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Brick-and-mortar banks vs. online banks: Pros and cons
Key takeaways Online banks typically offer higher interest rates on savings products and charge fewer fees than their brick-and-mortar counterparts. If you need to deposit cash regularly, you'll likely want the convenience of a brick-and-mortar bank's ATM network as many online banks don't accept cash deposits. Large brick-and-mortar banks tend to invest in their technology, so you can also bank online with them. If you're looking for a place to manage your money, you have a lot of options. There are more than 3,000 banks in the U.S. A lot of those banks are brick-and-mortar banks, meaning they have physical branches that you can visit. Some of them, however, operate solely online. As you compare where to open your next checking or high-yield savings account, read on to learn about the pros and cons of brick-and-mortar banks vs. online-only institutions. Main differences between brick-and-mortar and online banks The main difference between brick-and-mortar banks and online banks is the fact that the former has physical branch locations, while the latter usually doesn't (though sometimes does). But those aren't the only differences: Brick-and-mortar banks Online banks Physical locations No branch locations (typically) In-person support available Support is limited to phone or chat Low APYs on savings and other deposit products (usually) Higher APYs on savings and other deposit products (usually) Easier to make cash deposits Cash deposits may be unavailable or come with a fee Out-of-network ATM fees are more likely to be charged ATM fees are often reimbursed The pros and cons of brick-and-mortar banks Here are some of the positive and negative aspects of brick-and-mortar banks. Pros of brick-and-mortar banks Depositing and withdrawing cash is easy to do at a physical bank. You can find a branch and have a bank teller's help, or go to a bank ATM. Most traditional banks have sizable ATM networks that customers can access locally and in other parts of the country. You can also always get customer service help at a branch. This is great if you have a complex problem that needs solving or just prefer to do your banking in person. But this pro is highly variable. In-branch support is only helpful if there's a branch near you and if the business hours work with your schedule. Though it may seem like online banks would automatically have the edge in digital tools for their customers, that's not necessarily the case. Many traditional banks, especially the bigger ones, also offer top-notch online and mobile banking with sophisticated websites, highly-rated mobile apps and other digital tools. That's because they have the resources to invest in technology and the motivation, since they are competing with online banks and their digital platforms. Besides checking accounts, savings accounts, money market accounts and certificates of deposit (CDs), traditional banks offer mortgages, mortgage refinancing, auto loans, credit cards and other products. If you're looking to keep a lot of your financial life in one place, a brick-and-mortar bank might be right for you. Traditional banking offers in-person service and sometimes, a personal touch. Customers can stop by their bank and talk to someone who can access their accounts and answer questions. To many people, this is more reassuring than dealing with a person on the phone. Cons of brick-and-mortar banks Fees are one of the biggest drawbacks of brick-and-mortar banks, which have more overhead than online-only institutions (since they have to pay to run physical locations). Brick-and-mortar banks often charge monthly maintenance fees for their deposit accounts (though they also usually offer ways to waive the fees, too). Traditional banks also typically pay lower rates on deposits. The national average rate on a savings account is 0.59 percent but some of the largest brick-and-mortar banks have savings rates that are even lower — 0.01 percent at Chase Bank, for example. At online banks, you can find savings accounts paying 4 percent or above. Likewise with CDs. The average rate on a one-year CD is 2.03 percent, whereas top rates offered by online banks are above 4 percent for a one-year CD. Summary of pros and cons for brick-and-mortar banks Pros Large ATM network. Easy to deposit and withdraw cash. Wide variety of products and services, including commercial banking. Advanced technology for online and mobile banking. In-person service. Cons Higher fees. Low yields on savings. The pros and cons of online-only banks As opposed to brick-and-mortar banks, most online banks do not have physical locations and often offer just a limited variety of accounts. But they make up for what they lack with higher rates and lower fees. Here are some of the advantages and disadvantages of online-only banks. Pros of online banks One of the biggest draws of an online bank is the high rates. Because they don't have branch buildings to maintain and have lower staff costs, online banks typically pay higher interest rates on deposits. Many of Bankrate's picks for the best high-yield savings accounts are from online