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How Banks Nowadays Differ From Banks In The Past

There have been significant changes in finance and technology and this has resulted in a drastic change in how banking works in the last several decades. But how does banking today really differ from banking in the past?

Well, the recent technological advancements have really made a big impact on the banking industry. Nowadays, our funds are at our fingertips, thanks to the introduction of mobile banking. Whether it is the transfer of funds from one account to another or sending money to another person, all this can be done using a smartphone regardless of where you are as long as you have internet connectivity.

To properly understand how substantial the change has been in regards to interaction with banks, you need to look at the different methods that are common among consumers nowadays.

We’ve mentioned the utilization of smartphones in keeping track on funds, but just how are individuals doing this? Well, for most people, it is just as simple as downloading the bank’s application, which almost every bank has nowadays. Once you have set up a PIN, for obvious reasons, it is up to you on what you want to do, whether it’s a quick glance at your balance or want to transfer money from or to your savings account, you can do it all, at the comfort of your home. Most banks ideally allow you to pay your contacts from your phonebook, which has been a game changer in baking convenience.

Not only that, but you can even deposit checks straight from your smartphone. The best part is that you do not need an additional device that plugs into your phone. You just sign the back of the check, take a photo of both sides and then send the images to the bank via the app. This, obviously saves you time and the hassle of having to physically go to the bank and wait in a queue in order to be served.

Well, it is not just smartphones that have brought a massive change in the way we do banking nowadays. ATMS have ideally had a makeover as well. In the near future, you will be able to withdraw money from the automatic teller machine without a bank card. Instead, you will be able to utilize your smartphone to scan a QR code which shows up on the ATM’s screen. You’ll then be asked to select the amount to wish to withdraw on your phone and then get an authentication code which you enter into the machine and instantly collect your cash.

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Save Your Money with Online Savings Account

Only the valued customers of a bank can get high yield savings accounts. However, this is not the case with online savings accounts, in which anybody could have high yield saving, only, with some extra fret.

An online savings account is very convenient to use. With an online savings account, you will be able to fund at any time. It just requires 15 minutes to start an online savings account.

High-Interest Rates

In general, online savings account offers high-interest rates. The reason behind high-interest rates is that: the Internet allows you to link your accounts and manage transfers easily when compared to traditional banking. In general, very little restrictions are required for online savings accounts.

High Yield Savings Account

Most of the online savings accounts do not charge any service fees or force you to maintain any minimum balance. In addition, with just $1 as your initial, you can open a high yield savings account. From this, you can link your high yield savings account to your existing checking account and other transactions.

It is very simple; you can move your money back and forth with the very best online savings accounts.

Another thing is that a Money Market Fund Account with checks and a debit card, for example, can supplement a Capital One High Yield Savings Account more. You can have better access to your money with just a $100 minimum as compared with having only a free checking account.

Higher Annual Percentage Yield

You can get higher Annual Percentage Yield (AYP) with an online savings account. Therefore, it is an efficient method for getting more earnings. Few online savings accounts even offer an automatic savings plan or additional products and services, which allow you to purchase something online, pay your bills, or get a mortgage, etc.

Drawbacks of Online Savings Account

  • An online savings account could hold you back since some of them impose a prolonged hold time on deposits, which could even extend for a period of 10 long days.
  • Another demerit of online saving account is that you need to wait for a longer period for clearing of checks and you definitely cannot ask for cashier’s checks when you actually need to.
  • Another thing is that you might find it difficult for spending your money except that you have a Money Market Fund Account and this account may still not work to your advantage because the checkbook offered by it needs a minimum amount of $500.
  • Yet, another big drawback of online savings account is that it may have a bad customer service, which may not be backed by FDIC security insurance, or it may experience technical problems that could leave you without any money for your emergency requirements.
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