Opening an online bank account: what is holding you back?

What are the main benefits and points to look out for when opening an online bank account now? As an exclusively online bank, we try to provide the best possible answers to your questions, so you instantly have all the information you need to manage your financial life digitally, efficiently and flexibly. Keep reading!

Online banking vs. traditional banking

A bank account with a 100% online bank enables you to manage all your banking needs digitally and via the internet. The big difference to a traditional bank is that you no longer have to physically visit a bank branch. Checking your bank balance, making payments and managing your finances: everything is done online. In addition, you have easy access to your money 24 hours a day, 7 days a week. Many traditional banks also offer online banking. However, an online bank will offer a number of benefits that come from working exclusively online. For example, online bank accounts will often cost less and offer more benefits, such as free transactions and cards.

So much more than just making payments and checking your balance

Online banking platforms have also become much more than just digital places to check your current account. In 2024, there are now more options than ever. Opening an online bank account can also give you direct access to other services such as: • Organising direct debits and payment orders • Managing and adjusting savings accounts • Managing and monitoring your share portfolio Depending on which bank you choose, each online account will include different aspects. The question is: what do you want to be able to do with your brand new online bank account?

Can you open or request an online account just like that?

In a word: yes. However, you do always need to be open and honest about your personal (financial) situation. This is because all banks are well advised – as well as being legally required – to get to know their potential new customers as much as possible. For this reason, you need to have a number of documents to hand in order to successfully complete the application. For example, you should be sure to submit the following: • Your identity card • Your address details • Information about your work activities On top of this, a bank may request additional documents to acquire an even better picture of your personal situation.

What about the cost angle?

As we said above, each online bank will apply their own terms and conditions when you apply for a bank account. On top of this, you will find several banks in our country who do not charge any additional fees for this.

Those banks that take good care of their customers – and we at Keytrade Bank are certainly one of those – provide a highly secure online banking environment.

Are there any risks associated with online banking?

In times of increasing cyber threats, you might think twice – or even three times – before opening an online bank account. Fortunately, as experienced experts we can put your mind at rest. The banks that take good care of their customers – and we at Keytrade Bank are certainly one of those – provide a highly secure online banking environment. For example, they work with: • Secure connections that encrypt data for maximum protection • Multi-step authentication: examples include additional identity checks and/or multi-factor authentication • Monitoring systems to detect possible fraud as soon as possible In addition, it is naturally always important that you, as a customer, take your own precautionary measures. That means keeping the security settings on your digital devices – such as your smartphone – up-to-date, and protecting your login details properly. It also means always staying alert for anyone impersonating your online banker. Remain vigilant at all times. If you have even the slightest doubt, always contact your bank.

The Keypack way: from a free online account to earning money for each transaction

Now that you know which options you have with the average online bank, we would also like to explain what you can expect from Keytrade Bank. It’s up to you to decide where you want to place your digital portfolio: • Keypack gives you access to not just 1, but 3 free accounts • You have your own current account, savings account and custody account • You can track them all closely using our Keytrade Bank app • You also get debit and credit cards free of charge (be sure to check our terms and conditions) • Did you know that we even give you money when you open a Keypack account? You immediately receive EUR 50 as a welcome gift, plus 5 cents for each online transaction. On top of that, you can benefit from cashback promotions on purchases made using your cards thanks to our partnerships with various merchants.

Want to open your online bank account with Keytrade Bank?

Ready to get started? Or do you still need more background information? Find out everything there is to know about Keypack: a unique and above all user-friendly, versatile and secure environment for your finances, which even pays you money. That is always close to hand for you as a customer, including digitally. Find out more about Keypack