Everything is going digital including institutions that used to require our presence such as schools, churches, and even banks. Some are older banks that still have a physical presence but have created apps to keep up with the trends and attract younger people. Others are purely digital banks that have sprung up to offer alternatives and innovative features. Below are some of the best digital bank Australia perks:
Fast Online Sign-ups
People don’t have to go out of their homes just to open an account. They simply have to download the mobile app and follow the prompts to sign up. The required documents and IDs can be sent by taking a picture of them. The signatures can be written on the screen itself. This process is fast with most sign-ups being completed within minutes. After that, a person can begin to use the app features and deposit money into the account.
Competitive Interest Rates
The typical savings account in traditional banks don’t offer much of an incentive to depositors. The rates are low which makes it hard to keep up with inflation. On the other hand, digital banks make it a point to attract depositors by offering higher rates to help their money grow. They may also offer loans at competitive interest rates. This can help people bridge financial gaps without taking on too much of a burden.
Low Transaction Fees
Best digital bank Australia customers benefit from the low transaction fees when using the apps. They can transfer money to other banks and make ATM withdrawals without having to pay so much for the services. Some will even waive the fees altogether. This allows people to manage their accounts better without worrying about the costs of moving things around.
Saving and Spending Insights
Some apps keep track of spending habits. These can provide people with statistics about how they use their money. The insights gained from the tracker can help improve financial savvy. They will know when they are going overboard so they can reduce online purchases. They may be able to save more money faster by tracking their progress closely. Achieving goals is more likely.
Deposit Protection
Certified banks whether traditional or digital will be able to offer financial protection for their customers. Deposits up to a certain amount are insured such that people can get this back no matter what happens to the banks. This should give everyone peace of mind about their money.