Online banking boom to continue

Date of Publication: Friday, 06 January 2006 12:00
One in five Britons (18%) did most of their banking online in 2005, according to a new report from Lloyds TSB Internet banking. And the boom is set to continue. The findings also show that 20% of the population have used the web more often this year to manage their money.

Young people aged 25-34 are most likely to do their banking on the Internet (27%), but 22% of those aged 35-44 also use the web to organise their finances as do 20% of those aged 45-54. Men are slightly more inclined to use the web (20%) than women (15%).

Despite the growing popularity of Internet banking many people still aren't aware of all the financial tasks they can do online. A fifth (23%) didn't know they could check their balance on the web, while 28% didn't realise they could go online to pay bills.

A similar number (29%) didn't know they could use online banking to search for statements, while 34% weren't aware they could also transfer money or manage direct debits.

Although 35% indicated fears over security as being the reason they didn't bank online, the vast majority of those surveyed (65%) had no such fears and felt Internet banking was safe.

Click here to see a list of online UK bank accounts!

Friday, 06 January 2006 12:00
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Top 5 Current Accounts

Provider
AER
Min Bal
O/D Rate
O/D Buffer
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5.00%
£1,000
0%
£2,000
5.00%
£1
No Offer
£25
0%
£1
No Offer
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N/A
£1
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Not Stated
N/A
£1
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Nationwide Flex-Direct Account

Nationwide
  • Get 5.00% AER (4.89% gross p.a.) for in-credit balances up to £2,500 (fixed for the first 12 months)
  • You if you pay in at least £1,000 per month
  • Fee-free overdraft for 12 months (subject to approval)
  • Access to special rates and exclusive products
  • Online and mobile banking
  • Telephone banking and free text alerts
  • No monthly fee
  • UK call centres

TSB Classic Plus Account

TSB
  • Market leading 5% AER variable interest on balances from £0 - £2,000.
  • To earn 5% AER you must credit your account with £500 each month, register for internet banking, paperless statements and correspondence (if available).
  • No introductory offer period.
  • Available to existing and new customers.
  • Low minimum monthly deposit of £500 required to meet eligibility.
  • No monthly fee.
  • Access to all the features of the standard Classic account such as Money Planner, Control, SMS alerts and internet banking.
  • Transact in branch, online or over the telephone.
  • £25 interest and fee free overdraft subject to application and approval
  • No hidden clauses – only need to meet CTO, register for internet banking, paperless statements and correspondence (when available) to get the interest rate.
  • 7 day switching service available.

Nationwide FlexAccount

Nationwide
  • VISA debit card with every account
  • Free travel insurance: multi-trip European cover worth up to £70* (conditions apply)
  • Manage your account online with an excellent internet banking service.
  • Three-month interest-free overdraft when you switch to FlexAccount
  • Free day to day banking
  • Voted Best Overall Online Provider 2009 by Your Money

Halifax Current Account

Halifax
  • £100 cashback for new and existing customers switching an active bank account held elsewhere to Halifax.
  • To qualify, use the Current Account Switch Service to switch and close your old account.
  • Halifax is covered by the Current Account Switch Guarantee.
  • Customers who’ve already received a Halifax switching offer (since January 2012) are not eligible for this offer.
  • Plus, switching to this account only takes seven working days.
  • This account offers a flexible 0% Overdraft facility (Overdrafts are subject to status):
  • - £1 per day - if you use an 'Planned' overdraft up to and including £1,999
  • - £2 per day - if you use an 'Planned' overdraft from £2,000 up to and including £2,999
  • - £3 per day - if you use an 'Planned' overdraft from £3,000 and above
  • - £5 per day - if you use an 'Un-Arranged' overdraft
  • A Halifax Visa debit card - Option to personalise
  • Access to the extensive branch Network
  • 24/7 Online Banking Access

