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UK Internet Banking -- Giving You The
Most For Your Money
Internet banking is
the way of the future. Banking online has become more popular than
social networking. Consumers love the convenience, savings,
flexibility, and speed of banking on the web. Banks save money by
serving fewer customers at the branch. Internet banking is a winning
proposition for everyone. If you haven't discovered the benefits
yet, it's time to learn what online banking can do for you.
Most UK banks offer free internet banking with an existing account
or when you open a new account. You can go with a high street
physical bank or a virtual bank like Smile or Cahoot. Virtual banks,
because they have no physical location to maintain, offer higher
interest on savings and lower interest on loans. Some online banks
feature offset mortgages or current account mortgages that can
reduce mortgage interest.
Online banking lets you manage your money to suit your own schedule.
There are no banking hours or bank holidays to consider, and no need
to rush to the branch and wait in the queue. Check balances and
statements whenever you wish, move money between accounts, and pay
bills at any time. Create direct debits, standing orders and
prepayments, all from the comfort of home. When you bank online, you
have access to up-to-the-minute account information that helps you
avoid overdrafts and fees.
Many consumers find that banking on the web is more fun than
visiting a branch, and become better money managers as a result.
Many UK banks give you the option to download transactions and
statements so you can enter financial information into budgeting
software to analyse and plan expenditures.
Online banking transactions are fast. Transfers are generally
processed immediately, and bills are paid in as little as two
business days. Virtual banking transactions are also more accurate
than physical transactions because they remove the possibility of
teller error. As long as you check your online transactions before
finalising them, you can trust that they'll be completed accurately
and on time.
There are no disadvantages to UK internet banking, but many
consumers wonder about security and online fraud. Banks provide
secure websites and high-grade encryption to protect your money, but
it's up to you to take precautions as well.
(1) Always look for a security padlock and an "https" on the website
address before you enter your password and user ID.
(2) Make sure your computer is equipped with updated and real-time
anti-virus and anti-spyware software, and that you're using a
firewall. Scan your computer weekly for viruses and spyware.
These simple security strategies will ensure that your UK internet
banking experience is both safe and rewarding.