| by RateCity Staff
Most customers can access their transaction account online by logging in to a bank's secure site using a series of personal identification numbers and passwords.
Why go online?
It's a simpler and more convenient way to manage your money than in the past, when many bank customers would have to queue in a branch to access their finances, or wait in sometimes lengthy customer service phone queues.
Once a customer reaches their account information, it is easy to view statements, transfer money between accounts and pay bills with just a few clicks of the mouse.
Using online transactions is often the only way to pay for some goods and services purchased on the web, so having an online account and knowing how to use it can be vital.
Generation Y is among the biggest users of the web, with 90 percent of 18-25 years olds using internet banking.
In 2011, more than half of that group accessed the internet on their mobile phones too.
Why not go online?
Many bank customers are still wary of accessing their finances and other personal information online, and some avoid online transactions altogether for this reason.
Others are more concerned with the fees and charges associated with online transactions, as some financial institutions charge as much as $5 for each time you move your money or pay a bill online.
If you paid 12 phone bills in a year, this could start to add up.
RateCity monitors more than 425 transaction accounts and more than 110 of those impose a fee when customers pay a bill online via BPAY.
But the majority of transaction accounts - almost three-quarters of those available on RateCity - don'tcharge this fee.
That's why is it so important to understand the online fees attached to your account as you may be being unnecessarily charged when you go online.
If you're being hit with fees for making online transactions then it might be time to compare banks online and switch to one of the cheapest transaction account on the market.
The table below surfaces transaction accounts which have no account keeping fees.