Continued growth in web-based shopping sites, online bill payment and internet banking platforms has fuelled Australian consumer’s appetite for online transactions. While this had made lives easier, it’s also offered a host of competitive transaction accounts enticing Australians with high interest rates, like the ones we have listed here on RateCity.
Visiting banks are quickly becoming a thing of the past as more Australians now manage their money by accessing their online transaction accounts, through their banks secure internet banking facilities.
Why go online?
Accessing your online transaction account now means avoiding bank queues, the lunch hour rush and lengthy phone banking. The attraction to online transactions is the simplicity and convenience of the online process and the ability to access transaction accounts whenever needed.
Once a customer has logged into their bank account online they are now able to view, analysis, review, plan, allocate and transfer money - all without leaving home. This process in particular, has changed the way Australians bank and manage their money by empowering them to become more hands-on with their transactions.
Due to a strong online movement, it can often be hard to pay for goods and services on the internet without having an online transaction account. But this largely comes back to convenience as many Australians would prefer to pay for their services online than having to physically make a trip to the venue or store.
Now that online transactions can be made on mobile phones it means that anyone can bank anywhere, at any time. Customers can also change banks more easily also. This raises the bar for competing banks and lenders who have to offer their customers something extra, like great interest rates, features or low fees, to get their commitment and continued loyalty.
Online banking fees and charges
While online fees and charges used to be a deterrent for some Australians, most banks no longer charge fees for accessing your account information, transferring money between your accounts or making BPay and third-party payments.
You should always check with your bank to see what fees and charges apply so that you can comfortably manage your transactions and won’t be charged for something you weren’t aware of.
If you're being hit with fees for making online transactions then it might be time to start comparing banks online and switch to a no fee transaction account, or one offering high interest savings accounts that you can take advantage of.
Online transaction accounts can make life imperatively easier by allowing you to conveniently budget and manage your money. If you are unhappy with your current transaction account the good news is that you’re just a click away from finding a better deal on RateCity.