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Finding the Right Banking Solution for You

Finding the Right Banking Solution for You

Finding the right banking solution for you can seem like a tricky task. There are a lot of factors you need to understand and review to get the most out of your decision. Everyone has a different lifestyle and banking requirements. Here’s some insight on how to determine your needs and what type of bank is the right fit.

It Takes Some Effort

Sadly, the majority of people just go with a bank that is close to their home. In the past, this was the only way to accomplish this task. There were no online banking options and the average person just wanted a checking and savings account to pay bills and build for retirement.

Today’s digital economy offers far more flexibility and options. Long gone are the days of bank clients settling for subpar service, payouts, and options. Statistics have shown that people will seek out services such as lower fees and more privacy. These clients are part of the reason the sector continues to change so fast.

Understand Your Options

Step one that every person needs to take when determining the best banking option is to understand what types of banks are in the market today. There was a time when your local branch was your only option. However, the introduction of third-party financial service providers and more privatized options like credit unions has shifted the market trajectory considerably.

You need to understand the types of banking options you have today and why each is better suited for certain tasks than others. Here are the most popular options found in the market today. The main thing to remember is that there are going to be times when you use multiple types of banks depending on your strategy. As such, you should understand each fully.

Local Banks

The first type of bank is your local branch. This is the traditional bank that you would go and deposit or cash your paycheck at on Fridays. This style of banking has been around for a long time and has been proven to be effective at times. Local bank branches provide a human touch to finances which in the past was seen as an advantage.

Your local bank is centralized. As such, you don’t have a say in the inner working. It can be difficult, if not impossible, for you to see vital data such as how your assets are being used by the bank, the overall financial health of the institutions, and other crucial info that could help you to determine the stability of the firm.


There are some definite pros to our local bank branch. For one, it’s easy to use and available. Most people already have a bank account and can use it without any special training required. Your local branch is still a great option for the elderly and those who require a person on hand at times to assist them.


There are a lot of cons to your local branch. For one, it’s very expensive to operate. There are a lot of requirements to keep your local branch operating. From security to infrastructure, opening and maintaining a local bank is going to cost. These costs are part of the reason why the local branch pays out such small APYs on your savings.

The overhead is only part of the reason fees are so high. The other issue is the centralized nature of the firm. There is no way for you to gain any insight into key aspects of the business operations of your local branch. Imagine walking into your teller and asking how much money is on hand or how much the bank has lent out and its profits.

This vital information can’t be accessed by clients. Only banking officials can see this info and then they can decide what to share with people. This structure is part of the reason why banks continue to fail. It has also led to a lack of trust in the centralized banking system.

Another major drawback to your local branch is the work hours. Banking hours are some of the shortest in the market. Banks will often be closed by 5 pm and on Sundays and holidays. You can still access funding but will be unable to use any of the in-person services.

Credit Unions

Credit unions are localized financial service providers. They are like banks but for select people. They often offer local experts which makes them good for those seeking advice on loans and other financial options. Credit unions are usually localized and designed to help benefit their community in some way.


There are a lot of pros that credit unions bring versus traditional banks. For one, they have much lower fees on loans. These firms offer better rates since they are a bit more exclusive to their users. They can also offer higher APYs on savings accounts. Credit unions are designed to benefit a specific group of investors which makes them ideal for certain purposes.

Another plus for credit unions is that they have an elected board of directors. This structure gives members a little more say in the union’s activities versus a normal bank. Credit unions can offer additional services versus your local branch since they only need to cater to their members.


Despite the added inclusion, credit unions are still centralized meaning that you don’t have access to crucial data. Another drawback to credit unions is that they require membership which means they can be difficult to join. Additionally, there can be added fees and limited services depending on the union.

Online Banks

Online banking solutions are one of the most popular ways people gain access to financial services. The introduction of online banks changed the market forever. For one, they have much lower overhead, which means they can charge fewer fees and pay higher ROIs. Online banks can offer the services to more people as well.

According to recent reports, mobile banking became the number 1 way for people to use financial services. The study showed that 43.5% of US consumers now rely on mobile banking options as their primary provider. The same report shows that 61% of bankers use online banking services weekly.


Online banking opened the door to 24/7 banking. The market doesn’t sleep so it doesn’t make sense that your bank would. The online banking revolution made it easy to cash checks, make payments, and conduct other financial services from any smart device. This accessibility helped more people gain access to financial services.


