stand to earn larger returns on your savings.

Dedicated Customer Service

Contrary to popular belief, online banking offers exceptional customer service that is equally efficient and effective as a physical bank branch. From providing 24/7 access to customer service representatives to live chat support and email services, online banks have gone above and beyond in ensuring that their customers’ needs are met promptly and appropriately. No more waiting in long phone queues or visiting branches during weekdays; online banking offers the convenience of efficient customer service at your fingertips.

N0 Monthly Maintenance Fees

Online banking has several advantages over traditional brick-and-mortar banks, as we have already discussed. However, one of the most significant benefits that cannot be overlooked is the absence of monthly maintenance fees charged by online banks. This means that you can enjoy all the conveniences and perks offered by online banking without having to worry about paying regular fees to keep your account active.

If you’re still hesitant about making a switch from a conventional bank to an online bank, now is the time to take action. With no monthly maintenance charges weighing on your mind, it’s easier than ever before to embrace digital banking solutions and say goodbye forever to long queues at branch locations!


Online banking provides customers with an extensive array of benefits that are hard to match, from elevated savings APYs and unparalleled customer service to complete freedom from monthly maintenance fees. If you’re willing to embrace change and eager to discover financial solutions tailored towards your convenience, then online banking is unquestionably worth considering!

Online banking is the ultimate solution for modern customers’ needs, thanks to its accessibility and ease-of-use in today’s rapidly evolving world.. Not only does it offer a vast range of advantages over traditional brick-and-mortar banks but also switching seamlessly into digital banking solutions couldn’t be more straightforward or stress-free.

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence. 

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Jasmine Birtles

Your money-making expert. Financial journalist, TV and radio personality.

Jasmine Birtles

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