Just like e-commerce and e-shopping, financial institutions are popping up online, too...but watch out which one you pick.
Virtual banks are exactly like brick and mortar banks, just make sure they're FDIC insured.
Financial advisor Rebecca Walser said the consumer benefits with lower fees and higher savings rates.
"They're saving from a traditional brick and mortar bank by not having all of that real estate, all the expense, all the utilities and all the employees staffing it," said Walser.
Right now, FDIC-insured virtual banks are offering a better return on a six month or one-year CD higher than the current 10-year bond yield of interest.
Walser said this is the wave of the future as you notice more brick and mortar banks shutting down drive-thrus, reducing hours, as well as branches.
"Nine times out of 10, the online bank is giving you that higher yield, because of the fact that they don't have the brick and mortar costs," said Walser.
She added credit unions are great for car loan and mortgage financing.