Manage your account

Depending on the bank and type of account, you can manage your money in a variety of ways. There are pros and cons to each channel. Here are some of the main ones.

Branch

Pros
Good if you like to speak to someone face to face.

Most banks are open around 9am-5pm Monday to Friday, so they may not be open when you need them, like evenings and weekends.

Cons
It can take up a lot of time to go to your branch to pay in money, pay bills etc.

Internet

Pros

24x7. You can check on your money when you like.

The rate of interest may be better if you just use the internet and not a branch.

Cons
You need to be able to use the internet at home. Checking your money in an internet café isn't a safe option.

If you like paper statements, you may have to print them off yourself.

You don't always get a branch to visit.

Telephone

Pros
24x7. Everything is done on the phone, so it can be easier than visiting a branch.

The rate of interest may be better than branch-based accounts.

Cons
You don't always get a branch to visit.

Multi-channeled account

Pros
You get many of the benefits of all the different channels we've just talked about!

Cons
The rate of interest is usually not as good as an internet-only based account.

Generally internet only or telephone only accounts pay better rates of interest than branch based accounts, but lack the personal touches a branch based account offers, like being able to speak to someone face to face.

Speak to your current account provider to see what ways you can manage different types of accounts.