Online savings accounts used by 68% of savers says Halifax

14 April 2009 / by Rebecca Sargent
Two thirds of savers use an internet savings account, new research from Halifax has found, while almost half of all internet users use internet banking in some shape or form.

According to the study, online banking is used by 68 per cent of savers who have an online savings account, while 49 per cent of internet surfers use online banking in some way.

The study from Halifax also found that when it comes to savings, interest rates are no longer king, as just 13 per cent of savers said that the headline interest rate is a factor when selecting a savings account, while 46 per cent are more concerned with the way the account is managed.

Meanwhile, internet savings accounts are chosen by 37 per cent of people because they make transferring money easy, while 28 per cent like the 24 hour access they allow.

When it comes to choosing the right savings account, the study found that 34 per cent of savers have used a comparison website, while 11 per cent have used a savings product selector tool to help them make a savings decision.

Commenting, Flavia Palacios Umana, head of Halifax savings products said: "In a low interest rate environment it is encouraging to see that savers are making choices based on a variety of factors to ensure their savings account really does meet their requirements.

"Internet banking allows customers to access their money 24 hours a day whenever it suits them, making it easier for people to make the most of their savings."

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