Online Banking
All the major banks offer online banking. Online banking is a more efficient way of managing your bank accounts. You can:
- easily check your balances and view statements online
- move money between accounts
- make payments to suppliers (bear in mind that payments are taken immediately from your account so interest accrues instantly if you are borrowing!)
- set-up regular payments such as salaries
- order chequebooks and statements
- download account information to analyse on your computer
Online banking can be very cost-effective. Charges are often lower than for ordinary accounts, and accounts may offer higher interest rates. Banks usually offer online banking at no extra cost.
Most businesses manage their online bank accounts using Internet banking. You can access your accounts from any PC using a web browser.
Larger businesses may also be offered "PC banking". This requires the installation of special banking software on the computer you use to manage your account. This can be a more effective solution if you have a large volume of banking transactions and directly link your accounting systems to your bank. Banks will normally levy a charge for this service.
Security is an important consideration when banking online. Further advise on security can be found at http://www.banksafeonline.org.uk/