Online banking is only a relatively recent development and the notion of queuing up in banks week in week out will be a distant memory for many people.
Being able to bank via the internet has brought an amazing amount of ease to the way you deal with your finances.
Most banks offer nearly all of the transactions and options that are offered to youin branch via the internet and most also allow you to open a current account online. Banking has never been so convenient!
Speed of banking
Internet banking allows you to make transactions electronically from one account to another at any time of the day you want.
These transactions generally take less than to 2 hours to move money between accounts, providing the bank offers Faster Payments.
Online banking also offers you a near instantaneous option to move cash from one of your own accounts to another providing they're with the same bank.
Interest rates paid on money in current accounts vary considerably.
Some banks offer a high interest rate, before dropping to a virtually nonexistent rate after a period. So you should always keep an eye on the introductory and then the regular paying rate of interest on current accounts to find the best deals.
You may also have to deposit a certain amount into the account per month to ensure that you can open an account, receive the best rates and aren't charged. Make sure you can afford to meet this if you choose to apply for an account with a minimum monthly credit.
You will also need to consider whether you are generally in the red or the black and then choose an account based on this.
Those in the red should look for the cheapest overdraft, with the lowest interest rate and longest period interest free. This will help you save if you are often in your overdraft by making sure you are charged as little as possible when you aren't.
Those who are always in the black should look towards getting a higher interest rate on their current account so their money is working as hard as possible for them.
Banks offer numerous forms of protection against fraud be it from the use of security keypads to numerous passwords, or downloadable security software.
Safety is of premium importance for online banking, especially as there are constantly occurring new ways to defraud people. So you will also need to make use of the safety procedures in place to prevent fraud when you bank online.
Finding the best online current account can be done easily using our online savings account comparison. You can use our Advanced Search to compare online bank accounts that meet your exact requirements.
It is easy to apply for a bank account online, so if you have not already done so take the step as soon as possible and switch to one of the best online bank current accounts for your circumstances.
About our current accounts comparison
Who do we include in this comparison?
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We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.
You do not pay any extra and the deal you get is not affected.