Internet banks

[Waterwolf]

I was thinking of opening an internet bank account. Are there any pros and cons I should know about besides the obvious (such as no branches)?

[j2buttonsw]

Not really an answer just a plug for internet banking. I am with HSBC and I do all my banking through the internet and it is absolutely brilliant. I only ever go to the bank to get my cash card replaced or to get money out of the wall. I suspect that cashing cheques would have to be done by post but that is one of the few disadvantages I can think of. I also have a RBS credit card for work and it is hateful the way they don't have internet banking.

[Waterwolf]

Thanks, but I was thinking more of the likes of pure internet banks like Smile and Cahoot rather than high-street banks that have an internet option.

[sft42]

The one obvious one I can think of maybe only applies to anyone who would been say self-employed as I have been.....you won't have anywhere to deposit cheques or cash with an Internet bank all your pay-ins would have to be mandates and if you work at all with cash in hand this could be a problem.

[gilf]

I have a first direct account which is very good, but thats Internet and Phone. I also have a smile and egg account again both of which are good. Finally I have a Barclays online account which is also very good. The question is why would you want one, i.e. what purpose would it serve ? Thats a genuine question, I'm not suggesting you shouldnt. I think the best option is to have an Online account with a high street bank that way you can access it easily and deal with stuff on line but if you need over the counter services then you can use them.

[Foxie25]

Egg do a pretty good online accounting package - they have always been okay with my queries and questions. I would say however that a drawback is that sometimes it takes a couple of days for transactions to show up on your account details and also the statements are quite basic - if you want to use it purely as a savings account then its definately a very good way of doing just that!

[robber1]

I bank on-line with the Halifax which is good and easy to use, but you said that you do not want a high street bank.I also use Intelligent Finance which is for the internet only. This gives you current accounts, savings, mortgages etc and good interest rates.It belongs to the Halifax and I can highly recommend it.