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.