Halifax Reward Current Account

Halifax
  • £100 cashback for new and existing customers switching an active bank account held elsewhere to Halifax.
  • To qualify, use the Current Account Switch Service to switch and close your old account.
  • Halifax is covered by the Current Account Switch Guarantee.
  • Customers who’ve already received a Halifax switching offer (since January 2012) are not eligible for this offer.
  • Plus, switching to this account only takes seven working days.
  • £5 monthly reward if each month customers pay in £750, pay out two different direct debits and stay in credit.
  • This account offers a flexible 0% Overdraft facility (Overdrafts are subject to status):
  • - £1 per day - if you use an 'Planned' overdraft up to and including £1,999
  • - £2 per day - if you use an 'Planned' overdraft from £2,000 up to and including £2,999
  • - £3 per day - if you use an 'Planned' overdraft from £3,000 and above
  • - £5 per day - if you use an 'Un-Arranged' overdraft
  • A Halifax Visa debit card - Option to personalise
  • Access to the extensive branch Network
  • 24/7 Online Banking Access

Halifax Ultimate Reward Current Account

Halifax
  • Get a Free £100 when you switch to this account!
  • Pay £15 per month and get all the standard features, plus AA breakdown cover, travel and mobile phone insurance and more.
  • Halifax will give you £5 each month you pay in £750, pay out two different direct debits and stay in credit.
  • This account offers a flexible 0% Overdraft facility (Overdrafts are subject to status.):
  • - £1 per day - if you use an 'Planned' overdraft up to and including £1,999
  • - £2 per day - if you use an 'Planned' overdraft from £2,000 up to and including £2,999
  • - £3 per day - if you use an 'Planned' overdraft from £3,000 and above
  • - £5 per day - if you use an 'Un-Arranged' overdraft
  • A Halifax Visa debit card - Option to personalise
  • Access to the extensive branch Network
  • 24/7 Online Banking Access

Natwest Select

NatWest
  • ** Voted the best card benefits programme of the year at the Card and Payment Awards. **
  • Free day-to-day banking without subscription charges
  • Earn a minimum of 1% of your spend on all contactless payments with Cashback Plus
  • Overdraft available subject to eligibility, giving your finances some breathing space
  • Chequebook available subject to eligibility; handy when cash or cards aren't convenient
  • Monthly statements with all your transactions and your balance - by post or online. Or pick up a mini-statement from our cash machines

Barclays Bank Account

Barclays
  • Create your own personalised Current Account with the new Barclays Features Store - Customise your account with a range of Packs that cover gadgets, home appliances, travel and more. Simply add the Features that you want and leave out the ones that you don't. Terms, conditions and exclusions apply - read the policy documents so you know whats covered and whats not.
  • Free Text Alerts to help manage your money
  • Personalise your debit card for free with your favourite photo (image guidelines apply)
  • Contactless debit card (subject to status) allows you to make fast and secure payments for items that are priced £20 or less.
  • Online, Telephone, Mobile and Branch
  • No minimum funding required
  • Barclays Pingit - the quick and easy way to send or receive money with just your mobile
  • Free switching service available

Santander 123 Current Account

  • The New 123 Current Account pays cashback on household direct debits
  • 1% cashback on water and council tax
  • 2% cashback on electricity and gas
  • 3% cashback on mobile, home phone, broadband and paid for TV packages
  • New 123 Current Account pays also pays in-credit interest
  • 1% AER on the entire balance, once the customer’s balance is £1,000 or over
  • 2% AER on the entire balance, once the customer’s balance is £2,000 or over
  • 3% AER on the entire balance, once the customer’s balance is £3,000 or over (up to £20,000)
  • You are required to pay £2 a month (equates to 6p per day)
  • Your overdraft fee will be 19.9% EAR plus an unauthorised fee of £1 per day.
  • Get a cheque book and a Visa Debit card. You can use your Visa Debit card in shops wherever you see the Visa symbol and at virtually every cash machine in the UK and many worldwide. It also acts as a £100 cheque guarantee card
  • Access to your money 24 hours a day 7 days a week through our e-banking service, 750+ branches, 24-hour telephone banking service, LINK cash machine network or even by post
  • You must setup a minimum of 2 active direct debits
  • You must deposit at least £500 per month
  • This account is open to NEW and EXISTING Santander customers aged 18 and above (must be UK resident)

Santander Everyday Current Account

  • A simple and straightforward current account that helps make managing your money easy and convenient.
  • 0% EAR (variable) overdraft rate.
  • No Daily Arranged Overdraft Fees for the first 4 months when you switch to us (depending on circumstances. See representative example).
  • After 4 months the Daily Arranged Overdraft Fee will be 50p per day capped at 20 days each monthly statement period (if you don't switch these Daily Arranged Overdraft Fees will start from when your account is opened.)
  • Access to our dedicated Switcher Service - It is important that you feel confident about switching to us and what is involved. Click here for full details of our simple three-step process.
  • Easy access to your account 24 hours a day with our internet and phone banking service. Plus you have access to over 1,300 Santander branches.
  • No interest is paid on your balance.
  • You must be aged over 18 and live permanently in the UK.

