The internet has come a long way sinceitsinitial conceptionand,over the pastfewyears,we’ve seena whole wealth of usefulthings crop up– not least, online banking.
If you’ve not yet taken the plunge and started banking online,you’re missing out on a whole host of useful features.Keep reading to find out the top6benefits to online banking.
Whether you choose to bank on an app or website, there are loads of great benefits. Think aboutnot actually havingto waste ages queueing for assistanceandhaving more control and easy access to your finances.That’s just the start! Check out our top6benefits:
1. Access your account 24/7
One of the biggestadvantages of online bankingis that you can access your account 24/7, wherever you are.As long asyou have an internet connection,you can log on and check your finances– sonot only can you do itwhileyou’re on holiday or out shopping, but you also won’t have to worry about bank opening timesor leaving your home when it’s not convenient.
2. Bank on your phone or tablet
You don’t have to sit up at a computer to get started with banking online – you can do it from your phone or tablet, too.Most banks’ websites are adapted for mobile, meaning it’s easy to use your favourite device to get online.What’s more, if you’re concerned about missing out on the personal interaction,support is usually clearly signposted,allowing you to live chat or ring through to the department you need.
3. It's quick and easy
A hugeadvantageto online bankingis just how quick and easy it is. Whether you’re using an online app or loggingonto a website, itcompletely eliminateswaiting in line at the bank. Youcan do everything from the comfort of your own home, including applying for credit cards and loans, as well as yourday to daybanking.
4. Keep on top of your finances
Online banking means you’ll be able to keep on top of your finances farmore easily. You’ll be able to check your balance quickly, view your transactions and know exactly what’s going out and when,as well aslook at historical payments to make sure they’re cleared. Additionally, it’s easier to check for any unauthorised purchases, so you’ll be able to flag these as soon as you notice them.
5. Pay bills and make payments
Gone are the days of lengthy forms and having to post cheques to pay bills. One of the keybenefits with online bankingmeans you can pay all your billsor make paymentsthroughyour bank’swebsite.You can set up direct debits, standing orders,and even send money to friends and family members.It doesn’t get more convenient than that.
6. Transfer money between accounts
With an online bank account, transferring money between accounts couldn’t be simpler.This may be a particularly great benefit if you have a savings account and find yourself frequently having to transfermoney between the two. All you’ll have to do is log on to your banking anddo it yourself, you don’t have to worry about going in branch or phoning someone to do it for you.
Now you know thebenefits to online banking.If you’re still a bit apprehensive about banking online, check out our guide onhow to protect yourself from online fraud, next.
FAQs
It gives us access to our bank accounts electronically; we can log in at any time from any device. Via online banking, you can easily view your account balance and transaction history, transfer between accounts, pay bills, deposit checks, and much more.
What are the advantages of online banking? ›
Online banking offers the following benefits:
- Access your money anywhere.
- Convenience - all your banking services are all in one place.
- Lower fees.
- Higher interest rates (potentially)
- Faster money transfers.
- No paperwork, queuing or being put on hold on the phone.
Online banking customers enjoy instant access from their computer or mobile device to a full range of services, allowing you to:
- Check balances on accounts and view records of your transactions.
- Pay bills automatically each month with easy-to-set-up auto payment.
- Transfer funds between accounts.
It gives us access to our bank accounts electronically; we can log in at any time from any device. Via online banking, you can easily view your account balance and transaction history, transfer between accounts, pay bills, deposit checks, and much more.
Why is online banking better than in person? ›
The lack of overhead gives internet banks advantages over traditional banks, including fewer or lower fees and accounts with higher APYs. Internet banks lack personal relationships, no proprietary ATMs, and more limited services.
What are 3 advantages of banking? ›
Benefits of a Bank Account
- Bank accounts offer convenience. For example, if you have a checking account, you can easily pay by check or through online bill pay. ...
- Bank accounts are safe. ...
- It's an easy way to save money. ...
- Bank accounts are cheaper. ...
- Bank accounts can help you access credit.
Saving of time and increased comfort- E-Banking transactions can be completed 24 hours a day, seven days a week, without the need for a physical visit to the bank. The Discounts- Another significant benefit of using online banking services is that it allows users to take advantage of numerous discounts.
Why is online banking attractive to people? ›
You can transfer funds between your accounts easily. Knowing how much money you have in each account can enable you to move money to other accounts to earn higher rates on certain funds. You can save money. Online bill paying eliminates the costs of stamps, envelopes, and even ordering checks.
Which of these is an advantage of online banking? ›
More control — any time of day
That's the convenience of digital banking. View your current balances (to avoid any minimum balance penalties), transfer money between accounts, and easily apply for new accounts or credit cards online — all without having to drive to a branch or visit an ATM.
Why are people switching to online banks? ›
Online banks often have more flexibility, accessibility, and higher interest rates compared to traditional brick-and-mortar banks. Bob Haegele is a personal finance writer focusing on topics such as investing, credit cards, and banking.
Key takeaways
- Mobile banking apps* are an easy way to manage your money while on the go.
- Because of so many tech advances, mobile banking is completely safe and secure.
- You can skip the trip to the branch and perform easy transactions yourself like depositing checks, monitoring your balances or transferring money.
Access to fee-free ATMs, viewing statements online, and higher interest rates are key benefits of online-only banks.
How safe is online banking? ›
Online banking is generally safe and not easy to hack — as long as you take the right steps to protect your information. This means setting up strong passwords and changing them frequently, and using additional tools like two-factor authentication to give yourself an extra layer of protection.
What are the 5 benefits of online banking? ›
Check out our top 6 benefits:
- Access your account 24/7. One of the biggest advantages of online banking is that you can access your account 24/7, wherever you are. ...
- Bank on your phone or tablet. ...
- It's quick and easy. ...
- Keep on top of your finances. ...
- Pay bills and make payments. ...
- Transfer money between accounts.
While easy access is one of the many benefits of online banking, it also makes banking highly convenient. The need of waiting in long queues at the bank is completely eliminated. Moreover, with mobile banking option available for most banks, transfers and payments have become easier.
Is online banking a good idea? ›
Online banks are safe and offer competitive interest rates with few fees. They're a great option for many people, but it ultimately depends on how you prefer to bank. Online bank features may especially benefit users who have low checking or high savings account balances. Do online banks have ATMs?
What are two reasons to not use online banking? ›
Cons of online banks
- Customer service can be virtual and impersonal.
- You are more likely to incur ATM fees if the online bank has no ATM network or is part of a small network.
- You can't deposit cash unless the bank is linked to ATMs that accept cash.
- The number of products tends to be more limited at online banks.
