Online Banking (Internet Banking)

your personal guide to online banking over the internet.

What is online banking

Online banking (also known as Internet banking) is where a bank allows its customers to manage their bank accounts via a secure web site. The web site will be owned and operated by the customers bank, that might be their local high street bank, their online only bank or their building society

How does online banking work?

Once you have your online bank account set up and activated, you go to the banks web site and click the button to login to your online banking. Until fairly recently you would then enter a combination of security information which may have included any of the following depending on which bank you were with:

  • Your Name
  • Date of Birth
  • Mothers maiden name
  • online banking membership number
  • username
  • passsword
  • some or all of your card number
  • 1 or 2 characters of a passcode
  • postcode

Well i think you get the idea!

Now many banks have more secure methods involving devices which you will create a unique and time sensitive pass code for the site, making online banking much more secure and the need for endless login details less likely

Over the coming months i will be applying for a personal bank account with all the top UK banks, i will then post a review of the banks online banking, keep an eye on the site for the full reviews.

For more information on this read our page on online banking security

Once you have logged into your account you can normally do most of the following, again depending on who you bank with and how your accounts are set up.
  • Pay your bills
  • Do BACS transfers
  • Open an e-savings account
  • Transfer money between your account (if you have more than 1 bank account with the same bank)
  • Manage your bank accounts
  • View recent activity on your account

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FCTP's Guide to UK Banks