All About Banking Online In The UK

UK online banking has been amazing changes in recent times. You can now bank online with pretty much all UK banks and building societies.

Credit Cards

Nearly all credit card companies will give you internet access to your account. This is incredibly useful for keeping an eye on your balance. You can see transactions before your monthly statement arrives and see your balance at any time. Ask 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 thousands, 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 massive amount, but over the years it builds significantly. Especially when you always buy things on your credit card that you might otherwise pay for with cash or debit card.

So Should I Get a Cashback Card?

Only if you pay off your balance every month (you know, because those lottery tips paid off…). If you carry over debt every month the interest charged will more than negate the cashback you earn. But if you do pay off your balance then interest free offers are useless to you, so get a cashback card instead.

Current Accounts

The options 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 in the middle of the night. Cancel a Direct Debit, check your balance, pending transactions. Some allow you to download files, and some can integrate with Microsoft Money or Quicken for a full home banking experience.

Savings Accounts

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

Final Thoughts

Personal finance will only continue to grow 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 occasionally lack the personal touch, but it’s definitely here to stay.