I love internet banking - in some ways.

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The evils of the internet, like many inventions, are legion: we all know what they are. However one of the inestimable benefits for me is internet banking, and it’s because of it that I have been able to squirrel away a respectable tally of cash in my savings accounts. Before the advent of the internet, banking was done in a bank. If I had any cash to put into a savings account it had to sit in my pocket till I got the chance to go into town to lodge it, and banks were generally only open during office hours when people worked. How ever did we manage? Now if I happen to notice that I have a few pounds spare in my bank account I just get out my phone and move the money across to a savings account and it costs me hardly a thought. Prior to this any spare cash in my pocket usually got spent by the time I was able to go into town to the bank. Of course it’s also more possible to spend and overspend thanks to internet banking but a bit of self-discipline sorts that out. And seeing the balance on a savings account creeping up every time I open my phone encourages me to try even harder. The internet also gives us more access to clever places to put our savings. This week I found an account that offers 4% interest which is ever so slightly higher than inflation which is resting at 3.8% here. So my savings that were languishing in an account garnering only 3.7% were promptly moved sideways. A modest gain, but a gain nevertheless. I know many people are reluctant to leave an institution they are familiar with and venture out into more lucrative territory, but we owe the banks nothing - they make a shed load of money out of us so I feel no loyalty to them. My money goes where I chose the put it, after all, it’s MY money.