Some banks now operate entirely online. Others are land-based, but may still allow you to perform most functions via a secure website.
Benefits of online banking
Online banking can be useful as it allows you to access your account 24 hours a day from your home or work computer. Remember though that some transactions will only be processed during normal banking hours. But it's still handy to be able to check your account, transfer funds or pay bills online.
Difference between online banks and banks offering online services
Some banks exist only online, without any high street branches. Often they will offer good deals on lending or interest rates, as they have less overhead costs to pay such as rent or building maintenance.
Certain transactions, such as paying in and withdrawing money, will still need to be done in a branch. Before joining an online bank, it's probably wise to check which land-based branches it is affiliated with, to make sure one is near to where you live.
