Is online banking right for you?
Have you been thinking about banking online but not quite got around to it? There’s a new way of learning to do this without risking a penny.
Money Advice Scotland has set up MAS Online Bank, a free way to learn about online banking and test out if it is something you would want to do.
Used carefully online banking can let you do some of your banking from home. It is not a substitute for a local bank branch where staff know you, can give you advice and are the front line of defence against fraud and scams, but online banking can let you do some things really quickly and easily.
Some people find online banking easier than telephone banking; they can see account numbers and amounts on the screen in front of them so can check and double check before making any payment.
Online banking can be a great help if someone has granted you Power of Attorney and you are responsible for their income, money and bills separately from your own.
COVID-19 has caused big changes in how some people manage their money – if you used to carefully budget your cash over the week you’ll have found that many businesses don’t want to touch coins and notes and want you to pay by card or contactless payments. Card payments are simple, but if you’re used to keeping an eye on what’s left in your wallet or purse, online banking can give you the comfort of checking your current account every day if that gives you peace of mind.
MAS Online Bank will let you practice aspects of online banking, from setting up security questions and passwords – banks really want to know that you are who you say you are - to applying for other products that your bank has to offer.
You can practice setting up regular payments and moving your money between your accounts and think about how you would feel about banking with your own money.
You will also receive support from the Money Advice Scotland financial capability team, so if the computer says “no” there’s someone to help you change its mind.
Online banking may or may not be the right thing for you, but why not give it a try and find out?
