Millions of Brits are quite literally losing sleep over their finances by banking online late into the night, according to new research from Abbey. Far from being a chore or even a bore, more than half of online bankers (53 per cent) are logging on at least every other day to keep an eye on their wealth, with many logging choosing to log on well into the wee hours.
The study found that online bankers believe that watching their money online gives them a better understanding of their finances (74 per cent). 38 per cent claim that they have started to save more money since going online, as they are better able to determine when to tighten their belts and when they have a little extra they can tuck away in savings.
Traffic to branches continues to decline according to the Abbey research - 39 per cent of people rarely (less than once a month) or never visit their bank branch. Phone banking is even less popular - 82 percent either never call their bank or call less than once a month.
Reza Attar-Zadeh, Abbey's Head of Savings said: "For a long time we've observed a growing preference for the online channel but for the first time we are seeing evidence that people really are enjoying the online banking experience and claiming that it makes them better with managing and saving money. There is real satisfaction in watching savings grow and the Internet enables us to do this with real ease."
Abbey has recently launched its eSaver Direct for those wishing to manage their finances online- paying 6.40 per cent gross from £1 and includes a bonus of 0.40 per cent for 12 months from the date of opening(2).
The account is instant access, with full capability to transact online, allowing customers to move money in and out, and check balances from the comfort of their home or work. An ATM card provides customers additional flexibility, with access to over 2500 Abbey cash machines across the UK.
The account can be applied for online at www.abbey.com or by telephone on 0800 234 6065.
Other key findings
- Only 34 per cent of people ever do their banking by post. This compares to 84 per cent who bank online, 93 per cent who bank in the branch, 57 per cent by telephone and only eight per cent who bank by mobile phone.
- Eighty per cent of online bankers log on at least once a month, making this group the most financi mosanci most financially active. Only 61 per cent of branch bankers visited their bank at least once a month.
- Early evening is the most popular time for online bankers, with 26 per cent logging on between 6pm and 9pm. Fourteen per cent of people are fuelling the 'night economy' banking online between the hours of 9pm and 6am.
- 17 per cent of people claimed to delay bedtime so they can check their finances online. This number soared to 28 per cent of Brits aged between 25 and 34 years.