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

We are all told to embrace the internet as it is the way forward, but sometimes it is information overload and suddenly the good old days appear appealing.

Firstly you must understand why the banks want you to have an internet checking account. Suppose you are a high street bank, you have to have an outlet, you have to employ staff there, and you should offer a service. This means that you've very high overheads. Then anyone comes up with the idea of telephone banking. Great idea, but now the banks have to have expensive safe phones systems, technical support for these lines, and also qualified employees to offer advice to telephone clients. However, you can't get a receipt from a telephone, so many of the clients will use both the branch and the phone service. This means that telephone banking actually increased banks overheads and provided almost no saving to them.

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

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

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

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

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

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