Online banking benefits

why you should consider using online banking

All the major high street banks in the UK now offer online banking and are very keen to get their customers to use it to carry out day to day activities such as paying bills.

Just because the bank thinks using online banking is a great idea, does this mean it is? What are the major benefits of using Online banking?

Well the main benefit is it's a much more efficient way of managing your bank accounts and your finances in general, its easy and saves stacks of time and hassles. It also means you don't get soaked walking into town to pay a bill when a few clicks of the mouse will accomplish the same thing.

As you might have guessed I am personally pro online banking and here is a short list of benefits and reasons why.

Specific benefits of using online banking include:
  • Save time managing your accounts
  • Save time paying bills and making payments
  • Quickly view statements and account balances
  • Get an overview of all of your bank accounts in one go *
  • Pay Bills and Invoices
  • Transfer Money from one account to another
  • Transfer money to other peoples bank accounts
  • Change Contact Details
  • Order Cheque Books & paying in books
  • Set up standing order to you own accounts or external accounts
  • Change Payments (direct debits etc)
  • Export your bank account data to programs such as:
    • QuickBooks
    • Microsoft Money 98
    • Spreadsheet eg. Excel
  • Order statements
  • Set up e-savings
  • Organise personal and business accounts in one place
  • View all bank account summaries on one page (very handy!)

So online banking is convenient, fast, effective and frankly i think its a better way to bank , although i do like to pop to my bank once in a while just to make sure its still there. You can now handle your banking from the comfort of your own home, during your lunch break in the office, or while basking in the sun on holiday, but for all these benefits, there must be some disadvantages? Read about Disadvantages of online banking.

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FCTP's Guide to UK Banks