Online banking versus high-street banking

When deciding which current account to open you may wish to consider banks which are wholly based in the internet. While you will miss out on the personal contact of bank advisors, you may find that banking online is cheaper and more efficient than High Street banking. The reason for this is that internet banks save money on staff and rent costs. Because of this they are able to offer more favourable conditions to you as the consumer.
Advantages of online banking
Banking online is a service which is available 24 hours a day,365 days a year. You are not dependent upon branch opening hours, queuing to see an advisor, or waiting at banking terminals to make money transfers. You can carry out all the functions of day-to-day banking from your home, and fit it around your time schedule.
Disadvantages of online banking
Although online banks are much more accessible than branch banks, they tend to carry out system updates and other maintenance from time to time. This is usually done in the early hours of the morning when fewer people are online. However it can lead to banking services being disrupted. Most banks will give prior notice as to when such interruptions will take place.
Advantages of High Street banking
Many banks offer specialist financial advisors who can advise you on how best to save and manage your money. Although seeing an advisor involves a trip to your branch, the visit could save you pounds later on, as well as give you peace of mind that your finances are being taken care of in the best possible way. This service is particularly useful for people who are new to banking. In addition to specialist financial advisors, many banks have student advisors who guide students on how to be prudent with their money.
Disadvantages of High Street banking
Although face-to-face contact is nice, it is often possible to get most of the information you need through a bit of research. High-Street banks spend a small fortune paying their employees as well as running their offices. These costs, which are greatly reduced for online banks, are reflected in the overall cost of operating the service. Some current accounts charge monthly or annual fees for operating costs.