Banks and financial institutions may sound the same, but they’re two different entities that work in different ways. They can be classified as banking financial institutions, or banks’ and nonbanking financial institutions. These are called financial institutions. On a top level, banks are commercial entities whose role is to accept deposits and give loans.

Technology has pervaded every aspect of our lives. This includes how we go about conducting banking transactions. If you desire convenience and accessibility to your account at all times, go the online way. It is very simple to open an online bank account. And just as the traditional banking offers you a choice of accounts ”savings account, checking account, money market deposit account and certificate of deposit account, you can hold any of these accounts in the online mode as well.