Who Does Online Banking?

[MLarson]

I have come across them online, places like SoFi, Discovery, Barclays and others that promise APY savings rates up to %3.20 and above.

How many of of you use them and what are the great things about them and what are the risks and is it worth it.

 

[Fury]

Like an online only bank?

Online banking is just using a website or app for any bank

 

[SmoothPies]

If you're referring to a high yield savings account like the ones you mentioned, there is virtually no risk as they are FDIC insured up to $250K.

They are great for emergency savings, not great for long term investing as they don't come close to the market returns

 

[MLarson]

Like an online only bank?

Online banking is just using a website or app for any bank

Yes, an only online bank.

 

[Brom Bones]

I have come across them online, places like SoFi, Discovery, Barclays and others that promise APY savings rates up to %3.20 and above.

How many of of you use them and what are the great things about them and what are the risks and is it worth it.

I use Capital One as my checking account and Ally as my online only savings account. The accounts are linked and I only keep small amounts in the Capital One. The rates for Ally are very good. I'm very happy with this setup.

 

[Tone C]

I use an app only bank for my card spending like food or fuel and the money for the mortgage, gas bills etc comes out of another bank .

I keep a rough amount in the app only to cover my monthly spending and there's 10 savings pots alongside the current account and I keep some extra money in there for unexpected expenses.

The mortgage and gas, electric etc debits I know what is coming out and can put that in there each month. This account is app and phone based .

I have another account for paying cheques or cash into which has a physical presence on the high street still so I can use a branch .

And I have an interest free savings account that I keep the bulk of my cash savings in ( also online) and a couple of shares / ETF dealing accounts .

 

[chardog]

yes, have used various online only banks, they give decent interest rates, better than letting inflation eating it up, however, it's mainly a staging ground for investment.

 

[lsa]

I only do my banking online.
I have one online only bank my regular bank... I am not even sure if they still have any offices you can visit.
Everything is done online these days.

 

[GSP_37]

I tried online banking for bill payment and ended up having to rush to the nearest branch to prove I'm me. I'm guessing online only would do that via video conference. The stupid bank must have put someone else's phone number as mine when they upgraded their computer system.

With one utility bill, if you pay the bill at the bank, they charge you a bigger fee than last year's fee. If you want to pay electronically, there's a fee. Only if you pay by check in the mail, there's no extra fee. You'd think they'd want electronic payment and not discourage it with a fee.

 

[JudoThrowFiasco]

I do all banking online. Don't really need a teller for anything these days.

If you're asking have I ever used an online only bank? Yes for subscription or merchant purchases from China.

 

[Meatspin]

Yeah have been for ages. No issues.

 

[TheChance]

I only do my banking online.
I have one online only bank my regular bank... I am not even sure if they still have any offices you can visit.
Everything is done online these days.

The fact a feline endorses online banking is reason number 957 I don't do business with bankers or the government over the phone or the internet. They all Shifty fuckers.