[danielf]

Personally, I am wary of any type of internet banking that does not rely on something that is physically present in your house. Be it a list of codes that is sent to you by the bank, or some code generating gizmo (like my gf has: she sticks her bank card into the gizmo, out comes a code which you then enter on the website). This way, if someone gets hold of your passwords through phishing or a key stroke logger, they will still be unable to get at your money unless they also break into your house to get at the codes (or intercept them in the mail).

An internet banking account that only relies on passwords will always be open to vulnerabilities imo.