The number of people with internet bank accounts has exploded in recent years, with many people seeing it as an easier and more convenient way to control their personal finances.
Almost all banks now have online account options for their customers, allowing them to control such things as money transfers, and bill paying from home, work, or on the move, Smartphone apps have made the process even more easy to access.
Here, is a list of the advantages of internet banking.
1. Convenience and speed.
Internet banking is convenient and quick compared to doing your banking in person or over the telephone. You never have to wait to be served at a bank counter, or work your way through the layers of questions that you often get with an automated phone service. If you know what you are doing, you can check your account balance, transfer money, etc in a matter of minutes when banking online.
2. Control at your fingertips.
Online access also gives you a sense of control over your account, as you can perform all your everyday banking tasks yourself, rather having to go through a bank staff member, which can sometimes be time-consuming and frustrating. You can also get an easier overview of your account, and search archives for older transactions.
You always have 24 hour banking with banking online. When visiting a bank in person, and sometimes with telephone services too, there are restricted hours of operation.
Banking can effectively be done paperless the vast majority of the time. No need for mountains of statements, letters, to be filed and stored for future reference. Some banks offer deals if you go paperless too.
5. Real-time monitoring.
Most banks now offer you smartphone apps, allowing customer to monitor and manage their finances on the move, as well as via a home or work computer.
6. Paying bills online.
Internet banking is especially useful and convenient for setting up and monitoring regular bill payments for utility services, rent, or mortgage payments etc.
It doesn’t matter where you are when you do your banking online—you can be in another part of the country to where your bank operates and still have access to your account, or even access your account from abroad for no extra cost.
Sometimes banking via the web is cheaper. This is because it costs the bank less in terms of staffing, property upkeep etc. You can therefore often get some great bargains with internet accounts.
9. Online deals.
It’s often possible to get better interest rates through online banking. Some offers and deals are also only available online.