banks, because they offer around 4 percent APY. Let's say you have $10,000 saved and plan not to touch it for a year. If the bank paid 0.01 percent APY, as many big brick-and-mortar banks do, you would earn $1.00 in interest at the end of the year. Meanwhile, if you put that money into a high-yield savings account at an online bank paying 4 percent, you would earn $400 in interest in that same year. Another way online banks attract customers and pass on their savings from not running physical locations is through low (or no) fees. For example, it's typical for online banks to not charge monthly maintenance fees for checking or savings accounts, unlike their brick-and-mortar counterparts. There are also plenty of online banks that have gotten rid of overdraft fees, such as Ally Bank and Discover Bank. Read more: Bankrate's picks for the best checking accounts Online-only banks do their business online, so they have an incentive to give their customers a good, clean experience. Cons of online banks Some online banks don't offer cash withdrawals or deposits, especially if they only have a savings account and CDs in their product suite. If an online bank does offer cash deposits and withdrawals, it'll likely be through a partnership with a third-party ATM network such as Allpoint or MoneyPass, or with businesses where you can deal with your cash. For example, Capital One allows cash deposits at stores like Walgreens and CVS, but the process involves getting a barcode and using the mobile app. Other online banks that offer cash deposits might charge a fee for the privilege, too. If your online bank does offer an ATM card with its accounts though, there's a chance you'll be able to withdraw cash for free as some online banks offer generous ATM fee reimbursements. Still, if you deal with cash a lot, an online bank might not be ideal. Most online banks don't have physical branches, and customer service is provided by phone or electronically via FAQs on the bank website, emails or chatbots. If you want more personal assistance, not being able to see a human when you have a problem to solve might be frustrating for you. While it's not unheard of for an online bank to offer a wide-ranging suite of services and products, most offer just a few types of deposit accounts. This might not be a drawback for you if you want to only open a high-yield savings account or CD, but if you want to do all of your banking in one place and also access services like mortgages and loans, you might have more options with a brick-and-mortar bank. Summary of pros and cons of online banks Pros High rates on deposits. No (or low) fees. Possible ATM fee reimbursements. Sophisticated online experience. Cons Fewer customer service options. Potential lack of cash accessibility. Fewer account types, products and services. Your money is safe with both brick-and-mortar and online banks In case of a bank failure, your money is safe in both online and brick-and-mortar banks. That's because the Federal Deposit Insurance Corp. and the National Credit Union Share Insurance Fund (NCUSIF) provide the same coverage for customer deposits at member online banks and credit unions as they do for their brick-and-mortar counterparts. If you're worried about the safety of conducting your financial business online, or you're concerned that you may have bigger risks of having your identity stolen with an online bank, you can rest easy. Most banks, online and traditional, use strong encryption, multi-factor authentication and require strong passwords to protect customers' personal information. Should you choose a brick-and-mortar bank or an online bank? Choose the bank that works best for what you need. With an online bank, you'll be able to take advantage of more competitive APY on your savings, for example. But if your financial situation requires more personal customer service or if you handle cash often, you might opt for a brick-and-mortar bank. This is also true if you want access to more extensive products and services, like loans, credit cards, or small business, commercial and investment solutions. Editor's tip: Have the best of both worlds You can have multiple accounts at different banks to take advantage of the different pros. Keep your savings in an online bank to get high rates and a checking account at a brick-and-mortar bank maintain access to in-person service or and easy cash deposits (just make sure you can waive the monthly fee for your account, if there is one). Then link the accounts at your different banks for easy transfers. Frequently asked questions Why is a brick-and-mortar bank better than an online bank? There are some things that brick-and-mortar banks are better for than online banks. Brick-and-mortar banks offer branch access for in-person transactions, easy cash deposits and withdrawals and personalized customer service. They also often provide a wider variety of financial products, such as mortgages, loans and credit cards. What is the main disadvantage of an online bank? One of the main disadvantages of an online bank is the lack of in-person customer support. Customer service is typically limited to phone or chat support, which isn't always the best option for complicated