Benefits of Online Banking

Online banking has revolutionized how we interact with our finances, offering a new level of convenience. You may no longer have to stand in line at a physical branch to deposit a check or look at your bank account balance. With a computer or smart device, you can manage your money from anywhere.

Let’s explore some benefits that make online banking an important tool for managing your finances.

What are the benefits of online banking?

Banking online can help you take greater control of your money with less effort.

How online banking helps make managing your finances easier

Online banking helps make it easy to understand your own finances and take action to keep them on track, as needed.

Manage your checking and savings accounts easily

Online banking helps make keeping track of your accounts simple. You can log in at any time to check your balance, view recent transactions or update your account details — all without having to visit a branch.

Since online banking is usually available 24/7, you don’t have to plan around a bank’s hours. This flexibility allows you to manage your finances when it’s most convenient, making it a practical option for staying on top of your money.

Easily make payments and digital transfers

Online banking offers a quick way to move money where you need it, whether you’re setting aside savings, paying bills or moving money between accounts.

With features like autopay, you can set up automatic payments for things like utility bills, subscriptions or loan payments. This can help you make payments on time without the hassle of scheduling a payment every month or writing checks.

You can transfer funds between your checking and savings accounts — or even between different checking accounts — in just a few taps.

Many banks also offer digital payment platforms, like Zelle^®, that allow you to send money to friends, family or enrolled small businesses directly from your bank account.

Deposit checks from your phone

Mobile deposit has turned a once time-consuming task into something you can do from your couch. With your bank’s mobile app, you can deposit checks simply by taking a couple of photos. Your funds are typically available within a day or two — the same as if you’d gone to the bank.

Check your account at any time 

With online banking, your account information is typically accessible 24/7. Whether you’re curious about your balance, want to confirm a recent transaction or need to check if a payment has cleared, you can do so in seconds. The ability to monitor your account at any time can provide peace of mind.

Recognize and stop fraud fast

Online banking could also help you catch any discrepancies or unauthorized transactions early. For example, if you notice a charge you don’t recognize, you can report it and freeze your debit card immediately, potentially preventing further issues. Many banks allow you to set up text or email alerts about suspicious account activity.

Take advantage of paperless options

Online banking isn’t just convenient — it can also be environmentally friendly. By opting for paperless statements and digital receipts, you could reduce your paper waste. Banks may offer digital statements as the default but consider enrolling in this option if it’s not already activated.

Online banking vs. traditional banking

While both options help you manage your money, traditional and online banking each offer distinct advantages.

Online banking

Digital banking puts you in control, so you can manage your money wherever life takes you.

• Typically have 24/7 account access so you can bank on your schedule
• Powerful digital tools for paying bills, transferring funds and depositing checks
• Added convenience that brings essential banking services to your fingertips

Traditional banking

For times when you prefer a personal touch, visiting a branch can offer added support.

• In-person service for when you want to talk to someone face-to-face
• Physical branches that you can visit for transactions and support
• Personalized assistance from tellers and bankers who know you

With a Citi checking or savings account, you get the best of both worlds — user-friendly online banking tools, plus friendly in-person support at your local branch.

Is online banking secure?

Generally, yes. Most banks use strong cybersecurity measures, such as encryption, security questions and multifactor authentication, to protect your information online. Typically, your session will time out, automatically logging you out if the page has been inactive for a certain period of time. However, there are steps you can take to help protect yourself when banking online.

• Never use public Wi-Fi for banking: Hackers may be able to access your sensitive information more easily on a public network. Whenever possible, sign in to your account on a private Wi-Fi connection or through your mobile network.
• Use two-factor authentication: With two-factor authentication, you’ll typically receive a code by text, call or email to confirm your identity when you log in. This extra step doesn’t take much time and makes it harder for others to access your account, even if they have the password.
• Turn on account alerts: Real-time text or email notifications of account activity can help you spot unusual withdrawals or purchases right away, so you can act quickly.
• Change your password frequently: Creating strong, unique passwords and changing them every few months may lower the risk of being hacked.

Make the most of the benefits of online banking

Online banking offers the tools and flexibility to stay on top of your finances. So, if you haven’t yet explored the benefits of online banking, now might be the time to start.

Disclosure: This article is for general educational purposes. It is not intended to provide financial advice. It also is not intended to completely describe any Citi product or service. You should refer to the terms and conditions financial institutions provide for various products.

To send or receive money with Zelle^® both parties must have an eligible checking or savings account. Transactions between enrolled users typically occur in minutes. Terms, conditions, and restrictions apply. For the protection of your account, Zelle^® should only be used to send money to those you know and trust. Neither Citibank nor Zelle® offers purchase protection for payments made with Zelle^® -- for example, if you do not receive the item you paid for or the item is not as described or as you expected.

 Zelle^® and the Zelle^® related marks are wholly owned by Early Warning Services, LLC and are used herein under license.