Survey shows popularity of online banking

Apr 13 2009 Huddersfield Daily Examiner

HALF of people who use the internet now bank online, with many saying it is their preferred way of managing their finances, a survey showed today

Around 49% of internet users go online to manage their money, up from 29% in 2003, according to Halifax.

Just over two-thirds of savers said they had at least one online savings account, with 56% saying using online banking was their favourite way of managing their money.

Unsurprisingly, young people are most likely to do banking online, with 70% of 25 to 34-year-olds saying it was their preferred way of banking, compared with 20% who liked using their branch and just 1% who managed their money by telephone.

Nearly one in 10 savers across all age groups who bank online said they checked their account every day, while 28% log on at least once a week.

And while 13% of savers said the interest rate they would receive was their most important consideration when selecting a savings account, 46% said the options for managing the account were more important to them.