Online banks 'more popular than social networking sites'

By Sarah Engle, Tue 24 Jun 2008 - Published in Banking

The credit crunch is turning Britain into a nation of online bankers, according to cahoot.

Research by the bank found that 38 million Brits have managed their finances online.

Furthermore, some 71 per cent of those people who bank online said they had started doing it more regularly in the last twelve months as the credit crunch made it important to keep a closer eye on their finances.

People in the UK are now spending three billion hours a year moving money around on the internet, more than the 2.7 billion hours spent on social networking sites.

Matthew Timms, director at cahoot, commented: "We're flocking to internet banking, where we can instantly access and manage our finances at a time and location of our choice, as well as pick up some of the best rates on the market."

According to cahoot, 82 per cent of regular online bankers say that internet banking makes them better at managing their finances.

Online bankers can transfer money between accounts, order credit cards and arrange loans.

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