Online banks have become a popular choice for consumers recently. With the emergence and popularity of online banking, some banks have been formed with the purpose of offering bank services completely online, without any local branches.
While the big banks, and many of the smaller banks have embraced online banking, new banks have started with the idea that online banking can be enough. These banks generally offer most of the same services as traditional banks with branch offices, but because of their lower overhead, can pass savings to their customers by lower fees, higher interest rates on deposit accounts and lower interest rates on loans. This doesn't guarantee that online banks with offer money saving options, but for many of these banks, these are some of the primary selling points.
Other than the lack of branch offices, and the ability to walk in an deposit checks or withdraw cash, online banks offer many competitive services. Online banks offer almost every other product that you can find at your local bank. Checking accounts and savings accounts, are the norm, while some on line banks are even offering Mortgages.