Choosing a bank and account

Mobile banking makes it much easier for a family to keep track of multiple accounts with multiple banks. This means consumers have more choice and flexibility when it comes to their finances. There are websites that make it easy to compare the online accounts offered by different banks and help you make an informed decision.

Account features

Online banking allows you to stay informed and in control of your money. You should have most of the following features available on your account:

• Paperless statements
• Automatic payments/transfers
• Check balance and transaction history
• Set balance alerts
• Set transaction limits
• Report lost or stolen cards

Most internet banking features are available at all times – a far cry from when all of your banking had to be done in person at your local branch!

Keeping your account secure

All of this flexibility means that it is important to keep your online bank account secure, especially if you decide to use mobile or online banking. You should choose a strong, unique password for each account (see 'What makes a good password' for more information) and set access restrictions to prevent unknown phones or computers logging in to your account. Your PIN should not be a number related to you in any way: no birthdays, postcodes or other significant dates that someone else could guess.

Make sure to only use your own device and avoid public Wi-Fi networks when using mobile and online banking. Unsecured public Wi-Fi networks can expose your personal information to strangers on the same network. Always log out after completing your online banking.

Your bank should not send you any emails with links asking you to enter account details. See 'Avoiding scams' for more details.

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