Online Current Accounts Tips

Banking mistakes to avoid online

Not checking your statement online

It’s important that you check your statement online regularly. Most major banks offer online banking with up to the date statements.

Being careless with your online banking details

Having the same or easy to guess online banking details is leaving you open for fraud. Because all it takes is for a fraudster to crack it and they’ve got access to everything.

Paying for online purchases with a debit card

The safest way to pay online is with a credit card. If there is an fraudulent transactions online you can reclaim the money through your credit card protection scheme.

Debit card do not offer any protection scheme as your entire account cleared out. Even if you get some of the money back, payments aren’t made and direct debits bounce.

Accessing your bank account online in a public place

If you log on to your bank account from a computer in a public place, such as a library or an internet café, or you wirelessly connect your laptop to a network at a coffee shop or in an airport lounge you could be jeopardising your financial security.

Most open networks, such as those offered for free in many public places – including airports, coffee shops and even hotels – are unsecure. Anyone with access to the same network could steal information just by logging on.

Trusting any bank with more than your country banking protection

Most governments offer a level of guaranteed if a bank goes bust. To spread your risk, spread your money over many bank to avoid loss.

UK Goverment protection

Staying with the same online bank

Loyalty doesn’t pay. If you want the most competitive deals you have to shop around and take your money to where they’ll look after you best.

Tips for current account online

We are now becoming more and more accustomed to shopping around – so if we are comfortable with the idea of remortgaging, switching credit cards and mobile phone companies, why do we insist on staying with the same bank we’ve been with for years?

There are several ways of making the most of your current account:

• Interest rates: Always shop around for the best interest rates, and look out for high charges on overdrafts and other services.
• Bank charges: Check what the authorised and unauthorised overdraft fees are to avoid paying over the odds if you go into the red. Banks will charge you a fee as high as £25 if a cheque or standing order bounces due to insufficient funds in your current account.
• Free Gifts: Some current accounts offer extras, such as free cash, a bonus interest rate, or breakdown cover on your car.