You may have never thought about switching to an online bank before — but it’s a good day to reconsider. Today is National Online Bank Day, first introduced in 2015 by Ally Bank to “emphasize the value, ease and convenience of banking with online-only institutions on Columbus Day, a day when most traditional banks are closed.” The holiday is observed the second Monday in October — but unlike traditional brick-and-mortar banks which are generally closed on their holidays, online banks are not.
The holiday is a great time to get acquainted with the exclusive benefits and rewards offered by online banks, especially now that 4 in 10 Americans manage their bank accounts online, according to a 2017 survey from ABA Banking Journal. In fact, the survey also found that only 18 percent of consumers conduct their banking in a branch. That may be because, in addition to 24/7 access and convenience, online banks often offer consumers more ways to manage their finances, lower fees and competitive interest rates.
Ally, in particular, has consistently earned a reputation as one of the nation’s top online banks.
If want to get in the spirit of the holiday or if you feel like online banks might be calling your name, find out how to maximize your savings account, open a new online account and post on social media using the hashtag #onlinebankday.