The Bankwatch

Online only Banks (branchless Banks)

Thursday, 30 November 2006 · 18 Comments

A colleague asked me about online only Banks, and I thought I would stick my response here, and seek any updates from readers.

There are very few online only banks, and online only is often a misnomer, because they have call centres. Here are the ones I am aware of to date.

this list is being updated as I receive information about worldwide online banks - again the definition being Branchless - meaning no reliance on branches.

Global
ING Direct - global site

US
iGoBanking
ETrade Bank
www.netbank.com
www.mybankingdirect.com
hsbcdirect

UK
Egg
First Direct
RaboDirect (Ireland and Belgium)

Poland
www.mbank.com.pl
http://www.mbank.com.pl/eng/
www.inteligo.pl
www.vwbankdirect.pl

Canada
PC Financial
Citizens Bank

Also a classic piece on the demise of Wingspan in the US back in 2000. That was the BancOne foray.

UPDATE:

I have added a few more based on responses, and updated CompuBank to Netbank.

I used the definition that internet only means no reliance on branches. For example this from the HSBC Direct site:

Can I withdraw money or make a deposit to my HSBC Direct Online Savings Account in a branch?

No. You won’t be able to make deposits or withdrawals at a branch because HSBC Direct Online Savings is an online-only account.

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Categories: Online Banking

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