issues. What are two reasons not to use online banking? Many online banks lack the option to make cash deposits. In addition, there's often less personalized customer support because online banks focus on digital and phone communication. This might not meet customers' needs for personalized assistance. Why do people still use brick-and-mortar banks? Many people turn to brick-and-mortar banks for personalized, face-to-face customer service. It's also easier to handle cash and get services like cashier's checks and notary services. What is the difference between mobile banking and online banking? Online banking allows you to access your bank account and conduct transactions through the bank's website on a computer. Mobile banking is similar but accessed through a smartphone app or mobile browser. They're similar, but mobile banking provides convenience along with features like mobile check deposits and notifications. Bottom line For some, there may be a clear better option between online and brick-and-mortar banks, but you don't necessarily have to choose one over the other. It could be worth it to keep one account with a local, traditional bank to take advantage of branch services and ATM networks while keeping a high-yield savings account or CD at an online bank to get better rates. In either case, it's important to compare options between several banks to find the best rates, lowest fees and other features that work for you. Find your online bankSee Bankrate's picks for the best online banks Find a big bankThese are the 15 largest banks in the US Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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People Are Calling Trump's Latest Truth Social Rant "Outrageous" After He Slammed American Museums For Discussing "How Bad Slavery Was"
It's been 159 years since slavery was legally abolished in the U.S, and yet, in 2025, discussing the history of slavery has seemingly become too "woke" for the MAGA crowd. During a recent CNN panel discussion, MAGA-supporting celebrity Jillian Michaels shocked her colleagues after she argued that slavery shouldn't be blamed on "just one race," — meaning white Americans. CNN / Twitter: @Acyn Related: Well, President Donald Trump recently took to Truth Social to argue a similar point, criticizing American museums that discuss "how bad slavery was," calling them "woke" and "out of control." He wrote that he's instructed his attorneys to "go through the museums" and make changes to reflect "success" and "brightness." Here's the full post. Related: The now-viral post has been seen by over 10.2 million people and received thousands of comments criticizing Trump for his rhetoric. One person called Trump "out of his damn mind," and advocated for the history of slavery to be taught "again and again." Related: Another person described Trump's post as "pro slavery rhetoric." While this person called the president "fragile" for feeling attacked by teaching slavery. Representative Jim McGovern advised Trump to "spend more time in a museum." Related: And Gov. Gavin Newsom accused Trump of trying to "erase" slavery... And finally, this person asked: "Why do the same people who want to erase the history of slavery insist on preserving the Confederate flag and generals?" What are your thoughts? Let us know in the comments below. Also in In the News: Also in In the News: Also in In the News:
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The White House buys Ford Mustangs to recruit new ICE agents
The White House is spending over $120,000 to buy two Ford Mustang GT muscle cars in what it says is part of a "compelling" and "urgent" need to use the cars to entice people to join the U.S. Immigration and Customs Enforcement agency, also known as ICE. The vehicles were part of 'an immediate request by the White House, on Thursday, August 7, 2025,' according to the federal justification-and-approval documents, which also explain why the contract was awarded to a Washington, D.C.-area Ford dealership without using the typical competitive bidding process. "The agency's need for the services is so urgent and compelling that providing full and open competition would result in unacceptable delays and seriously hinder the Government's recruiting initiative," the documents read. It listed the price for the pair of vehicles at $121,450. Ford Motor Co. declined to comment on the federal government's purchase of the cars. The owner of the dealership the government purchased the cars from, Banister Ford of Marlow Heights, confirmed the sale of the two 2025 Mustang GTs to the federal government. The cars were delivered to the government a couple of weeks ago, just days after the request was made, Dan Banister, owner of Banister Automotive — which owns the Ford store in Suitland, Maryland — told the Detroit Free Press. "I didn't know it was the White House. Donald Trump didn't call me," Banister said of the goverment's purchase of the cars. "The way they found us was, we had to register with the federal government to be a provider of vehicles. We offer government discounts. Many times, it's a bidding process, but it looks like they were in a pinch and needed cars right away." Banister's store had what ICE was looking for in those vehicles already in its inventory. 