TSB Classic Account

TSB
  • Free banking - no charge for everyday transactions when you’re in credit.
  • You will receive a debit card with your account
  • Manage your money 24 hours a day through Internet Banking, Telephone Banking and Mobile Banking.
  • Money Planner is a free, easy-to-use Internet Banking service that introduces a new way of keeping track of your money across your TSB personal current and credit card accounts.
  • £25 interest-free planned overdraft. (Subject to application and approval).
  • £10 overdraft buffer. No overdraft fees or interest to pay if you go overdrawn (either Planned or Unplanned) by £10 or less.
  • Grace period if you go over your limit. You have until 3.30pm (UK Time) to pay in enough money to avoid any overdraft fees you may incur that day.
  • Switching to us in just 7 working days – We can help to move Direct Debits and standing orders from any existing accounts to your TSB current account.
  • Access to over 600 branches and a network of ATM's worldwide

RBS Select

RBS
  • Free everyday banking - no monthly subscription charges.
  • No arrangement or renewal fees - on overdrafts up to £15,000. And pay no interest on agreed overdrafts of up to £100.
  • Save on your mortgage - use your Interest Paying Current Account balance to save money with our Offset Service.
  • Easy access to your money - your debit card gives you access to almost every cash machine in the UK. You can also pay for goods and services wherever you see the logo shown on your card.
  • Online banking - manage your money 24 hours a day, 365 days a year with our telephone and internet banking services. (Except for short periods of essential maintenance.)
  • Overseas money - get money in local currency at cash machines and buy goods wherever you see the logo shown on your card.
  • Statements - monthly statements list all transactions and your current balance. You can also get mini-statements from any cash machine.

Natwest Select Platinum Current Account

NatWest
  • Pay £16.00 per month and get the following benefits:
  • Green Flag car breakdown cover - even on your driveway
  • Mobile phone insurance – including all smartphones
  • Annual worldwide travel insurance - Members and their partners aged 70 years and over must pay an additional annual premium of £50
  • Travel benefits – discounts on holidays, flights and hotels

M&S Premium Current Account

Marks & Spencer
  • **Get £50 M&S gift card for opening an account and a further £100 M&S gift card for switching their account to M&S Bank**
  • With the M&S Premium Current Account for just £10 a month (for an initial fixed term of 3 months after which it is automatically renewed monthly), you’ll enjoy all this:
  • M&S loyalty points for M&S reward vouchers with your M&S Debit Card in M&S (in store and online)
  • Triple points for M&S reward vouchers with your M&S Credit Card in M&S (in store and online). Representative 16.9% APR variable
  • Access to our exclusive high rate monthly savings account
  • £45 worth of treats and delights vouchers
  • £127 worth of hot drinks vouchers for the M&S Café
  • Birthday gift e.g. afternoon tea for two, worth £10
  • Access to exclusive M&S offers
  • Automatic £500 overdraft available as soon as you open your account – and the first £100 is interest-free (subject to status).

M&S Premium Current Account with insurance

Marks & Spencer
  • **Get £50 M&S gift card for opening an account and a further £100 M&S gift card for switching their account to M&S Bank**
  • With the M&S Premium Current Account for just £17.50 a month (for an initial fixed term of 3 months after which it is automatically renewed monthly), you’ll enjoy all this:
  • Worldwide multi-trip family travel insurance
  • M&S loyalty points for M&S reward vouchers with your M&S Debit Card in M&S (in store and online)
  • Triple points for M&S reward vouchers with your M&S Credit Card in M&S (in store and online). Representative 16.9% APR variable
  • Access to our exclusive high rate monthly savings account
  • £45 worth of treats and delights vouchers
  • £127 worth of hot drinks vouchers for the M&S Café
  • Birthday gift e.g. afternoon tea for two, worth £10
  • Access to exclusive M&S offers
  • Automatic £500 overdraft available as soon as you open your account – and the first £100 is interest-free (subject to status)