Can use use your iphone 4s as a hot spot to connect to a ipad

can i use my iphone 4s with hot spot to connet to my ipad.  if so is secure for paying bills and banking.

You can use it if your carrier supports it. Some carriers charge an extra fee to use it, or they used to back in the day. The hotspot will be as secure as the banking website that you use. I think it is incumbent on the institution to make sure that their websites are secure. I don't think you should have any worries.
Read this for more information.
iOS: Understanding Personal Hotspot - Support - Apple

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