Online only Banks (branchless Banks)
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.
ING Direct – global site
Also a classic piece on the demise of Wingspan in the US back in 2000. That was the BancOne foray.
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.