UK Money News
24th July 2008
Online banking has grown 500%
More and more Britons are recognising the benefits of banking online, new figures have revealed.
According to data from UK payments association Apacs, over the last seven years the number of Britons banking has risen from 3.5 million to 21 million.
This represents an increase of 505 per cent, with the trend attributed to growing internet access among the populace as well as attractive account offerings from online banks.
Sandra Quinn, director of communications at Apacs, said: "Online banking has changed the way we access our bank accounts, and is now second nature to many of us.
"The fact that the number of people banking online now exceeds 21 million is testament to how easy, convenient and safe this way of banking is."
Apacs predicts that the surge in the numbers of people opting to conduct their banking online will grow even more markedly as a result of the introduction of the new faster payments service, which has cut the time it takes to make one-off payments.
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