Are Traditional Banks Really Necessary?

Are Traditional Banks Really Necessary

Getting ahold of your finances shouldn’t be uncomfortable – never-ending queues, limited hours, awkward interactions, it can be an absolute nightmare. Thankfully, due to being in the midst of the digital age, it’s a nightmare that you can now wake up from.

With the rise of app-based banking, do we even need traditional banking anymore? Don’t get us wrong, there are some benefits of traditional banking, but do they outweigh the negatives?

We’ve created a table below to break down the positives and negatives of traditional banking to help you decide for yourself:

BenefitsDisadvantages

More options:

You can open a personal savings account, trust fund, checking account, and many more – all under one roof.

Long queues:

Don’t think we need to explain this one, we’ve all been there🙄.

It’s more personable:

Advice you seek will be tailored towards your financial situation.

Awkward interactions:

Your finances are such a personal thing. It could be an awkward experience discussing it with a complete stranger.

No ATM fees:

Traditional banks often own ATMs which are free for their customers to use

Less flexibility and availability:

Traditional banks are limited to an opening and closing time which could be impractical for you. When you do manage to catch the bank early before opening time, or just before closing, it’s likely that you won’t be the only one, and you’ll have to join the queue😪.

No minimum balances:

Unlike virtual banks, traditional banks do not require you to have a minimum balance to unlock access to low/ no fee accounts.

Possibility of security threats:

Although this is unlikely, traditional banks are still exposed to the risk of bank robberies.

Still not sure whether you want to detach yourself from traditional banks? It is a big decision so we understand. Why not try Curve and get the best of both worlds? When you download the Curve app and add all your cards, we’ll pop a stylish Curve card in the post.

Via our app, you’ll be able to control which of your existing accounts will be the main one used on your Curve card, this will be the card you pay for products with. You can swap the main card around in the app at anytime.

And you can also gain access to various features. These include the chance to Go Back in Time so you can switch the account charged for a particular purchase or service, for whatever the reason, for up to 14 days after purchasing*.

You could also gain access to 1% cashback at 3 retailers as an introductory offer of 90 days* 💸. We have 3 tiers available, each with different perks*.

Download the curve app now to find out more. Fast track your journey to financial freedom today.