It is common practice to store our salary or life savings in banks. This is because, like other financial institutions, they guarantee the safety of our money. In addition, we can earn interest on our savings, and whenever we need our money, they are often made available. However, what if you don’t wish to store your money in a bank? Is it possible to store your money online without the aid of a bank? If yes, how do you go about it?
The best way to store money online without a bank is by leveraging digital banking platforms. These platforms help keep users money secure and also offer them a means to transfer, spend, and sometimes withdraw their money. Examples of these platforms are Axos Bank, Discover bank, etc.
Many individuals keep their money in the bank. In fact, many people are so used to keeping money in the bank that they aren’t even aware that other alternatives are available. But why would you even store your money elsewhere in the first place? There are several reasons, one of which is the charges associated with bank transfers and withdrawal. Also, bank transactions can be slow. So, if you are looking for how to store your money online other than keeping it in the bank, this article is for you. In this article, I have highlighted what digital banking platforms are, the types, and how to select the best.
If Your Bank Account Is Levied, Can You Open a New Account?
How to Store Money Online Without a Bank Account?
Banks, no doubt, are one of the best places to store your money. They provide optimum security to depositor’s funds. In addition, they provide you with numerous means to withdraw, send, or spend your money, and lots more. But, what if I told you that there are other better ways to store your money aside from depositing it in a bank?
In other words, what if I told you that there is a way to store your money online without the need of a bank account? Impossible, right? Well, nothing is impossible when in the modern age we find ourselves in.
Digital Banking Platforms – The Best Way to Store Your Money Online:
If you aren’t a fan of contemporary banks, who use bogus charges to scare customers away. Or, if you don’t own a bank account for one reason or the other, it is best to leverage the method of storing your money.
Like your banks, most digital banking platforms are secure, easily accessible, and convenient. Offering the ability to access, use and transfer money through mobile devices, this method of storing money lets users see their account balances, pay bills, transfer money, apply for loans, and make purchases on the go. With these platforms, you don’t need to leave your home. Transactions can be done in the comfort of your bed, sitting room, etc.
Let’s take a good look at what digital banking platforms are
What Are Digital Banking Platforms?
Digital banking platforms are financial services that are provided solely online, unlike online banking that refers to online components to banking systems that also have brick-and-mortar operations (also regarded as traditional banking).
Digital banking depends on process automation and web-based services. In some cases, digital banking platforms also allow for cross-institutional transactions and it offers the ability for users to access financial information via desktop, mobile, including ATM services.
Below are some digital banking features and capabilities.
Digital Banking Features and Capabilities:
The banking features common to most products in this category are:
- Standard checking and savings account with competitive interest rates to traditional banking
- Mobile apps for convenience
- Rea-time transaction alerts
- Digital wallets ( cardless/checkless payment systems)
- Person-to-person payments
- Remote deposits
- Financial management tools
- Deposit insurance
- Free ATM transactions with participating sister branches
- Data encryption and compliance with international security regulations
Having understood what digital banking platforms are and the features they boast of, let’s revisit the crux of this article. How do you store money online?
Of course, it is by leveraging digital marketing platforms!
These platforms allow you to store your money online without the need of a bank account. In addition, they make your money available whenever you wish. For example, whenever you want to transfer your money to a loved one or use your money to make a purchase, you can easily do that with the platform. In addition, transactions made using these platforms are usually fast, unlike banks who often delay some transitions.
If you wish to leverage this method of storing money online, you may want to know the various digital banking platforms. I have mentioned a few below.
Summary of Best Digital Platforms 2021:
| Axos Bank | Best Overall for Online Banking |
| Varo Bank | Best for High-Yield Savings |
| nbkc bank | Best for Combined Checking and Savings |
| Ally Bank | Best for Customer Experience |
| Quontic Bank | Best for Cash Back Rewards |
| Discover Bank | Best for Avoiding Fees |
| iGObanking | Best for CD Ladders |
| Chime | Best for Automated Savings |
| Salem Five Direct | Best for High Balances |
| Bank5 Connect | Best for Combined Interest and Rewards Checking |
Now, let’s delve into the general benefits of using digital banking platforms.
Benefits of using digital banking platforms:
While there are several benefits attached to using digital banking platforms, we will take a look at the significant advantages.
- Convenience: You can send, transfer, and manage your money with ease.
- Faster: you don’t have to wait for two days or more before a transaction clears.
- Safety: Most digital banking platforms are pretty safe and trusted.
Before you sign up for any digital banking platform, ensure you do your research.
Can a Spouse Override a Beneficiary?
Can You Receive Money Without a Bank Account?
Banks are one of the most common institutions in the world. They boast of several customers who entrust them with their money and other valuables. But, are you aware that there are some people out there who don’t own bank account? Some own bank account but often prefer to receive money via platforms other than their banks. Is this possible?
There are many ways to receive money without a bank account. The easiest way is to have someone send money via a money transfer service for cash pickup. Other effective ways include having the sender send a money order, send money to your mobile wallet, cash, or send a prepaid debit card.
Whichever means you decide to use to receive money, ensure that it is safe. Carry out extensive research on the means to confirm its safety and don’t give out sensitive information that could make you prone to hackers.
