The traditional banking system has been around for centuries, and it works fine for many consumers. However, with the advent of digital technology, there has been a growing trend in the banking industry towards online banking. There are many benefits to using an online-only bank, and they can be a great choice for many people.

First of all, online-only banks are highly convenient. You can access your accounts and manage your finances from anywhere at any time, as long as you have internet access. This means that you don’t have to make extra trips to a physical bank location, which can be especially helpful when time is tight. In addition, you can set up automatic bill payments and transfers, giving you more control over your finances.

Secondly, online-only banks typically offer their customers better rates than brick-and-mortar banks. Online banks do not have the overhead costs associated with physical locations, so they are able to pass these savings on to their customers in the form of higher savings rates, lower loan rates and lower fees.

Thirdly, online-only banks generally offer more specialized services than traditional banks. For example, many online banks offer online investments, and increasingly