Online Banking Has Come Of Age..
Money Magazine has a good round up of the strengths of online banking.
1. Yields - are generally higher online. And generally substantially higher. Compare 1-2% offline with 5-6% on. The question I put forward is are these sustainable and will they last as more money moves online and the incentive is not needed.
2. Convenience - 24/7 access. Most accounts give you an ATM card. There is no restriction now.. and the number of ATMs is growing.
3. Service - if you are happy with telephone service you will get 24/7.
4. Control - leans towards the same arguement as convenience and service. 24/7 access means you are in control of you money, and because the industry is so competitive you can easily move your money between providers, without penalty, because the standard is at-call, not term deposit.
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