What exactly is ‘online banking’?
If we’re going to be technical about it, online (or internet) banking is when you access your bank account and carry out financial transactions using the internet. This can be using your computer, laptop, tablet or smartphone. Banks have caught on and many have apps that you can download to specifically use with your tablet or smartphone – giving you even quicker access to your account no matter where you are. More than eight million people downloaded banking apps in the last 18 months and they’re accessed more than ten million times a day.
Most banks offer an online banking service and it’s usually free. You’ll be able to do pretty much all of your day to day banking online, such as:
- Check balances
- Pay bills
- Transfer money
- Make payments to existing payees
- Manage your credit card
- Keep track of a linked mortgage or other loans
Being able to access your money 24/7 also means you can keep on top of your finances. Another benefit when you sign up for online banking, is that you’ll usually have the option to go ‘paperless’ and receive all your statements and bank communication via e-mail. Not only will it be easier to file, access and print off statements when you want but you’ll also save a few trees in your lifetime making you feel good about yourself.