Do you want to open a new bank account but hesitate between online banking and traditional banking? Do not panic !
Just keep in mind that the choice should be made on the basis of your needs while considering the pros and cons that you will be dealing with with these 2 types of banks.
Discover our advice to help you choose between online banking and traditional banking.
Choose the type of bank according to your needs
The choice between online banking and traditional banking depends mainly on your actual needs. Generally speaking, 100% online and traditional banks stand out in many ways.
In particular their mode of operation, their products and services, their pricing policy, their commercial attractiveness, accessibility to services and security, etc. It is important before you decide to clearly define your needs and expectations regarding each of these particular points.
Consider the advantages and disadvantages of online banking and traditional banking
To make the right choice, it is also essential to learn about the strengths and limitations specific to each of these forms of banking. You can then assess them against your needs and choose the type of bank that best meets them.
Some advantages and disadvantages of online banking
Thanks to dematerialization, online banks are able to offer you banking services with more flexibility and at more attractive prices. They are subject to the same regulations and guarantee security comparable to that of traditional banks. But this is not without drawbacks.
The advantages of going through an online bank
- Competitive offers and products in addition to those already offered by traditional banks
- Lower rates and free services
- Account security and deposit guarantee
- Maximum availability (remote access to services, customer service available until 10 p.m. / week)
The disadvantages of going through an online bank
- No appointed advisor
- Cybercrime and risk of account hacking in the event of the cardholder’s negligence
- No physical agency
Some advantages and disadvantages of traditional banking
Traditional banks inspire much more confidence than their virtual counterparts even if the level of security remains the same. You can access all common banking services and even some digital services (depending on the bank) but with less flexibility and at unattractive costs.
The advantages of going through a traditional bank
- Take advantage of all day-to-day banking services
- Appointed advisor
- Personalized customer service
- More developed agency network
- Security and more confidence
The disadvantages of going through a traditional bank
- Expensive and not always transparent prices
- Less flexible account management
- Smaller service hours