Online banking refers to banking conducted on the internet, with either a traditional or an online bank. With an online bank, there is no physical location and have limited amount of banking locations. The basic way of conducting business transactions is online, although it can also be done through the phone. With online banks, there is better interest rate due to the lack of a physical location that could cost the bank more.
If you have an online savings account, it is easier to open an online checking account to access your money and do transactions. However, not all online banks offer both kinds of accounts. There are several good online banks that provide better service and benefits. Most of them offer online bill payments, transfer money from one account to another, free checking and even offer loan applications on the internet.
With online banking, there is no worry in catching up the standard banking hours because you can transact anytime, during the night or even at midnight. Furthermore, you can access your account by simply switching on your computer, pressing a few keys on the keyboard either on your desktop, laptop or notebook. Anytime, anywhere you can monitor your money and pay your bills hassle-free.