Any financial account maintained by a financial institution is a bank account. A deposit account, credit card account or any other type of account offered by a financial institution is a bank account. It represents the funds entrusted to that particular institution. Online Bank Account Thanks to technology and its growth, the internet has touched the banking sector too. It is now possible to conduct multiple actions on your bank account by accessing it virtually over the internet. E-banking or online banking is an electronic payment system. It enables the user to perform a range of financial transactions over the internet. Online Banking enables the user to access the core banking system of their financial institution. This is in contrast to the real scenario where we approach a brick-and-mortar branch of that bank/financial institution. An internet accessible device and an internet connection are the most basic prerequisites for online banking. One needs to register for the service and set up a user ID and password and validate the credentials to access the account virtually or online. The practice has become no regular now that all banks provide you an access ID for internet banking to all customers. All you have to do is validate the ID and then access the account with a password.

Opening your first bank account can be a huge deal if you think about it. Are you unsure of which bank to choose? There are hundreds of banks to choose from. This means that you should have a few things in mind before you choose one. Here are some tips that you should know when choosing banks and institutions: Legitimacy This is probably the most important thing that you need to consider. Many new banks have cropped up and they offer great interest rates and other features. Such features can tempt you to open an account with them. But make sure that the bank is totally legitimate. This keeps your money safe. You don’t want them to suddenly close up and run away with your money. Location With facilities like online banking, you don’t have to visit your bank that often anymore. But you’ll need to visit your bank if you want to deposit cash. That’s the reason why most people look for a bank that has a branch that is near to their home or office. Having an ATM of your branch near your place also helps. Branches If you’re sure that you’ll never leave your city, then you can open an account in a bank that has only one branch.

Technology has pervaded every aspect of our lives. This includes how we go about conducting banking transactions. If you desire convenience and accessibility to your account at all times, go the online way. It is very simple to open an online bank account. And just as the traditional banking offers you a choice of accounts ”savings account, checking account, money market deposit account and certificate of deposit account, you can hold any of these accounts in the online mode as well. Having an online bank account entitles you to all services and privileges that you would enjoy in a traditional banking system. Over and above, what you gain the most is convenience and saving in time. You can either have an online bank account with any of the brick and mortar banks or choose to hold a bank account with online-only banks. The USP of such online banks is their high interest rates and no fees. They are able to save on overheads, the benefit of which is passed on to the bank’s account holders in the form of higher interest and lower fees. Anytime Anywhere Banking Your online bank account helps you to transact at any time of the day or night.