Global Reviews urges banks to open up online saving

26 April 2007
UK banks could do more to harness the potential of the internet revolution, a new study from Global Reviews suggests, as many savings customers are left unable to open an account online.

At UK banks including Lloyds TSB, Barclays and Nationwide, customers can only apply online for a savings account if they already have an account with the bank, the study showed.

Yet opening an account online is not only more convenient for customers, it also attracts the higher-income customers whose patronage banks would do well to win, the study suggests.

Higher-income customers were 30 per cent more likely to open an account online rather than in a branch, with 59 per cent opting for the online option compared to 29 per cent visiting a high street outlet.

For lower-income earners, meanwhile, online opening was less popular, with 42 per cent opting for the internet option while 50 per cent visited a branch.

For the banks, "a greater alignment of customer needs with what institutions offer is the challenge", commented Global Reviews director Adam Goodvach.

A recent study from showed customers can increase their rate of interest on their savings by 4.81 per cent by operating their account online.

Find out more about online savings accounts

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