What is an internet bank account

An internet bank account is an account that is opened specifically for the purpose of conducting web-based financial activity. The account can either be opened online or through your local branch. Alternatively, some banks are exclusively online institutions that do not have a physical location; therefore the account will be opened specifically online.  These types of institutions are also known as virtual banks, which is an internet-based financial institution that offers a number of financial facilities.

Features of an internet bank account

An internet bank account is an account that is created and opened through the use of the internet. It is opened either by a bank or financial institution that uses online banking as an extension of its physical premises, or, as is more commonly the case today, opened virtually through an online bank. Referred to as virtual banking services, many financial institutions now specialize in internet banking services, and thus have a web-only location.

An internet bank account is advantageous to the account holder for a number of reasons. It enables the account holder to conduct a number of financial activities through the use of the internet, thus meaning that these activities can be carried out at any time of day, provided there is an internet connection.

The services available to carry out online include checking accounts, transferring funds and paying for bills, amongst other facilities. Account holders are required to complete a number of password and user name stages, before being able to carry out any of the above activities.

Some internet bank accounts also enable you to earn much more interest, as it is generally far cheaper to run an internet bank that does not have a physical setting.

When looking to open an internet bank account it is important to find a financial institution that offers the right account for your personal and financial needs. Whilst web-based bank accounts do help you to earn more interest, it is important to ensure that you find the one that matches your needs.

If you are interested in opening an internet bank account and would like to learn more, please Contact Us.