10 Best Online Banking Accounts

We can say that generally, online banking is pretty safe. Banks have put mechanisms in place to protect your money as well as their reputation. You will notice that the URL begins with “https”, that means it is a secure website, and it will encrypt your information so that no one can see it.

Usually they require you go through a series of steps before you can log in. As mentioned earlier, they could send you a confirmation code on a message to your phone, they may use biometric technology if your phone allows you to. Some banks give you a card reader, it is a small device that generates a unique code every time you put your PIN number and log into their website.

And finally, good online banks will log you out automatically after a certain time of inactivity. Although it can be annoying sometimes, this feature enhances the safety of the system.

Of course, there are steps you can take to enhance the security of your online bank account.

Don’t use the same password for several accounts.

Make sure your passwords are strong. Some people use words that are common for their password, or a series of keys that are near on the keyboard (like “qwerty” or “09876”). That’s not safe. Neither is it safe to use your personal details as part of your password. There is no need to mention how dangerous it is to share your PIN number or your password with other people. This should never be done.

When you finish your banking activity, don’t forget to log out. This is especially important if you have used someone else’s device. And be extra cautious if you are doing your online banking from a public computer, like the one in the library. It could be that the security level of their software is not what you need. You do well in asking about their software before attempting to bank on it.

Finally, keep an eye on your account. Small scams can go unnoticed, so regularly check that all the transactions in your account are correct, and make sure that your details are updated and correct. Some find it practical to set a reminder on their phones to do this regularly. If you see something you don’t recognize, report it quickly so that your bank can explain what it is or protect you from scams.

The truth is that both are related, but there are some differences too. Online banking or Net banking refers to all the bank transactions that we do over the internet using the bank’s website. In order to do that you usually have to create an ID and a password to log in. Whether the bank has a local branch or is only an online bank, once you access their website you can check your balance, print any statements that you need and even apply for a credit or a loan.

On the other hand, mobile banking usually requires the use of an application designed for tablets or smartphones. It can also refer to using text messages for certain bank transactions. The services you have access to are very similar and, since most mobile devices feature a camera nowadays, you can even make a check deposit by taking a picture of both sides of the check using your inbuilt camera and the banking app.

Other times, when the transaction is unusual, the bank may want to check that you are really the one ordering it. So it may ask you to confirm it on your app, or by asking you to use a code that they send to your phone via text message.

Nobody would disagree with the fact that online banking has many advantages. No more queues when you want to pay your bills or your taxes. You can also quickly make a cash transfer if you need to, or have a retirement account and make deposits on it to give you peace of mind.

However, all that glitters is not gold, right? What are the downsides of having an online bank?

To begin with, you lose that personal touch of interacting with another human. Usually, bank managers have some authority to make changes in their services, or even in cancelling some fees, while online banking is stricter.

What would happen if the internet goes down? Disruptions in technology can negatively affect your online banking. Problems with your phone, issues with the bank servers or lack of internet signal, you name it. All can easily disrupt your bank transactions.

Many are also concerned about security. Hackers are getting better and better: phishing emails, fraudulent websites that mimic your bank’s website, and identity theft are some of the dangers you are exposed to when you do online banking. But don’t worry too much, we will see how you can protect yourself in a minute.

• Keep an eye on your balance and transactions at any time
• Save time in travelling to the bank’s branch and queueing
• Do urgent transactions when and where you most need it
• Add biometric safety measures
• Save some money

online banking has come to stay. It obviously has many benefits, and also some downsides. But safely banking from your sofa is priceless! Don’t forget that there are several ways to bank now, and you don’t have to stick to only one. Although using a physical account as well as an online account can have some extra costs, if you think you need a bit of both worlds, you can have it! Only you can see what suits you or your business better.