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The UK Online Banking Review Online banking in the UK has seen a revolution in the last 4 years. You can now bank online with many of the major UK banks and building societies - at least to some extent. Online banking is also available from the new wave of specialist internet only banks such as the ever popular Smile backed by the Co-Op Bank.
The services available from online banking vary, but generally allow all the daily transactions you would normally need to ring your bank for - or turn up at the branch. Transfer money to your savings accout at 2am in the morning. Cancel a Direct Debit, set up a standing order. Check your balance, statements, pending transactions. Some allow download of statements. Some integrate with Microsoft Money or Quicken for a complete home banking experience!
Read on for our round-up of the best UK online banking deals currently available, or jump below to Compare Online Banking Rates.
Alliance & Leicester 
The Premier Plus account from Alliance & Leicester offers a headline stealing special rate of 5.00pc on balances up to £2,500. You get to keep the special rate up to 30 September 2006. There is no monthly fee, decent online banking facilities, free worldwide travel insurance and you get a £25 cashback for taking out the account.
'Best Current Account 2005' - Moneywise Magazine
'Best Buy' - Which? Magazine
Cahoot
Full online banking service from Abbey National. Current account paying a whopping 4.27pc (4.35pc if you don't want a cheque book), and a savings account at 5.10pc. Another very good internet banking system.
'Best Buy' - Which? Magazine
Smile
Full online banking with the current account paying 3.30pc, credited monthly. Instant access savings rate of 4.25pc. Cash ISA at 5.00pc. Fund Supermarket giving access to Fidelity managed funds (including ethical investments) if you want a shares ISA. As it's customers will tell you, one of the best online banking systems the UK currently offers. Owned by the Co-op Bank, Smile has also adhered to the Co-Op Banks ethical investment policies since December 2001 so if Ethical banking is important to you look no further.
'Best Buy' - Which? Magazine
Citibank UK
Astounding headline grabbing interest rate of 4.59pc. Solid online banking system from one of the first banks to provide one. Only downside are recent complaints of poor customer service which appears to be a result of the dreaded outsourcing of their call centre... If they see the light and turn this around Citibank will be up with the best internet banking providers!
Intelligent Finance (IF)
Originally plagued with delayed launches, online banking with IF from Halifax seems to be fully back on track. Current account rate now trails the best but still pays a reasonable 2.75pc. Savings account offers a much better 4.75pc. Cash ISA at 5.10pc. With balance pooling you can also offset your savings and current account balances against loans or mortgage with - IF you want to put all your eggs in one basket that is.
'Best Buy' - Which? Magazine
Halifax
The charming Howard hasn't been working quite so hard recently and has allowed his current account rate to fall behind to 3.04pc. Enough to switch if your bank still gives you nothing of course! He does have a very good online banking system though. The Web Saver savings account does much better however with 4.90pc, plus there are some interesting 'mortgage style' options if you choose to fix the savings rate over a term.
Nationwide
Internet banking with a High Street presence. The FlexAccount current account has received an overhaul earning Nationwide an extra tick for ramping up from a dreadful 0.25pc to a respectable if not exciting 3.00pc for balances over £1,000. E-savings account is good though at 5.00pc from just a £1 balance.
Egg
No current account here, but some good savings and investments products from this internet only bank. Internet only savings account rate at 4.75pc gross. Large fund supermarket so you can pick and mix an equity ISA. Site navigation has traditionally been a triumph of quirky design over funtionality. A lot of the huge graphics have now gone, and thankfully speed is much better.
First Direct
Like Smile, a bank often recommended highly by the customers that use it - always a good sign! Solid online banking but the current account isn't such a great 2.00pc AER - and you have to maintain a balance of £1,000 for that, otherwise you drop to 0.10pc. £50 bonus on transferring your account. Just voted one of the best current accounts in the Which? Awards 2005. Savings Account tiered from 3.25pc at £1 up to 3.80pc at £100,000.
Royal Bank of Scotland
Good online banking let down by a dismal 0.10pc on the current account. It's almost an insult to name the product 'Interest Paying Current Account'! Direct Saver savings account saves some face (say that fast) is now much better at 3.75pc tiered to 4.75pc at £50,000.
Natwest
Internet banking from the big High Street boys - recently much improved in terms of speed and functionality. Current account interest has always been very disappointing - and still is at just 0.10pc. No wonder it's impossibly hard to find it on the Natwest site... Why stay?
Barclays
Online banking from another of the big four. Comprehensive online facilities, but let down by a very poor current account interest rate - it used to be a derisory 0.10pc but is now invisible - is it really zero? I challenge you to find it! Shame on you Barclays.
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All interest rates AER | | Disclaimer: The information contained in this Web Site does not constitute investment or financial advice. Please consult an independent financial adviser before acting on any information contained within |
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