When it comes to our banking needs, the options available today are vastly different from those that were initially offered in the 17th century at the time the profession got up and running. With innovations in fintech and online banking, the banking industry is better able than ever to to offer us the cash management tools we need to keep up in our fast-paced, day-to-day lives. In the U.K., one of those tools might just be a cash reward for opening up a bank account at all!
Internet banking is becoming increasingly popular not only in the UK but all around the world. Banks are more focused on providing online banking to enhance their offerings with the reduced cost of operations. This article will help you better understand your online banking options in the UK.
What is Online Banking?
Online banking is the digital system that provides the customer the option to conduct their financial and non-financial transactions directly from their online bank account without physically going to the branch.  With internet banking you can transfer funds from your account to other accounts of the same bank or different bank using a website or an online mobile application. Online banking is easily accessible and portable. You can access your financial account anytime and anywhere; all you need to have is good internet connectivity.
Main Features of Online Banking
The following are some of the main features of using internet banking; 
– The customer can check account balances anytime.
– The customer can check the history of their transactions for a given time period.
– Customers can download Bank statements, various types of forms and applications.
– The customer can invest and conduct trades.
– The customer can easily transfer funds or pay any kind of bill.
– Internet banking allows for e-shopping and e-commerce platforms.
– The customer can book transport, travel packages, and medical packages.
– Online banking offers 24-hour account access.
Main Benefits of Using Online Banking
– It saves a lot of time and effort.
– Can transact with the click of a button.
– Completely safe and secure.
– Fewer fees with most of the services rendered free.
– Can coordinate with your financial software.
– Easy to understand and to use.
– Scores more points over traditional banking.
– Useful for everyone.
Online Banking Platforms in the UK
While most traditional banks also offer an online presence, some banks have chosen to ONLY offer their services online in hopes of reducing costs. If you’re looking for that kind of service, here are some of your best options.
Starling Bank claims to be the digital bank that’s changing the way people manage their finances forever. It is voted the best British bank and current account 2020. This is an app-based company that offers current accounts to customers. Their digital system enables customers to have an insight into spendings with real-time notifications whenever you use your debit card. There are no fees when you’re withdrawing cash or spending it abroad. Other than that you can earn small amounts of interest too. They have no monthly fees, although overdraft charges may apply.
Revolut is a digital bank with a global presence. It has gained popularity in a very short period. If you are trading and have to travel abroad, Revolut is the best option you can choose. They offer their customers to hold, exchange and transfer 28 currencies with the real exchange rate. Revolut comes with perks and benefits from commercial partners such as Apple, Amazon Business, Google Ads, Deliveroo for Business, Seedrs and Slack.
Monese says that it isn’t a bank, instead, it’s a specialist solution for companies that want to manage multi-currency accounts.  With Monese you can enjoy unlimited transactions, fast bank transfers and even global ATM withdrawals. Now you can open an account from your smartphone and get access to every single feature within an hour. The app is supported in ten languages. Not only that but you can have accounts in both GBP and Euro for international banking. With faster services Monese offers 14 currency conversions including US Dollar, Australian Dollar, Euro and Danish Krone. They allow you unlimited transactions. To ensure safety, the app even uses backend encryption and biometric unlock features too.
Atom Bank has retained its focus on the UK solely. They help you manage your finance in a very simple manner. Open your account in just 10 minutes. You can deposit a minimum amount in a period of 7 days. They allow access to flexible loans, savings accounts, and even mortgages. With Atom bank you can access the information you need digitally.
How to Earn £100 With Your New Bank Account
There is a number of different providers offering from £75 to £185 in cash when you switch your account. The list of requirements is very short and mostly includes things like having Direct Debits coming out of your account or paying household bills from the account. This “free money” can make a big difference to which account is best for you.
If you are willing to become a switcher some of the most popular accounts offer cashback bonuses and direct money when changing accounts. This list of accounts will make you earn £100 or more either upfront or within the first year the account is open:
- First Direct 1st Account – £100 cash switching bonus
- Halifax Current Account – £75 cash switching bonus + £3 per month cashback
- TSB Classic Plus Account – £120 cashback per year
Traditional banks aren’t always much fun, but traditional banks do also have their advantages so it’s up to you to choose what kind of banking experience you want. You can hold both traditional and online bank accounts to enjoy the best out of both sides. Moreover, we recommend you research thoroughly and find what suits you best before switching completely to an app-only bank.
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 ClearTax. “Net Banking – What Is Online Banking?, Features & Advantages of Internet Banking.” Pinchy. July 16, 2020. Accessd july 20, 2020.
 “The Best App-only Bank in the UK.” The Best App-only Bank in the UK – Money To The Masses. Accessd july 20, 2020.
 “A Better Way to Handle Your Money.” A Better Way to Handle Your Money | Revolut US. Accessd july 20, 2020.
 Monese. “Open an Account in the UK.” Monese. Accessd july 20, 2020.
 Bank, Atom. “The App-based Bank That Makes Money Simple.” Atom. Accessd july 20, 2020.