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Internet Banking in the UK, includes companies like Smile, Egg and Cahoot to name just a few. Most high street banks and building societies now offer customers the facility of online banking, sometimes for free; however there are some banks that only operate through this medium.

Internet banks usually offer a number of services in addition to regular bank accounts, from credit cards and loans to insurance and investments.

This type of bank tends to offer better rates and deals than regular high-street banks, and this is simply down to the fact that they can. An internet bank is a lot less expensive to run than a high street operation, and is therefore able to pass these savings on to its customers through cheap loans and higher interest rates on savings.

Is it safe to bank on the Internet?

Many people prefer to visit their regular bank rather than bank online, often because they do not trust the security of internet banking. Despite this, banking over the internet is in many respects safer and more secure than banking at your high-street branch - it is a lot easier to forge a signature than it is to access somebody's online password. This is something that credit card companies have started to realize, and why they have started to introduce a new system that requires cardholders to tap in their pin number for ID instead of signing a receipt at supermarkets and retail outlets when they buy their goods.

With internet banking there are various barriers that fraudsters have to break through in order to view your account. Firstly, they have to get through the website's encryption. This is a technology that in effect 'scrambles' the data sent from a PC and converts it into a random code. This code is very difficult for a hacker to break, as there are literally billions and billions of possible combinations. Next, the computer that you are using helps to protect your data. With Microsoft or Netscape browsers, a padlock symbol at the bottom of the screen indicates that it is secure.

Of course, you should be doing your bit too. You should always act responsibly when accessing your account online. Make sure nobody can see your screen and always log off properly before leaving the site, especially is you are using a public computer. Don't write your log-in details or passwords down; try to memorise this data and then shred any letters or notes that refer to it.

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