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The Finance Directory Blog
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Just as other financial areas of the United Kingdom have grown in competitiveness
and demand, so has banking. There are currently a wide range of banks
vying to attract your custom. Often they will provide introductory
offers to their services which can save you money. Often they will
even do this at a loss to their profits. They will do this in the hope
that you enjoy their custom and maintain their services once the introductory
offer has run its course.
Once of the most recent and significant developments in banking
services is that of internet banking. The positive sides for internet
banking are numerous and include: Account Access twenty four hours
a day – you can use the service anytime to view your balance,
pay off bills or make payments. Ease of use – no need to visit
your bank, simply click from the comfort of your own home. In some
cases bank fees are also lower. Internet banks do not have to invest
highly in such costs as premises, as so can obtain major savings
over standard ‘real world’ banking methods. They can
then pass on these savings to the customer in the form of lower
What to look for in an internet bank –
When weighing up offers by service providers you should compare
the following factors to see if the accpunt is right for you.
Interest Rates – who offers the lower rates on loans, credit
and overdrafts. Are there introductory periods? Do you receive a
higher rate of interest on your savings?
Access – typically online banking should be accessible all
day and all night. Does your internet bank provide this, or do they
have a downtime for updates / maintenance?
Ease of Use – are functions simple to use, or are they more
hassle than a real world bank?