Online banking, also known as internet banking or web banking, is the act of conducting financial transactions via the internet. Instead of visiting a local bank branch to perform banking tasks such as making a deposit, transferring money, or paying bills, you can handle everything with your financial institution through a secure website or app. Online banking offers customers almost every service traditionally available through a local branch, including deposits, transfers, and online bill payments. Virtually every banking institution has some form of online banking that you can access through a computer or app.

With online banking, you can manage your accounts online at any time, day or night, even outside of banking hours and on bank holidays. Online banking can be done using a browser or app, and mobile banking is online banking that is done on a phone or tablet. Online banks operate exclusively online, with no physical branch at all. The best online banks offer low-cost or free banking, plus above-average yields on savings accounts and tools to help you manage your money.

Online banking services vary by bank, but generally, you can use online banking to conduct almost any activity that you would otherwise be able to do at a physical bank branch. Some of the most common transactions that you can perform over the internet through a banks secure website include paying bills, transferring money, viewing account balances, obtaining statements, and checking recent transactions.

Online banking is a fast, inexpensive, and convenient way to handle many of your everyday financial transactions. However, there are a few drawbacks, including the fact that you need a secure internet connection to get started. Other drawbacks may include security concerns, limited access to in-person help, and the need to wait for certain transactions to be finalized.