Among all the possible solutions on the market, choosing an online bank account is for sure the most cost-effective because it allows you to drastically reduce the maintenance costs of your account. The traditional ones, strictly related to the banking operations conducted in the physical office, could cost even more than 100 € per year.
In general, 2018 has started with a series of price increases in this sector. Let’s try to analyse some of them.
The maintenance costs of mixed bank accounts, operating both in a traditional office and online, have risen by 50%. Those who have decided to remain faithful to traditional accounts, in other words, the ones exclusively managed through a physical office, are paying more than everybody else. For this kind of bank account, in fact, the general costs have risen, both for the ones related to the fees and to the credit and debit card.
Normally we could think about saving some money rationalising some of our spendings: for example we could request to receive the statement of account with the online mode, instead of the submission by email. Another way to save money could be withdrawing it from the machines of our banking institution, instead of another one.
However, these solutions are not enough; the mixed accounts are far more expensive than an online bank account, that can boast zero commission costs, and an easy and safe managing of the account. This last solution permits to put aside about 200€ per year.
Online banks have cut back on general costs: fees, bank transfers, transactions, cheque, annual fee of the credit card. Even though, on the other hand, other prices have risen, such as deposit fees, bank transfers online, direct debits, withdrawal through Atm machines of other banks, this solution remains the most economical.
It’s clear that it’s not easy to select the best online bank account in this changing context made of continuous market adjustments and the vast range of products.
If you’re interested in receiving an advice for understanding which is the best solution for you, contact our experts.