Internet Bank Accounts are generally bank accounts that you can only access by telephone or Internet. Although most major banks now offer access to your bank account online aswell as through the highstreet and via the telephone.
Bank accounts that are internet based can work in different ways. Some draw money from an existing account and operate thorough other accounts, wages/salary can be paid in by your employer electronically and payments can be made electronically. Some accounts can operate by post. You can send cheques in rather than having to have a highstreet bank account to act as a go between.
Current Accounts
Current Accounts are for day to day expenses and allow for payments in of income and payments out of purchases. The rate of interest on current accounts is often lower than that of Savings accounts however, Internet based bank accounts often offer a higher interest rate than most high street banks as they have less costs to cover.
Savings Accounts
Savings accounts normally work by drawing money from designated Current accounts which can be Internet based or high street based. You can normally deposit money by cheque aswell and can normally set up a regular deposit to this account.
British Bankers Association Advice
