Why do you think internet exclusivity translates to higher rates on interest bearing sccounts?

Answer 1

internet exclusivity often leads to higher interest rates on savings accounts because online banks typically have lower overhead costs compared to traditional brick-and-mortar institutions. By eliminating physical branches and associated expenses, these banks can pass on the savings to customers in the form of higher interest rates. Additionally, the competitive nature of the online banking market encourages institutions to offer attractive rates to attract and retain customers. This combination of reduced costs and market competition ultimately benefits consumers with better returns on their deposits.