What advantages and disadvantages does a direct bank account? The customer number of the direct banks grows strongly in Germany for years. Learn more at this site: Center For Responsible Lending. In 2011, already about 14 million German citizens should have had a checking account with a direct bank. Depending on the source, the direct banking market share varies between 20% and 25%. Even if the customer direct bank is risen so sharply for years reflected yet, that are the majority of the population still clients of a branch or savings bank. However, only hesitantly started the boom of direct banks with the spread of the Internet mid-1990s and continues. What are the advantages and disadvantages of a direct Bank and how significant they are? Advantages of a direct bank continuous availability – many providers is usually no account management fee the call center 24 hours a day occupied sophisticated banking systems and good Internet sites, since this is the “base” of the direct banks cheap or free additional services such as credit cards often better conditions for money market accounts, but also loans cons a direct Bank no contact person on-site no possibility to deposit cash free possible safety issues which are in most cases missing accounting fees a significant advantage.
Some brokerages require no account maintenance fees if a monthly salary input enters the checking account, but there is a large proportion of the savings banks and private banks, which charge fees for account management, continue no matter whether or not led the current account as a salary account. Advantages of main monetary kind customers of a direct bank can save year realistically probably less than 100 in fees. In addition to the free online current account, customers often also save the fees for the credit card. In many financial comparisons, direct banks occupy the top places when it comes to the banking conditions. Direct banks offer the most favourable credit interest and pay the highest interest rates for cash customers.