5 ways digital banks are attracting middle-class savers

More than 25% of respondents to a recent GOBankingRates survey said they did all their banking online. While some use the digital tools that brick-and-mortar banks provide, others choose accounts at digital banks. Despite not having physical branches, the best online banks offer features that increasingly appeal to middle-class customers who want a convenient way to save money at little cost. Here are five ways digital banks are attracting these savers.

1. Superior interest rates

Digital banks tend to offer more competitive rates on their accounts than brick-and-mortar banks do. This helps digital banks attract everyday savers seeking high returns.

It’s not uncommon to find high-yield savings accounts and money market accounts paying several times the national averages reported by the Federal Deposit Insurance Corporation. Certificates of deposit through digital banks such as Marcus by Goldman Sachs can pay around three times the average rates.


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