Digital banks have been on the rise for the past couple of years. Maybe you’re thinking about making the switch? We’re here to breakdown the pros and cons of digital banking, and help you decide whether it’s the right choice for you. We know how you like to stay in control of your money. 😉
With a digital bank, you manage all of your finances online or via their app. There are no physical branches that you need to visit. There are also extra perks to digital banking that can make your life easier. Here are those the pros and cons. 👇
- On the go banking – You can manage everything conveniently from your pocket – as long as you have internet connection. No need to head to a bank or wait in long queues.
- Save on fees – Because digital banks save on operating fees spent within a branch, in general you pay less bank fees. This also means the interest rates are normally higher for savings accounts.
- Be Green – No more paper statements = more eco-friendly.
- 24/7 customer support – A lot of digital banks have 24/7 customer support in app. This means you can contact someone whenever there’s an issue and sort it quickly. Say hello to peace of mind.
- Security – With most digital banks, you can freeze and unfreeze your card in the app, giving you ultimate control over your money in case something goes wrong or you lose your card.
- Spending insights – Online and app-based banking have also developed clever tech to manage your spending habits. You can enjoy real-time spending updates, budget forecasts and tools like bill-splitting.
- Overseas spending – A lot of digital banks also allow you to spend and send money abroad without any fees.
- Missing bank services – Occasionally services digital bank services are a little more time-consuming:
- Cash and cheque deposits: This may take some time and effort to get done. Most digital banks do allow you to deposit via pay points across the UK. But sometimes cheques need to mailed in and processed, which takes more time than traditional banks.
- ATMs: As they don’t have their own ATM machines, you need to be careful certain ones aren’t charging you fees to use them.
- Digital security – There’s also a new threat that comes with banking online or via an app. You have to be extra careful with phishing scams and stay on top of your login details and passwords.
Overall, digital banking is an innovative and convenient improvement on traditional banking. You can decide whether you think you will benefit from what it offers. It might be that you’ll miss those trips down to the bank too much.
But hang on a sec… one digital financial service you’d be mad to miss out on is Curve. With us, manage all your Visa and Mastercard bank cards and credit cards on one simple, stylish card and our smart app. You get more financial control with real-time alerts on what you’re spending across all cards. But there’s more – you can enjoy 1% instant Curve Cash (as a 90 day introductory offer)* on a range of top retailers on top of the rewards from your other credit cards.
Plus, check out our unique Go Back in Time feature which means if you paid with the wrong card, you can switch the card you used, for a purchase up to £1,000 and within 14 days.* It’s the kind of time travel that would put the Avengers to shame. ⚡️
Download now to upgrade your spending and take control of your finances.