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The characteristics of a traditional bank are:
- Traditional banks accepts deposits from customers
- Traditional banks serve as a link between borrowers and lenders.
The characteristics of a credit union are:
- Members own the credit union.
- Credit unions are non-profit.
The characteristics of an Online-only bank are:
- Financial transactions can be conducted on the internet.
- An online-only bank does not have a building where customers can visit to carry out transactions.
A bank is a financial institution that accepts deposits from customers and give out loans to people. Banks also keep valuables for customers. The types of accounts that customers can save their monies in include:
- Current account.
- Savings account.
- Certificate of deposit.
Credit unions are financial institutions that are owned by its members. A credit union is a non-profit organisation. They usually offer higher interest rates on savings and a lower interest rate on loans when compared with banks.
An online-only bank is a bank that can be assessed online only.
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