How Online Banking Saves You Time, Money and A Lot More


Online banking has picked up a fair deal over the last few years in the UK. A 30% jump in the number of people using online banking systems was recorded between 2007 and 2016.   On the mobile banking front, there was a 57% rise in the number of people doing their banking online through their mobile phones in 2015.

However, as these figures suggest, there is still room for improvement. Many people are yet to make the shift to online banking, thereby missing out on some of the major perks of doing so. Here is how online banking can save you time and money.

Eliminate Wait Times in Banking Halls

The days when you had to wait for your turn in banks are well behind us. The bulk of the typical transactions that get people moving to a bank branch can now be completed online. From initiating and completing payments to applying for a debit card, there is no need to go to a physical branch as you can complete them from anywhere with minimal fuss.  The reduction in foot traffic to banks have led to the closure of bank branches across the country as  the banks focus on delivering more personalized and robust services online.

Increased Security for Your Funds

When you do not have any reasons to carry around your bank cards, you reduce the possibility of losing them and exposing yourself to theft. Even when you don’t lose them, visiting physical ATMs can put you at risk of fraud and spoofing.  When you do as many transactions online as possible, you reduce the probability of losing money to ATM related risks, including robbery.

Have you ever received any dubious calls relating to your bank account? Online banking allows you to quickly check your finances. You can also check your finances instantly when in the face of a payment dispute. This way, you are not only saving money but saving time and dealing with dicey situations before they get out of hand.

Become Free of Banking Fees

Many banks charge various fees for completing certain transactions at a bank branch. Some of them charge a fee after you have withdrawn money from an ATM for a specified number of times each month. Others charge fees for funds transfers and cash withdrawals in a bank. Using online banking eliminates some or all of these fees.

Stay On Top of Finances

Online banking allows you to quickly see exactly how much you have at any given time. This simplifies the budgeting and planning process. You can make more informed decisions without jeopardising your overall financial health.

Save Money On Branch Visits

Many people do at least 10 bank related transactions each month. How much would it cost you to visit a branch for each of these transactions each month? Even when you drive, the total sum can be quite substantial if you live far away from your nearest branch. Online banking saves you money and ensures you are contributing your quota towards environmental sustainability.