I'll try to make a comparative analogy of putting money into a savings account (original version).
- Walk to bank to open a bank account (some days open 8am-1am, on work days, so make sure it's open!)
- Wait 30 min to an hour for bank teller/employee to to help you (some branches don't even have tellers to save costs!).
- Verify identity
- Sign several documents
- Get pressured into opening a credit line. The other employee gossip on the client who just left.
- Wait for Bank to deliver your internet banking credentials
- Deposit money to your new bank account at the bank or through an ATM or have it transferred to your bank account from another account
- Log in to internet banking with 2FSA
- Click multiple times to get to the page where you can make a bank transfer from your checking account to your savings account
- Confirm said transfer with 2FA
- Enjoy your 0.5% pa
What the banking has going for it is just the first mover's advantage.