What do you think of online only banks?

I don't trust banks that don't have bricks and mortar

I have never tried an online bank. Not sure if I will.

Well paypal in a sense is an online only bank. However, in terms of traditional banks I wouldn't like not being able to go to a branch. One of my bank accounts is primarily online. I have never been inside a physical bank of theirs although I think there are some around. I set up my account in one of their cafe's which is no way a bank. I think as long as you have a physical location to go to for some things it is OK. I have a local bank for checks and to be able to easily make deposits.Online only? I don't think it would work unless you had a physical accoutn somewhere, but I know some people rely on online banking.

Ally is an online bank. I don’t think much of them. While I’m sure they’re legitimate, that also screams “easy scam.”

@ambiepam I have one, and the beauty of it is that I can lodge cheques through the app. Never had any problems. Of course I wouldn’t use one that doesn’t come with our government’s guarantee that if the bank goes belly up they’ll reimburse us up to £75000 - as if I’ll ever have that much sitting in a bank!!

Years ago, I did hold Capital One online bank connected with my US bank account . The capital one account was paying me good interest and well I could withdraw the money with a 2 day delay. But it was still worth insteas of having the account in my checking account. Well online banks can afford to give good interest rates and can be connected to our regular accounts. The only suggestion would be associate with online banks which have known presence for sometime and have been in banking for considerable time. Pure online banks if have been in business for long can be trusted. Atleast thats what I feel!

PayPal is an online only bank we all use. I've never had any trouble with it. Pretty and her boyfriend use another online only bank when they send money back and forth to each other. (I can't remember the name she told me, though.) I like some of the services I use with PayPal but really prefer a bank I can walk into if I run into a problem.

I like having a "real" bank nearby if I need to go to one. But, I do enjoy the convenience of many online features banks offer. I don't think I'd be happy with an online bank only.