Online banking accounts

Keep track of your money 24 hours a day, 7 days a week with an online banking account. Use the bank’s secure website to manage your current account.

Online banking accounts - Order based on in-credit rate (AER) in descending order

    • Provider/Product name FlexDirect

      FlexDirect

    • Customer Service Rating
      Great
      79%
      OK
      17%
      Poor
      4%
    • Overdraft Rate (EAR) 0% 1st 12 months
    • Interest Rate (AER) 5.00% on balances between £1 and £2500
    • Go to site

      Phone

      More details

    Market leading

    This is the best rate for balances up to £2,500

    Great for
    In credit interest of 5% AER on balances from £1 to £2,500. Conditions apply
    Dedicated switching service to personally manage your account opening
    But be aware that
    Minimum monthly funding of £1,000
    After 12 months the interest rate lowers to 1% AER
    • Provider/Product name 123 Current Account

      123 Current Account

    • Customer Service Rating
      Great
      76%
      OK
      21%
      Poor
      3%
    • Overdraft Rate (EAR) 0% 1st 4 months if you switch
    • Interest Rate (AER) 3.00% on balances between £3000 and £20000
    • Go to site

      Phone

      More details

    2016 SUPERS

    Winner of the Best 'Loyalty’ Current Account Provider

    Great for
    Monthly cashback on selected household bills
    Monthly interest of 3% AER (variable) payable on your entire balance up to £20,000, when you have at least £3,000 in your account
    But be aware that
    A £5 account fee will be taken from your account each month
    Rate of interest will be reduced to 1.50% from November 1st 2016
  1. Great for
    Keeping track of all your payments and spending over time – B brings all the important stuff into one place
    You’ll have a grace period of two working days if you do go overdrawn
    But be aware that
    A compatible smartphone and tablet is required to access all of B’s features
    Current rate of 0.5% AER (0.5% gross p.a. variable) on credit balances up to £2,000.From 1st December 2016 the rate will be 0.25% AER (0.25% gross p.a. variable)

    Representative Example:

    Representative Example (this example is for illustration purposes only). Rate of interest - 11.84% per annum (variable), Total amount of credit - £1200, EAR – 12.50% variable, Monthly Planned Usage Fee £6.00 with a £25.00 buffer and a two Business Day grace period before any fee is charged (maximum 1 fee per month). The rate of interest shown is an Effective Annual Rate (EAR), this is the cost of borrowing on current accounts which takes account of the rate of interest charged, the frequency it is levied to the account and the compounding interest.

    • Provider/Product name 1st Account

      1st Account

    • Customer Service Rating
      Great
      91%
      OK
      6%
      Poor
      3%
    • Overdraft Rate (EAR) Interest free on the first £250
    • Interest Rate (AER) 0.00%
    • Go to site

      Phone

      More details

    Cashback

    Receive £100 cashback when you switch your current account to first direct- T&Cs apply

    Great for
    Receive £100 cashback and access to £250 interest free overdraft when you switch your current account to first direct – overdraft subject to status
    Earn a market leading 6% interest from first direct’s regular saver and gain access to preferential products available to first direct customers only
    But be aware that
    Minimum monthly funding of £1,000
    No interest paid on balances in credit
  2. Switching Gift Card!

    Earn up to £220 on an M&S gift card! Receive £100 when you switch and up to £120 when you stay! Conditions apply, see T&Cs

    Great for
    Switch to M&S and earn £100 on an M&S gift card plus £10 gift card top up per month for up to 12 months. See T&Cs
    Access to the 6% AER high interest rate M&S Monthly Saver account. See T&Cs
    But be aware that
    To qualify for the £100 gift card you must use the Current Account Switch Service and have two active direct debits
    To qualify for a £10 monthly top up on your gift card you must have two active direct debits and a minimum monthly funding of £1,000

    Representative Example:

    0% EAR variable on the first £100. 15.9% EAR variable thereafter.

