Thousands of bank branches have shut their doors in the UK last year alone, with many towns in the UK now without a single physical branch.
If you or an older relative have been relying on banking in your local branch for years, you may be really struggling with closures.
You might have thought about switching to online banking or banking via your phone, but found this difficult to manage, for example, or feared that it’s not secure enough for your liking. However, banking this way is hugely convenient, and these days, it’s also very safe.
In this article, we’ll run through some of the things you can do when you bank from home with online and mobile banking, and some tips on getting started.
Check your bank balance
It’s very simple to check your account balance on your online or mobile bank account. All you have to do is log into your account and you can view your balance on your dashboard alongside any recent payments you’ve made. You will also be able to view the balance of any linked accounts, such as a savings account from the same provider.
Pay your bills and transfer money
Setting up a standing order or Direct Debit to pay your bills can be a pain, but doing so via online or mobile banking is normally very straightforward.
Usually all you need to do is navigate to the right page and enter the right information – the amount you’re paying (if it’s a standing order), the other person or company’s account details, and a reference for the payment (so you know what it is when it shows up on your statement).
Receive and download bank statements
If you’re used to receiving bank statements by post then you might have a system in place for keeping track of them. However, it can be a real pain to store them and have to trawl through them to locate a particular document or payment from months, or even years ago.
If you bank online or via your mobile, you can easily view statements and download them too. This can be really useful if you need to email a recent statement to someone and don’t have a way to scan your physical documents. It’s also useful if you’re self-employed for when you do your accounts and expenses.
Just bear in mind that you won’t be able to view old statements from before you agreed to receive them electronically, so it’s worth keeping old physical statements too.
Check linked loans, savings and investments
If you have any loans (such as a mortgage), savings accounts, ISAs, or investments provided by the same bank or linked to your account, you can generally view these with ease from your online or mobile banking account.
Some banks are entirely online, and can be managed through an app. These often come with additional features that make them great for saving and budgeting. Some examples include Monzo, Starling and Kroo. These apps come with features such as the ability to break down your recent spending into graphs, set up and pay into savings pots to reach certain financial goals, and other useful budgeting tools.
Pay in cheques
One of the most convenient (and impressive) features offered by some banks is the ability to pay in a cheque via mobile banking.
For example, if you have HSBC’s mobile banking app, you can pay in a cheque simply by taking a photo of either side of the cheque and filling in a few details. The money should then be in your account shortly.
Is online banking safe?
As online banking grows in popularity, banks and building societies take plenty of precautions to keep your money safe.
The exact measures your bank takes will differ, but logging into your account will often involve a few more steps than logging into other online accounts. For example, you may have to complete two-factor authentication (where you verify that it’s really you from another device or account).
Remember to never share your online or mobile banking details with anyone. Don’t reply to emails, texts or calls that claim to be from your bank without verifying who they are first and don’t give them information such as your password or account details. You can read more about common banking scams in our article Latest scams to watch out for in 2023.
It’s also wise to maintain unique passwords for electronic banking accounts, and to only log into them using home WiFi, or use 3G or 4G if you’re out and about.
If you notice anything wrong with your online or mobile bank account or suspect someone might have gained access to it, get in touch with your bank immediately.
How to set up online banking
The vast majority of banks in the UK provide online services, and in most cases setting up online access can be done quite easily via their website. However, you can also do so over the phone or in a physical branch if you’re not confident.
The exact process for setting up mobile banking will differ between banks, as you will normally have to go through certain steps to approve the specific device you are using. You will generally need to have set up online banking access already and have a username and password, but once you have downloaded the right banking app, the process tends to be quite straightforward.
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