Online banking, also known as internet banking, has become increasingly popular over the past decade. It’s a great way to take control of your finances and an easy way to make sure you’re keeping up to date with payments. More than half of us now avoid queuing up in bank branches by accessing our accounts directly from our computers, tablets or smart phones. But how does it work and is it safe?
Do you have more than one account? New services mean you can now see all your accounts in a single banking app. Find out more here.
Banking online means accessing your bank account and carrying out financial transactions through the internet on your smartphone, tablet or computer.
It’s quick, usually free and allows you to carry out a number of tasks such as paying bills and transferring money, without having to visit or call your bank.
Many banks also have free apps which let you use these services from your smartphone or tablet.
According to FCA, you are 24% less likely to incur unarranged overdraft charges, if you use a mobile banking app and text alert service.
Most banks let you use your online account to:
Accessing your bank account online is generally safe, as long as you make sure you enter in all the right details when making a transaction and follow a few rules:
Banks take lots of precautions to make sure your online account is safe. These include encrypted websites, timed log outs and many authentication processes. You can ask your bank for more details.
Accessing your account through your smartphone - either using a website or a banking app - is becoming increasingly popular.
It’s a fast, convenient way to manage your finances and banks invest heavily in making mobile banking safe.
If you notice anything strange on your account, or you accidentally make a payment to the wrong account, get in touch with your bank as soon as possible.
The majority of banks in the UK provide an online banking service.
To find out if you can get online access to your account, check your bank’s website, give them a call, or pop into a branch.
For security reasons, the registration process often involves a few steps.
These might include:
If your bank doesn’t offer online banking, or you’re not happy with the service provided, you’re free to switch to another provider.
Even if you don’t have an internet connection at home, you might be able to access your online account using a computer in a bank branch.
You might also be able to access your online bank account through a secure connection at a friend or relative’s home.