In the last few years the world has become a very intimate and ‘local’ place due to the wonders of modern technology. It takes mere minutes to send an Email and to get a response; not the weeks of waiting for a letter to be sent back and forth through the traditional postal system or even the delays of the dreaded fax.
You can make a telephone call from your cell phone in the middle of a field; no longer having to wait for an operator to connect you. In this whirlwind evolution your finances have also become a lot simpler and easier to manage. Today people want to manage their finances without hassle. They want it to be simple, easy, care free and all from one central location
What is an online account?
An online account is simply a basic bank account online and is one of the first banking products that will genuinely appeal to the technology savvy of the new generation. To start with, the application form isn’t a process of assessing your credit history, rather it’s simply a formality to assist the set-up process. Most online banking hosts will accept anybody as long as they live in the UK and are at least eighteen years of age. Even if you have a low credit rating or have even been bankrupt in the past, it won’t stop you setting up an account in a matter of minutes.
What makes this product unique is the fact that it provides all fiscal services an individual could possibly need from one central account. It keeps your financial life as simple and as streamlined as it can be.
The companies themselves do not have branches like a bank but they have an online hub where you can get customer service and you can complete transactions at the Post Office and at any Pay Point location.
Pay Point locations are available in a variety of stores and there are generally over 20,000 given locations in the United Kingdom at one time. With the larger companies you can make use of over 90 per cent of cash points around the globe, so wherever you are your money is easily accessible. Your account can accommodate all the usual services including telephone banking, online banking, wage payments, and you get a widely accepted visa card.
How does it benefit my savings?
An online account is a great place for your savings in a world recovering from the biggest credit crunch in memory. You can leave your savings in an online account, completely independent of your existing bank account, safe in the knowledge that your money is there for you whenever you need it, wherever you may be. You don’t need to call anybody to ask for fund release, or have to follow a specific process to gain access to your cash like some term deposits and savings accounts. You can just transfer it straight from your mobile phone banking app or push your visa cash card into almost any cash point around the globe. When your car clutch dies unexpectedly, and your monthly budget doesn’t allow you to fix it, wouldn’t it be great if you could dig into your savings without even a moment’s hassle? You can even pay the mechanic with your prepaid card directly.
An online bank account will give you fiscal freedom, wherever you are in the globe. When adding to your savings all you need to do is pop down to your local Pay Point or Post Office for cash transactions or complete an online transfer, better still, have your pay or benefits directly paid into your online account.
How does it give more freedom?
Having an online account, separate from your regular bank account can also help those who travel a frequently and may not have a fixed address. Setting up an online account will mean you can move from city to city, country to country and still have access to your money anytime, anywhere. You can access your earnings or savings on a prepaid card and live with the sort of freedom that previous generations could have only dreamt about. The only thing you need to access your account is an internet connection or mobile phone.
William Masters is a British journalist who writes about topics of international economics and personal finance.