Beyond Origins the Discussion

Learn About Banking Online In The UK

August 12th, 2008

UK online banking has seen amazing changes in recent years. Now you can bank online with pretty much all UK banks and building societies.

Credit Cards

Most credit card companies will give you internet access to your account. This is very useful for keeping an eye on your account. You can see transactions before your statement arrives and check your balance at any time. Check to see if your bank allows online access for your card. If not think about changing cards.

If you are planning to switch, look at cashback credit cards. You can find the latest cashback credit cards here. It can pay you back hundreds of pounds a year, and all you have to do is fill in the application form.

You will normally find cashback rates are 0.5% to 1% (although you can get a limited offer of an amazing 5% at the moment with one of them - check the link above). So if you spend £100 on anything, and your card pays 1% cashback, you get £1 back. Not a fortune, but over the years it builds up. Especially when you ensure you buy things on your credit card that you might otherwise pay for with cash or debit card.

So Should I Get a Cashback Credit Card?

Only if you pay off your balance every month. If you carry over debt every month the interest charged will more than wipe out the cashback you earn. But if you do pay off your balance then 0% balance transfer offers are useless to you, so get a cashback card instead.

Current Accounts

The features you can get vary, but normally online current accounts provide all the daily transactions you would normally need your branch for.

You can transfer money to your savings at 4am in the morning. Cancel a Direct Debit, check your balance, statements, pending transactions. Some allow you to download files, and some can integrate with Microsoft Money or Quicken for a full home banking experience. (You can find out which is the best current account here)

Savings Accounts

A quick comment about savings accounts. In the world of online banking it is no effort to hold accounts with different banks and move money between them. So don’t just accept the low interest savings account your current bank offers. The interest rate could be many times better elsewhere. For the best savings account in UK check here.

In Conclusion

Personal finance will only continue to get bigger online, especially as levels of security and consumer confidence grows. It gives us cheaper products, and services we can access at our own convenience. It may at times lack the personal touch, but it’s definitely here to stay.

Entry Filed under: Finance