What is an internet bank
An internet bank is a bank that is fully operational exclusively on the internet. With the rise in internet activity over the last decade, internet banking has significantly increased in popularity in recent years, with many banks establishing themselves as fully operational internet banks.
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Internet bank explained
An internet bank is a bank that provides the same services as a physical bank, but is based exclusively online. It is an extremely fast growing industry, and relates to all banking services that can be carried out through the use of the internet. Internet banks were first established as a branch of traditional banks that developed into internet-only banks. These banks were developed without a traditional banking infrastructure with the intention of providing savings accounts with high interest rates, and loans with low interest rates.
An internet bank enables customers to set up a bank account that provides all the services offered by physical banks. This includes both transactional and non-transactional services, including investment purchases and loan applications as well viewing transactions and downloading bank statements. The availability of internet banking enables all of the above and more to be carried out instantly, thus increasing the accessibility of one’s account.
An internet bank boasts a range of benefits, including competitive interest rates for personal accounts, which are usually higher than those of a physical bank. They also offer low interest rates on loans and mortgages, which are usually highly competitive with traditional bank rates. This is because an internet bank does not have maintenance fees or running costs, and is therefore able to offer more competitive rates. In addition, an internet bank usually allows a very low minimum balance requirement, along with lower or even zero set-up fees, depending on the internet bank you bank with. This is because the internet bank does not require a teller to conduct the account’s set up, and therefore service fees are much lower.
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