Internet banking can save you time and travelling, but theres a wide choice.

In the past five years, every high street bank has begun to offer internet banking, and plenty more internet-only banks have sprung up. Sometimes they just offer convenience, but some can give you deals you wont find in branches.

Internet banking refers confusingly to two different experiences. The first is a new type of bank only found online. Big internet banking names are IF, Smile, the One Account and Cahoot. These offer a selection of banking services, usually not as broad as a high street bank, but also offer innovative products which use technology to cut costs or add convenience to you the customer. For example, one feature of many internet banking outfits is offsetting- using the interest from savings in one account to offset borrowing on another account.

Many of these internet banks have been bought by ordinary banks anyway- for example IF is owned by the Halifax.

The second type of internet banking is online banking offered by most ordinary high street banks as part of their service. Its highly unlikely that you picked your bank because of its internet banking facilities, but you should ask about their internet security and also how far back you can check statements online, for example. The Co-operative has particularly good security and a very flexible system for managing your account. Repeat statements usually cost up to 10, so signing up for internet banking can save you money- and dont forget by reducing traffic in branches, youre saving them money too. Look for internet-only offers (even from high street banks)- often youll be offered rates online that arent publicised elsewhere.