All About Banking And Finance Online In The UK

Posted on August 14, 2008
Filed Under Personal Finances | Leave a Comment

Online banking in the UK has seen wonderful changes in recent years. Now you can bank online with almost all UK banks and building societies.

Credit Cards

Nearly all credit card providers will give you online access to your account. This is really useful for keeping an eye on your balance. You can see transactions before your statement arrives and check 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 hundreds of pounds a year, and all you have to do is fill in the application form.

You will mostly 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 fortune, but over the years it builds significantly. Especially when you always buy things on your credit card that you would otherwise pay for with cash or debit card.

So Should I Get a Cashback Credit Card?

Only if you clear your balance every month. 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 of no interest to you, so get a cashback card instead.

Current Accounts

The options available 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 at 4am in the morning. Cancel a Direct Debit, check your balance, statements, pending transactions. Some allow you to download files, and some can integrate with Microsoft Money or Quicken for a complete home banking experience. (You can find out which is the best current account here)

Savings Accounts

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

Closing Thoughts

Personal finance will only continue to get bigger online, especially as levels of security and consumer confidence grows. It gives us cheaper products, plus services we can access at our own convenience. It may at times lack the personal touch, but it’s definitely here to stay.

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