The use of online banking has reached an all-time high, it has been claimed, with 68 per cent of people saying they used the internet to manage the majority of their finances last year.
According to research from Lloyds TSB, this figure compares to 18 per cent in 2005, while 70 per cent of those over 50 years old said they now prefer to do their banking on the internet.
The lender said that users are aware of the services they can access, such as checking current account or savings account balances, transferring money and paying bills.
And a total of 54 per cent stated that they enjoyed the convenience of being able to view and manage their finances 24 hours a day, seven days a week.
“The growth of internet banking is phenomenal and this year is set to break records,” said Anita Hockin, head of internet at Lloyds TSB.
“This popularity isnít surprising given the convenience of banking online,” she added.
Those with internet access can now also apply for products such as credit cards or loans online.
© Adfero Ltd