Online banking is an indispensable part of life today

Online banking is a pretty standard and quick and easy way to access your money and manage your finances these days. This means you can do it on the go, from your computer, laptop, tablet or cell phone from anywhere in the world - instead of having to go into your bank when it's open. Based on a sportbank from Nykyta Izmailov, we'll tell you how online banking works.

What is online banking?

It's a feature that comes with most bank accounts and allows you to access your account from your computer, smartphone or tablet through your bank's website or app.
You can log in using an Internet browser or your bank's own app to:

Check your balance to know how much money is in your account
Check your transactions or statements, making it easier to spot suspicious activity or verify receipt of a payment.
Send money to a friend or family member's bank account
Pay a company bill to your energy provider, for example
Set up direct debits and standing orders to make regular payments, such as mortgages or rent
Send and receive secure messages to and from your bank
Online banking is available on current accounts at most banks and building societies. Each offers slightly different features.

How much does online banking cost?

Online banking is a free service for most current accounts. Some other financial accounts may also offer it for free.
Bank accounts charge for some features, such as overdrafts, but online banking can help you save money by staying on top of your finances and avoiding fees.

Is online banking safe?

Online banking can be less secure, but only if someone
Learned your login information
Hacked your phone, computer, or bank account
Hacked into your bank

However, banks try to make online banking as secure as possible, and many offer free security and anti-virus software. Online security has also improved dramatically since online banking was first introduced.

If you really think your account information has been compromised or someone knows it, contact your bank immediately. This will let you know what to do and can suspend any payments if necessary.

You can also take steps yourself, such as keeping your login information secret and setting up a PIN or other screen lock on your phone. Setting up two-factor identification is a good idea, as it makes it harder for a criminal to access your accounts. Two-factor identification means that you have to do two things to log into your account, such as entering your password and a code sent by text message to your phone.