Internet banking popular in 2005

January 7th, 2006

Around one in five Britons did most or all or their internet banking online in 2005, according to a new survey.

In addition, research by Lloyds TSB internet bank found that around one fifth of consumers in the UK used the web more frequently this year to keep track of their money.

The younger generation are the most likely to do their banking online, the survey revealed, with 27 per cent of 25-34 year olds logging on to deal with their finances. However, 20 per cent of 45-54 year olds also carry out their banking online.

Matthew Timms, internet and ATM director at Lloyds, said: “The growth of internet banking is phenomenal.

“This popularity isn’t surprising given the speed and convenience of banking online.”

The survey also revealed however that many people are unaware of the range of financial services that can be handled online.

Of those questioned, around one fifth said that they did not realise that they could check their balances online, while 34 per cent said that they had not been aware that they could transfer money or manage direct debits via internet banking.

Entry Filed under: Bank Accounts