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They offer better rates and lower fees, that's why they are popular. Their cost of operation is lower than a traditional bank (no physical locations) and they
by max51 4y ago
They offer better rates and lower fees, that's why they are popular. Their cost of operation is lower than a traditional bank (no physical locations) and they normally pass a big portion of that saving on the costumers. In my region web-only banks are the only ones who can offer accounts with 0 fees, no transaction limits and their saving account interest rates are always higher (irrelevant these days).
- JumpCrisscross 4y ago> offer better rates and lower fees, that's why they are popular Sorry for being unclear, I was comparing neobanks with other online banks. The advantage over those with brick-and-mortar locations is clear. Apart from the subprime market, which American neobanks have targeted and who may have trouble accessing higher-aiming online banks, I don't see the pitch.