As computer technology continues to go from strength to strength, we can now do things online that were once in the realms of science fiction.
For example, who would have thought we’d be dating, shopping, renting houses, looking for jobs or connecting with friends over the internet?
Banking is just another service to benefit from this new way of operating. Many financial institutions now offer online banking to customers. This is a method of doing all personal and business banking online, thus eliminating the need to physically go into a bank branch.
An online banking account is any savings and/or transaction account that allows you to perform your banking activities online via the internet.
An online savings account is a savings account where you manage your funds using the internet and earn interest on the balance. Many online savings accounts are “online only”, meaning you can’t make ATM withdrawals directly from the account. However, a growing number of online accounts are combined savings and transaction accounts, where you can make online and in person transactions using the account.
A combined online transactions and savings account can work out cheaper for those who make a lot of transactions in and out of the account. Earning interest adds value for someone who doesn’t want the fuss of transferring money in and out of a separate savings account.
— CANSTAR (@CANSTAR) December 6, 2016
According to the Canstar Blue 2015 banking survey of more than 3,500 Australian adults, online banking is now used by a staggering 90% of Australian customers. We were impressed to see how many seniors are getting online to do their banking.
- 97% of Gen Yers aged 18-24 young adults use online banking.
- 91% of Gen Xers aged 40-49 use online banking.
- 89% of Baby Boomers aged 50-59 use online banking.
- 86% of Baby Boomers aged 60 and over use online banking.
- 76% of Seniors aged 70 and over who have internet access use online banking.
Banking online has many advantages, the most obvious one being that banking can be done any day of the week at any hour and from any place that has an internet connection. We can pay bills, order statements and view transaction history with the click of a mouse.
There’s no doubt online banking services will continue to evolve in line with leaps in computer technology and the desire by everyone for more and more convenience in every aspect of their lives.