The research shows that over two-thirds (68%) of savers have an online savings account and over half (56%) say it is their preferred method of managing their money.
Almost two thirds of men (64%) prefer to manage their savings online compared to less than half of women (49%). Unsurprisingly, 25-34 year olds are the most likely e-savers with almost three quarters (70%) saying they prefer online saving to going into a branch (20%) or over the telephone (1%). Silver surfers prefer saving on the internet, with almost half of over 55's managing their savings online (46%), compared to two-fifths (40%) who prefer to use a bank branch. And almost one in ten savers (9%) manage their online account every day, however the majority log on once a week (28%).
Adults who choose to manage their savings online do so for a number of different reasons. Over a third (37%) of savers say they prefer using the internet as they find it easy to transfer money between accounts. More than a quarter (28%) do so because they can manage their money 24 hours a day and one in five (18%) feel it allows them to easily monitor how much money they have in savings.
Commenting on the research, Flavia Palacios Umana, head of Halifax Savings products, said: "In a low interest rate environment it is encouraging to see that savers are making choices based on a variety of factors to ensure their savings account really does meet their requirements. Internet banking allows customers to access their money 24 hours a day whenever it suits them, making it easier for people to make the most of their savings."
