You may have noticed we didn’t talk much about convenience above. That’s because pretty much all banks let you do at least some of your banking online.
Almost every bank we’ve seen offers an app or website that allows you to look at your account balances and make transfers. So you can do a lot of your banking on your own schedule, whether you have downtime while waiting for a client or you prefer to balance accounts at 2 a.m.
But don’t be fooled into thinking that the “online banking” from traditional banks is 100% online. Most of those banks require you to visit a branch in person to set up a bank account in the first place. Online-only banks, of course, let you sign up entirely online. Likewise, with traditional banks, you’ll still have to make cash deposits (and sometimes check deposits) in person too.
Of course, traditional banks do offer one convenience that online banks can’t compete with: if their website goes down (sigh), you can always go into your local bank location to do your business. With an online bank, you’ll just have to wait it out.