Online Banking Becoming More Popular

More Brits are doing their banking online yet many are still unaware of the benefits, a new survey claims.

One in five people did most of their banking over the internet in 2005 with a further fifth going online more to manage their money, according to research from Lloyds TSB.

Over a quarter of those aged between 25 and 34 regularly bank online compared with 20 per cent of those aged between 45 and 54. Men are also more likely to use the internet for money matters than women.

But despite the growing popularity of internet banking, a fifth of those surveyed did not know they could check their account balance on the web whilst a further 28 per cent were unaware that they could play bills online.

Around a third were unaware that they could search for statements online whilst 34 per cent did not know that they could transfer money or manage direct debits from their computer. But around a third were worried about the security of transactions.

Matthew Timms, Internet and ATM director, said: "The growth of internet banking is phenomenal. Lloyds TSB alone now has over two million active customers using its Internet banking service.

"This popularity isn't surprising given the speed and convenience of banking online. However, we also recognise that some people are apprehensive about using the Internet to manage their money.

"Internet fraud is an issue the industry has been confronted with in recent years. In tackling online fraud it is not only important that banks have all the systems and measures in place to ward off criminals, but also that customers know how to protect themselves.