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New research from Halifax shows that over two-thirds of savers have an online savings account and over half say it is their preferred method of managing their money.

Unsurprisingly, 25-34 year olds are the most likely e-savers with almost three quarters saying they prefer online saving to going into a branch, but silver surfers prefer saving on the internet too, with almost half of over 55’s managing their savings online.

Almost one in ten savers manage their online account every day, even though savers returns have reduced in this low interest rate environment – Halifax’s research shows that only 13% of savers say the headline interest rate is a factor when selecting a savings account; instead, the most important consideration is how the account is managed.

Halifax says that by thinking about how they want to run their account, savers are choosing products that suit their needs rather than relying on interest rate alone.Over a third of savers say they prefer using the internet as they find it easy to transfer money between accounts. More than a quarter do so because they can manage their money 24 hours a day, and one in five feel it allows them to easily monitor how much money they have in savings.

Flavia Palacios Umana, head of Halifax Savings products, says: “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.”

The Internet has revolutionised financial planning in the UK. People want to be able to make the most of their money, all the time, and Internet savings is perfect for that. But it’s not just savings that can benefit from the Internet: you can use your Internet savings accounts as a part of an offset mortgage, which can also be managed online. This means you can make sure you are paying the lowest rate possible, 24 hours a day, from anywhere in the world.

SOURCE: Halifax, 12/04/09

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