Managing your money used to be simple; you had a bank account which provided you a check book and an overdraft at an expense, and you had a savings account which provided you more interest, but you needed to have cleared funds. So where does the internet checking account fit into all this?

We are all told to welcome the internet as it is the way forward, but sometimes it is information overload and unexpectedly the good old days appear attractive.

First you should understand why the banks want you to have an internet checking account. Suppose you're a high street bank, you have to have an opening, you have to employ workers there, and you must provide a service. Which means you've very high overheads. Then anyone comes up with the thought of telephone banking. Excellent idea, but now the banks have to have costly safe telephones systems, technological support for these lines, and also qualified employees to provide advice to telephone clients. However, you can not get a receipt from a telephone, so most of the clients will use both the branch and the phone service. This implies that phone banking actually increased banks overheads and provided almost no saving to them.

Then comes along web banking, this is basically a service which means you don't need to use a branch at all. Also most of the support is the same as the phone banking, so the charge to the banks is minimum.

Now the banks are considering, if we can attract people away from the branches, we could close these, save money and not limit our service. The only method to make sure that people do not use or need the branches is to reward them for using the internet. What better way than to offer a higher rate of interest?

If you're seeking an internet checking account then you should be getting substantially higher interest than if you're banking at a branch. If you're not you have to change your bank.

Besides getting more interest there are other advantages available to the internet banking clients. You no longer need to work within the hours of your bank. If you need to make payments in the middle of the night you can. If you wish to stop having to file statements, then ask to receive them online and cut down on your paper filing.

It is critical to keep in mind that as an internet checking account customer you're saving the bank money, so you have a right to get more interest and banking on your terms.

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