Managing your money via online banking is the smart way to keep an eye on your finances these days.
After all, who has time to spend visiting the nearest branch of your bank to do such trivial things as paying bills, depositing cash, or checking your account details? Apparently not many people, with over 76% of individuals in the UK using online or mobile banking to exclusively manage their money.
In recent years, major banks and building societies have significantly reduced the number of physical branches. This shift is due to more people opting for digital banking methods.
Benefits of Online Banking & Mobile Banking
Online and mobile banking offer many benefits, making them a preferred alternative to visiting a bank branch, such as:
The Ultimate Level of Convenience
By having access to your banking account 24 hours a day is highly convenient – even when dealing with overseas transactions. You no longer have to factor a trip to the bank into your schedule, so something which previously took
Conducting your business online is much quicker than dealing with people in person or over the phone. Most banking providers now offer a live chat service.
With most of us using smartphones, accessing our bank accounts is literally at our fingertips.
Online Banking is More Secure
Online banking removes the need to deal in cash payments, which if lost or stolen are very difficult to recover.
Many security features and financial protection schemes protect you and your money from fraud.
Stay in Control of Your Money
Online and mobile banking make it easier to control your money, eliminating the need to wait for monthly statements.
Nowadays you can check any pending payments or recent transactions in minutes, you can see how much money you have remaining until payday and easy transfer money into a separate savings account which is a simple way of enhancing your financial wellbeing.
Tackling Financial Exclusion via Online-Only Banking Providers
That above advice is all well and good – if you actually gain access to a bank account or current account. You might not have a basic bank account for various reasons, even if your financial position is generally good.
Some online-only banking providers, like us here at Suits Me, work hard to combat financial exclusion by making our products and services accessible to people who may be denied access to an account with a traditional high street bank because of their credit score, lack of proof of address, bankruptcy or low income.
Often, temporary workers and migrant workers, especially those coming from overseas to work in the UK, have trouble setting up a bank account because of address issues. Whilst others with a poor credit score may be denied access as they’re deemed to high risk to offer an account too.
Suits Me is an Alternative to Traditional Banking Methods
At Suits Me, workers and migrant workers can apply for a Suits Me debit card on our website, through their recruitment agency or employer. We accept 99.8% of all applicants – regardless of background, personal circumstances or financial position.
You have the option to have your wages or salary directly paid into your Suits Me account, which requires no credit check, and as well as earning cashback rewards with major high street retailers and having ready access to your cash, you can manage everything through our online account and via our free mobile app.
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