'Eye-catching design' will attract recruits As part of the "One Big, Beautiful Bill" last month, Congress approved $30 billion for an ICE hiring spree to add some 14,000 immigration officers. According to the federal procurement documents, the agency intends to do the recruiting over the next two fiscal years. But low morale has plagued U.S. Immigration and Customs Enforcement personnel due to the high expectations, shifting priorities and job insecurity, according to published reporters. In a July 10 report in The Atlantic, it said, "Officers and agents have spent much of the past five months clocking weekends and waking up at 4 a.m. for predawn raids. Their top leaders have been ousted or demoted, and their supervisors — themselves under threat of being fired — are pressuring them to make more and more arrests to meet quotas set by the Trump adviser Stephen Miller." ICE, which initially prioritized catching criminals, has shifted its attention to civil immigration arrests under President Donald Trump. That has meant nabbing asylum seekers at court hearings or chasing day laborers through Home Depot parking lots "as angry onlookers attempt to shame ICE officers with obscenities, and activists try to dox them, officers are retreating further behind masks and tactical gear," The Atlantic reported. The government believes using Mustang GTs at recruitment events will bolster the job's appeal. 'The Ford Mustang GT enhances recruitment efforts in support of the USC Title 8 mission and HR 1 OBBBA recruiting, by serving as a bold, high-performance symbol of innovation, strength and modern federal service,' according to the federal procurement documents. 'Its eye-catching design increases public engagement at outreach events and helps attract top talent by conveying a culture of excellence and forward momentum.' This purchase comes after ICE spent more than $700,000 to customize a group of SUVs and pickup trucks to be used for recruitment, according to published reports last week. That included a Ford Raptor and a GMC Yukon that were "tricked out to mimic the look of Donald Trump's private Boeing 757," The Independent reported. It means they're painted navy blue, with red-and-white racing stripes and a gold ICE logo — the same color scheme of Trump's aircraft. The words 'President Donald J. Trump' are printed in gold on the rear window along with 'Defend the homeland' on the side. The trucks cost more than $500,000, with another $227,000 spent on custom automotive wraps, The Independent reported, citing federal procurement records. Needed immediately According to The Independent — which was first to report this story — one of the Mustangs has already been seen around D.C. on Monday evening, "with a gold ICE logo and the words 'Defend the homeland' on the side." In the government documents it said the cars will be used to transport staff and materials for recruitment events, career fairs and recruitment initiatives at various locations. 'Without timely access to these resources, our ability to attract and onboard qualified candidates will be severely hindered, ultimately impacting the agency's ability to fulfill its mission,' the document said of needing to buy the Mustangs without a bidding process. The government documents said Banister Ford of Marlow Heights was in a position to fulfill this requirement quickly because it had immediate availability of vehicles that 'fully meet ICE's specifications." It added that 'failure to approve this (Justification and Approval) request will result in significant disruption to ICE's recruitment efforts." How Banister got the sale Banister, who said his store is about a 25-minute drive southeast of the White House, had no idea his customer was ICE. 'We sell to a wide range of customers including individuals, businesses and government agencies. We don't take any political position on who purchases a vehicle," Banister, who owns four other dealerships that sell other brands in the Virginia area, told the Detroit Free Press. "We just want to provide a quality vehicle with professional service." Banister said the Mustangs are powerful cars that are fun to drive but "I don't know that would make people want to join ICE or not? I guess if I'm going out there trying to hire people to work and I bring a nice sporty car out there, that would get people to come talk to me.' More: Ford reveals a new race car inspired trim for its $325,000 Mustang More: Ford Bronco fan, 60, keeps customizing her 'Fiona' Banister said it was likely just luck that his dealership got this sale, but he said he is honored. "It just happened they saw our name in there and contacted us and I thought it was an honor," Banister said. "I love being in a position where we can help and the Mustang is a great vehicle.' Jamie L. LaReau is the senior autos writer who covers Ford Motor Co. for the Detroit Free Press. Contact Jamie at jlareau@ Follow her on Twitter @jlareauan. To sign up for our autos newsletter. Become a subscriber. This article originally appeared on Detroit Free Press: White House buys Ford Mustangs to recruit new ICE agents Solve the daily Crossword
