As increasing numbers of people turn to the internet to carry out their everyday activities, banks and building societies have been offering many British financial consumers the option of carrying out their banking online in increasing numbers. In line with this trend, APACS – the UK payments association – has just released five-year growth statistics for telephone, online banking and e-commerce, from 2001 to 2006.
The statistics show that the number of adults in the UK making use of online banking facilities has increased by 174 per cent in total, from 6.2 million in 2001 to 17 million in 2006. However, the biggest increase in online banking usage has by far been in the over-55s category, which shows a 350 per cent rise since five years ago.
Sandra Quinn, director of communications at APACS, commented:
“Our research shows that more and more people are turning to the internet rather than the phone to manage their finances. While younger people continue to make up the majority of online banking users, the greatest proportion of new internet bankers are the over 55s. As a group, they have come to embrace the ease and efficiency that online banking offers.”
Many leading banks and building societies in the UK now allow existing and prospective customers to apply for a current account or savings account in the UK online. In fact, online banking has developed to such an extent that some financial institutions even let customers open savings accounts that are managed exclusively over the internet.
The rise in online banking has also meant an increase in the amount of financial information and advice that’s available to British consumers over the internet. This means that banking customers have been better equipped to choose the online bank account that best suits their personal circumstances.
Furthermore, the APACS survey found a 157 per cent increase in the number of people shopping online, with a corresponding 186 per cent rise in the number of purchases per online shopper – from 8.4 in 2001 to 24 last year. According to the research, online banking users are typically more likely to make more purchases online per year, than non-internet bankers. Statistically speaking, that means online bankers make 29.2 purchases per year, while non-internet bankers purchase only 16.4 goods annually.
But despite the burgeoning number of people that are transferring their everyday financial activities to the sphere of the internet, intimidating reports of online fraud still have many feeling cautious about banking in cyberspace. However, Sandra Quinn’s advice on the matter indicates that there are many simple things that online bankers and shoppers can do to protect themselves against internet crime. She comments:
“By following simple tips such as making sure your computer has up-to-date anti-virus software and a personal firewall installed, you can minimise your chances of being a victim of online fraud.”
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Help answer the question aboutonline bank
Where can I make an online bank account?Where can I sign up for an online bank account, which doesn't send anything to my house or require phone verification, that I can then use to validate my Paypal account?
October 6th, 2009 on 8:22 am
Online banking is a bigger term than simply online bill pay. There are several ways your bank can pay your payee – one is that they simply mail a check. The other, if they do a lot of business with the payee, is to simply make an electronic payment (ACH) to your payee – usually places like your electric company. Another way, if the payee banks at the same bank, is to simply deposit money to the payee's account at the bank.
Any of these cost the bank no more than if you had written a paper check or had initiated an ACH/wire transfer and in some cases, costs them less.
Some banks offer these services for free, others don't. One of my banks charges me about $0.65 to send a check from the bank but doesn't charge me to electronically pay someone. Another of my banks charges nothing to send a check but they don't like doing an ACH so they charge me for that.
In the long run, nothing at a bank is free – it will be paid for somehow. Usually with banking fees.
October 6th, 2009 on 8:22 am
Any bank that has weathered the current financial storm is safe to invest in. Bank of America, JP Morgan Chase, to give you a couple of examples.
Now, when we looked into savings for our children, we decided not to go with a college savings plan; the reason is that if one of our children either gets a full scholarship, joins the armed forces, or whatever else, the money saved would not be used, and by trying to use it on anything else it would be hit with so many penalties that it would be like we never invested the cash in the first place.
We decided instead to research a medium risk mutual fund, and have one for each of our kids. As they get closer to college age, we'll probably shift the capital into a low risk fund, but this way, they have money saved up for school if needed, or for whatever else if they don't.
Good luck.
October 6th, 2009 on 8:22 am
wire transfer for a cost of about 20 dollars!!!
October 6th, 2009 on 8:22 am
Check out http://www.igoonlinebanking.com you can read about there different services and if your interested sign up with them. Their online savings account has high interest rates and only require one dollar in the account at all times. I don't believe they charge a monthly fee.
October 6th, 2009 on 8:22 am
That's not something that you can do on your own. If you call in and speak with the Online Banking Department they can add those account to your Overview for you.
Hope this helps!
October 6th, 2009 on 8:22 am
Most banks only offer the ability to receive and view statements online at the credit card companies website. I haven't seen very many companies that offer email statements. Viewing a statement online is more secure because your information is more protected online than it is in an email.
October 6th, 2009 on 8:22 am
no, you will have to use your bank.
October 6th, 2009 on 8:22 am
If you are in Chexsystems, you cannot open a bank account. Pay off whatever bounced checks, overdrafts, whatever, plus all the interest, fees, penalties. Within a few months, you will be out of the system and can open another account somewhere.
October 6th, 2009 on 8:22 am
It can take up to 5 business days.