Having a bank account that is only accessible only via a high street branch from 9am to 5pm may not work well for you. If this is the case there are two options;
Online banking
Online bank accounts offer some of the best value in the UK marketplace. This isn't because the banks are filled with geeks who are desperate to show everyone how great the internet is. It's down to money. The cost of servicing a customer who banks online is a small fraction of the costs associated with setting up, staffing and maintaining a high street branch network.
The good news is, these cost savings are in part passed onto the customer in the form of higher credit interest rates and lower overdraft rates. Levels of sophistication vary, but are generally increasing. A good online bank will let you do most of the transactions that are available in the branch or over the phone. For example, setting up, amending and cancelling standing orders or direct debits, transferring funds between accounts etc.
Online Account Security is a cause of concern for many customers. On the other hand this is a much bigger concern for the banks themselves. There are two reasons for this;
- The bank rather than the customer is responsible for losses due to security failures that are caused by short-comings of the online banking hardware or software. The customer is responsible for taking common sense precautions to prevent their account from being accessed illegally. For example, never reveal your ID or password to anyone, don't walk away from your pc whilst logged in etc.
- For many banks the online channel is an increasing source of business. Serious breaches in security damage reputations which in turn hits business. This means they have a strong incentive to keep their systems as secure as possible.
Telephone banking
If you need flexible hours, but are not comfortable with online banking, consider a provider who specialises in telephone banking (they are more likely to have call centres with well trained staff). These accounts allow you to manage your account remotely and the operating hours are usually more flexible than those of a high street branch. In fact a few operate 24x7.
If you need more information to decide which current account is the best for you, then check out
TheRateTart Guide to Current Accounts.
Tell me less about online current accounts