  3. Switching Gift Card!

    Earn up to £220 on an M&S gift card! Receive £100 when you switch and up to £120 when you stay! Conditions apply, see T&Cs

    Great for
    Switch to M&S and earn £100 on an M&S gift card plus £10 gift card top up per month for up to 12 months. See T&Cs
    M&S vouchers worth £222 every year (£127 worth of hot drinks vouchers, £40 vouchers for clothing and homeware, £45 for treats and delights and a £10 birthday treat)
    But be aware that
    £10 monthly fee
    To qualify for the £100 gift card you must use the Current Account Switch Service and have two active direct debits. To qualify for a £10 monthly top up on your gift card you must have two active direct debits and a minimum monthly funding of £1,000
  4. Great for
    Free Multi-trip travel insurance
    Dedicated switching service to personally manage your account opening
    But be aware that
    Minimum monthly funding of £750 to qualify for the travel insurance
  5. Great for
    Award winning mobile banking - pay your contacts anytime
  6. Cashback

    £150 Cashback when you switch your Current Account to the Co-operative Bank- T&Cs apply.

    Great for
    Receive £150 Cashback when you switch your Current Account to the Co-operative Bank. Subject to status and qualifying criteria
    The Co-op current account and £150 switch offer are subject to status and qualifying criteria. £150 offer requires a full switch with 4+ active Direct Debits to a qualifying current account.
    But be aware that
    £150 Cashback offer excludes existing customers paying in £800+ per month from 03/02/16 to 03/05/16 and any recipients of previous switching incentives. Offer can be withdrawn at any time. Terms apply
    This account is available to EU residents aged 16 or over. Overdrafts are only available to account holders 18 or over. Subject to status.

    Representative Example:

    The advance of credit of £1,200 at an interest rate of 18.9% EAR variable per annum.

Online banking

Forget queues, paperwork and limited weekend opening hours – online banking does away with all of it, providing free and secure access to your bank accounts around the clock.

Whether you just want to check your balances, make a payment to someone or transfer money between accounts, you can do it all with just a few clicks at your own convenience.

It’s not surprising then that online banking has taken off in a big way. According to the Payments Council, more than 26 million people in the UK now use internet banking.

While banks and security companies have developed robust and sophisticated security practices, unfortunately there are still unscrupulous folk out there working just as hard to circumvent them – so you still need to be on your guard.

Benefits of online banking

Many of us are in work during weekdays, which means a trip to the bank involves either a rushed lunch after wasting our lunch breaks in a bank queue or spending our Saturday mornings in our local branch.

Thanks to internet banking, many of the simple tasks we used to have to go to the bank for can now be done at home using a computer. You can transfer cash to another account yourself, or check your transaction history on screen rather than having to queue up for a print-out.

In terms of security, we used to have to wait for our monthly statement to come in the post before we could spot any inaccuracies or suspicious activity on our accounts. With an online bank account, we can monitor them in (almost) real-time.

Also, most online banks allow you to search your transaction history, which is extremely useful if you run into a dispute over an allegedly unpaid bill because you’ll be able to prove it one way or another.

Some even have instant messaging services which allow you to chat with an advisor and get answers to your questions.

There are, in fact, very few things you can do in a physical branch that you can’t do with an internet bank account.

Banking safely

The banks do everything they can on their end to make sure you’re banking safely, but you need to do your part too.

As best practice, never follow a link to your bank from an email, as the email could be a ‘phishing’ scam. Instead type the web address directly into the address bar or use a search engine to find it.

If you are using a search engine, be sure to check the site you click through to has the correct URL and is definitely your bank. Cyber criminals sometimes create extremely convincing ‘spoof’ sites to get your log-in details. One thing they can’t fake, however, is the URL – so check it’s exactly right.

Once on the site, make sure there is a padlock symbol in the browser’s address bar indicating the page is secure. A padlock on the web page isn’t enough because that can easily be faked – instead look to the left or right of the web address.

Once you’re logged in, the web address should change from beginning with “http” to “https”, indicating a secure connection.

If your bank offers additional security software, such as NatWest’s Rapport, use it alongside your computer’s own security software for added protection.

If you do notice any unusual or inexplicable transactions in your online statement, contact your bank directly by phone and query or report it.

Don’t ever share your login details with anyone and if you use a shared computer for accessing your online bank accounts, don’t allow the browser remember your log-in credentials when prompted.

Finally, make sure you’re fully logged out before you leave your bank’s website.

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