What features should an online account have?

Online accounts are now the number one weapon available to web banks: managed entirely online, and accessed by customers via PC or mobile platforms, almost always through dedicated apps. From account statements to bank transfers, from phone top-ups to bill payments, postal payment slips, and F24 forms. What's more, today's online accounts allow for comprehensive financial portfolio management, thanks to comprehensive yet intuitive interfaces. When it comes to savings, online accounts are unrivaled, as they almost always have zero fees; or, very close, if you perform regular banking transactions, from salary deposits to utility bill payments. The primary function of an online account is to allow you to deposit funds into your account and manage them conveniently and securely . There are also additional features and functions, designed for certain users, that create new types of online current accounts:

• Zero-fee checking accounts
• Current accounts for young people
• Pensioner's current accounts
• Current accounts with credit card

What they all have in common is the ability to deposit and withdraw cash: for this, you need an IBAN, which both traditional current accounts and card accounts now offer. But let's recall some key concepts related to an online current account.

IBAN

Thanks to the IBAN it is possible not only to credit your salary or pension , but also to make deposits at the branches of your credit institution.

Internet banking

It allows you to carry out various operations: cash withdrawals at ATMs, make European bank transfers, direct debit bills from your account, pay F23 and F24 forms, Telepass and much more, depending on the "bouquet" of services guaranteed by each credit institution.

Account opening

One of the advantages of online current accounts is their ease of opening. Compared to traditional accounts, you can complete all the necessary transactions directly from home, sometimes with a selfie and sometimes by digitally signing the application forms (without having to go through the traditional contract signing process, where you receive copies to send back signed).

Zero expenses

When it comes to fees, online checking accounts are often free, or at least that's what they're advertised as. There aren't many truly zero-fee accounts : often, there are specific conditions that allow you to waive the fee. For example, by depositing a certain amount within a certain timeframe from opening the account, or by arranging for your pension or salary to be credited, you can enjoy zero fees for a year. In other cases, if you make a minimum number of banking transactions in a month or during the year, and transfer money for a certain amount (for example, by paying by credit card), the current account fee is effectively eliminated. Opening an online account may include additional benefits and special bonuses , perhaps temporary, offered to those who transfer their account, such as discount coupons for Amazon or fuel.

Debit cards

Since these tools use funds directly from your account, allowing you to withdraw cash from ATMs and use them at POS terminals in stores or for online purchases, they don't require special approval and can be easily requested from your bank. Essentially, they're simply another way to make payments based on what's already in your account, without having to borrow funds from third parties. Highly adaptable to the now widespread online payments, most modern debit cards also include special security features to ensure every transaction is secure. With the introduction of NFC technology for contactless payments , so-called " virtual debit cards " were born. These cards no longer require a physical card; all you need is a smartphone loaded with basic information to pay with a simple tap on the screen or by simply holding the POS terminal close to the device.

Credit cards

For credit cards, bank approval is required for issuance. Since you need to request "credit" from your bank to make purchases that will be paid into your account the following month, the bank must approve the card, first verifying the account holder's creditworthiness and financial standing. Online checking account cards can be Visa or Mastercard , the latter being the most widely used.

Other services

Another popular feature of online current accounts is the ability to access a linked deposit account , allowing you to allocate part of your assets to these savings solutions. Interest rates are usually quite low, but there's a certain flexibility to release the funds if needed, often simply by not paying the interest required to release them early. Finally, a wide range of current account services includes online trading and financial portfolio management. The real advantage of the most innovative accounts is the convenience of a communication method that allows for real-time purchases and sales, even through sophisticated platforms (mostly paid).