Traditional Bank vs. Credit Union vs. Online Bank

May 19, 2015

When it come to choosing a bank, there are a few broad categories you can choose from, and each has its own pros and cons. The right type of bank for you depends on the services and features you find the most valuable. Here’s a quick guide to some of the reasons you may want to switch to a different kind of banking.

Traditional banks: convenience is key
Traditional banks are by far the broadest category of all, and they comprise banks of all sizes — from the “big four” (Wells Fargo, Bank of America, Citigroup, and JPMorgan Chase) to regional banks (such as Regions Financial and BB&T) to small, local banks.

Two of the biggest reasons to choose a traditional bank are technology and convenience. Generally, traditional banks invest more money than credit unions in technology, such as online and mobile banking systems.

Traditional banks are also the most likely to have a widespread physical presence, both in terms of ATMs and branches. Traditional banks, particularly the national chains, are generally the best choice for customers who value the convenience of being able to access their money and go to the bank no matter where they travel.

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