One of the biggest complaints of online-only bankers is that there are higher ATM fees. The reason the fees are higher is because there is no local ATMs. Additionally, there are delays in terms of cashing your checks. You can’t just walk in and cash your check when you are mobile-only banking. These networks usually enable picture check cashing systems.

DeFi banks

The introduction of DeFi into the banking market has had a resounding effect on the sector. DeFi is the evolution of third-party financial service providers into decentralized networks. In a DeFi network, the people are the bank. Network participants called nodes handle tasks that were once done by banking officials.

This structure makes the DeFi system extremely open, permissionless, and highly efficient. DeFi banking has helped millions of people gain access to financial services. These networks don’t require paperwork and personal information to provide access to services.

DeFi banks have evolved into their industry complete with unique features and offerings. This network can leverage next-generation assets to defeat inflation and other issues that have long caused fiat savers to miss their goals. DeFi provides a simplistic way to access passive income streams.


There are a lot of pros that DeFi banks bring to the market. For one these networks are free from human error and discrimination. As such, anyone can gain access to financial services such as loans simply by meeting the present criteria. In the past, centralized banks and credit unions have faced backlash due to discriminatory practices.

DeFi banking options offer more features than their centralized counterparts. You can find familiar features such as savings accounts. The main difference is the asset you save and the APY. For example, the META VAULT enables users to store their META 1 Coins and secure 10% APY.

Users can beat inflation with these high payouts. When you combine these rewards with the use of next-generation blockchain assets designed to store value, you end up with a powerful system designed to generate wealth. The best DeFi feature enables users to secure returns without the risk of losing their original assets.


DeFi banking provides a new level of privacy to users. There is no need to offer personal data to join the network. This structure offers more security because there is no risk of future data breaches. Already, there have been massive bank data leaks where users’ info was stolen and offered to the black net.


You can send money faster using DeFi banks but it can take hours to days to send large amounts of funding internationally using the fiat banking options. DeFi tokens can transfer internationally in seconds. This capability makes them ideal for remittance and other international uses such as online purchases.


The main drawback to DeFi banking is that it’s so new to the market. There’s a mix of quality and unproven service providers which can make it confusing for new users to find the best option. It’s always recommended to stick with reputable networks like the META VAULT that have proven results.

Another drawback of DeFi banks is that it can be difficult to enter the networks. The best protocols have remedied this issue through the integration of fiat to crypto conversion portals. The OnRamper portal is a smart option that networks have integrated to enable the conversions of +50 fiat currencies into cryptocurrencies. The META VAULT integrated this interface with great success.

Another complaint that DeFi bankers have made is the inability to spend their savings when they desire. In the past, vendors have been reluctant to accept crypto payments. For the longest time, developers hoped that the merchant processors would figure out the integration of crypto assets into the market. However, the introduction of crypto debit cards has changed everything.

Now anyone can spend their crypto like fiat currency. These cards convert your crypto into fiat and send it via the credit card network to the vendor in fiat currency. This structure opens the door for the seamless integration of DeFi services. The META VAULT provides a MasterCard Debit Card option to users which adds to its usability.

What’s Your Goals

Now that you understand your options it’s time to look at your goals. There are a lot of people who only want to save their wealth. This simple task is harder than it seems when fiat currency is experiencing 40-year high inflation and savings accounts only pay out around 0.03% APY.

Those seeking to store value need to examine blockchain assets designed to defeat inflation. The META 1 Coin is the prime example of a digital asset that has self-appreciation built into its core coding. This next-generation safe haven asset leverages a basket of gold-related assets which enables it to store and gain value over time.

Generating Wealth

If you want to generate wealth, passive income is the best option. Passive income is easier to obtain than ever thanks to the introduction of DeFi banking. Staking is a prime function that enables you to put your savings to work. Staking is a term for locking your crypto into a smart contract in exchange for rewards.

DeFi banking offer p2p lending options as well. These systems enable you to lend funding into pools for a preset time in exchange for rewards. This approach is a great way for HODLers to unlock liquidity into their holdings. There are lending systems that enable you to use cryptos, tokens, and even NFTs (non fungible tokens).

Start Banking Right There are a lot of banking options to get you where you want to be financially in 2023. These options continue to expand. Now that banking has gone into the decentralized sector. These platforms provide high ROIs, open enrollment, and the ability to use infantry-resistant assets like META 1 Coin.

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