Online only or traditional bank? What's the best option for you?

Margaret Talavera and her daughter Andrea Renteria, who are both North Carolina residents, enjoyed the hot morning at Seaport Village during their visit to San Diego. They told NBC 7 they love San Diego's beaches and its people the most. 

Talavera told us she was looking for souvenirs to take back home and paid with a debit card from an online bank. She added that it was tough to switch after more than 50 years of more traditional banking.

When it comes to banking, people can be pretty loyal to the bank they choose to take care of their money, but, according to experts, you shouldn’t manage your money this way.  

“I had that fear of not having somebody, Talavera said. "Usually, you want to be able to develop a relationship with the bank employees."

Bank employees can't compete with her daughter Renteria, though, who convinced her mother and helped make the switch. Renteria also made the change to an online bank recently.

“That was a big change that I had to make to better take care of my finances,” Renteria said. 

Mark Hamrick from Bankrate said that it’s ok to have multiple banking partners.

“When we’re talking about a relationship with a bank, it’s not the same as a marriage," Hamrick said. "It’s OK to have a relationship with more than one entity in the banking relationship world.”

Let's take a look at the pros and cons of both options when it comes to savings accounts:

Digital banking: Offers a high annual percentage yield and lower fees. The drawbacks are that it may be harder to make cash deposits, have limited, if any, ATMs to withdraw money from at no charge, and have limited products and services, like loans, for example. 

Traditional banks: Have larger ATM networks, in-person customer service and a wider selection of products and services. However, they tend to charge higher banking fees and pay much lower interest rates.

Hamrick’s advice is to enjoy the best of both worlds: Keep your checking account that may already be linked to your bills and open up an online savings account.

“You don't have to totally break up with the financial institution you've been doing business with, but you really should try to seek a superior yield on savings, because that really is leaving money on somebody else's table,” Hamrick said.

Both mother and daughter agree with Hamrick.

“I haven’t had any problems or any need to call the banks,” Talavera told NBC 7.

According to a Bankrate report earlier this year, about 27% of Americans have their primary accounts with digital banks, while 65% bank with traditional institutions.