Nearly half of all consumers who bank online say they feel more in control of their finances, according to new research.

The popularity of online banking is growing with more than 14 million consumers now logging on to balance their books - an increase of 63 per cent since 2003, claims current account provider Alliance & Leicester.

Almost 97 per cent of customers choose the internet over face to face contact at a bank branch and just two per cent who use phone banking do it on a regular basis.

Of those surveyed, 96 per cent said they chose internet banking because they could check their balance any time and 87 per cent enjoy the ease of access to recent transactions.

Over a third (36 per cent) of online bankers like to log on at least once a day to stay in control of their finances.

"Logging on to your internet banking account gives you immediate, 24 hour access to the up to date status of your finances," said Helen Palmer, from Alliance and Leicester.

"As such, you can check your account at the click of a button, and manage your money more effectively. You can keep track of your in and out-goings which means you have a clearer idea of where you stand and so can easily avoid going into the red by mistake."