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Internet Banking

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.