Internet banking is becoming increasingly popular not only in the UK but all around the world. Banks are more focused on providing online banking to enhance their offerings with the reduced price of operations. This article will assist the understanding of online banking options in the UK.
The prevalence of internet banking is becoming more evident not only in the U.K. but in most areas of the world. Online banking allows banks to reduce their price of operations but also provide new digital products and services. This is why banks are optimizing into the digital side of banking.
Online Banking information
Main Features of Online Banking
Some of the key advantages of using Internet Banking are as follows;[2] — The account balances can be reviewed at any time by the customer. — The customer may check the history of its transactions over a given period of time. — Consumers can find Bank statements, forms and applications of different types. — Consumers can spend and trade. — The consumer can pass funds easily or pay for some kind of
Some of the key advantages of using Internet Banking are as follows; [2]
– The account balances can be reviewed at any time
– The client may check the history of its transactions over a course of time
– Consumers can access Bank statements, various types of forms and applications
– Clients can invest and trade
– The consumer can pass funds easily or pay for some kind of bill
The following are some of the main features of using internet banking; [2]
– The customer can check account balances anytime.
– The customer can check the history of their transactions for a given time period.
– Customers can access Bank statements, various types of forms and applications.
– The customer can invest and conduct trades.
– The customer can easily transfer funds or pay any kind of bill.
– Internet banking allows for e-shopping and e-commerce platforms.
– The customer can book transport, travel packages, and medical packages.
– Online banking provides 24-hour account access.
Main Benefits of Using Online Banking
– It reduces a lot of time and effort.
– Can transact with the click of a button.
– Completely safe and secure.
– Fewer fees with most of the services.
– Can coordinate with many financial software.
– Easy to understand and to use.
– Scores more points over traditional banking.
– Useful for everyone.
Online Banking Platforms in the UK
While most traditional banks also provide an online presence, some banks have chosen to ONLY provide their services online in hopes of reducing fees. When looking for that kind of service, here are some of the preferred options.
1.Starling Bank
Starling Bank claims to be the digital bank that’s changing the way people manage their finances forever. It is voted the top British bank and current account 2020. This is an application-based company that provides current accounts to customers.[3] Their digital system enables customers to have an insight into spending with real-time notifications whenever debit card is used. There are no fees when withdrawing cash or spending it abroad. Other than that small amounts of interest can also be accrued. They have no monthly fees, although overdraft charges may apply.
2.Revolut
Revolut is a digital bank with a global presence. It has gained popularity in a very short period. If trading and have to travel abroad, Revolut is the preferred option to choose. They provide their customers to hold, exchange and transfer 28 currencies with the real exchange rate. Revolut comes with perks and benefits from commercial partners such as Apple, Amazon Business, Google Ads, Deliveroo for Business, Seedrs and Slack.[4]
3.Monese
Monese says that it isn’t a bank, instead, it’s a specialist solution for companies that want to manage multi-currency accounts. [5] With Monese the client can enjoy unlimited transactions, fast bank transfers and even global ATM withdrawals. It’s easy to open an account from any smartphone and get access to every single feature within an hour. The application is supported in ten languages. Not only that but it’s possible to have accounts in both GBP and Euro for international banking. With faster services Monese provides 14 currency conversions including US Dollar, Australian Dollar, Euro and Danish Krone. It allows for unlimited transactions. To ensure safety, the application even uses backend encryption and biometric unlock features too.
4.Atom Bank
Atom Bank has retained its focus on the UK solely. They assist in finance management in a very simple manner. Open an account in just 10 minutes. [6] Deposit a minimum amount in a period of 7 days. They allow access to flexible loans, savings accounts, and even mortgages. information can easily be accessed via a digital platform with Atom Bank.
How to Earn £100 With The New Bank Account
There is a number of different providers offering from £75 to £185 in cash when switching bank accounts. The list of requirements is very short and mostly includes things such as having Direct Debits coming out of the account or paying household bills from the account. This “zero-dollar money” can make a big difference to which account is recommended.
When scoping variety of banking solutions some of the most popular accounts provides cashback bonuses and direct money when changing accounts. This list of accounts will earn £100 or more either upfront or within the first year the account is open:
- First Direct 1st Account – £100 cash switching bonus
- Halifax Current Account – £75 cash switching bonus + £3 per month cashback
- TSB Classic Plus Account – £120 cashback per year
Final verdict
Traditional banks aren’t always much fun, but traditional banks do also have their advantages so it’s up to the person to choose what kind of banking experience is desired. Both traditional and online bank accounts can be held to enjoy the benefits out of both sides. Moreover, we recommend that research is thoroughly undertaken and find what suits the particular case before switching completely to an online bank.
References
[1] “Online Banking.” InvestingAnswers. Accessd july 20, 2020.
[2] ClearTax. “Net Banking – What Is Online Banking?, Features & Advantages of Internet Banking.” Pinchy. July 16, 2020. Accessd july 20, 2020.
[3] “The Best App-only Bank in the UK.” The Best App-only Bank in the UK – Money To The Masses. Accessd july 20, 2020.
[4] “A Better Way to Handle Your Money.” A Better Way to Handle Your Money | Revolut US. Accessd july 20, 2020.
[5] Monese. “Open an Account in the UK.” Monese. Accessd july 20, 2020.
[6] Bank, Atom. “The App-based Bank That Makes Money Simple.” Atom. Accessd july 20, 2020.
