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News Article

Are people's bank account needs changing?

Published 22 August 2013 by

Not so long ago, a trip to your local bank branch to pay in a cheque would have been a fairly regular thing for many of us.

Fast forward to today and the banking landscape looks a lot different. Cheques are becoming a rare sight, while the need for visiting a local branch has been reduced by the growth of online banking and automatic payments by Direct Debit.

Research by thinkmoney has uncovered some interesting facts about people's priorities when it comes to choosing a bank account. These days, just one in five people consider cheques an important feature of an account - while four out of five wouldn't choose an account without online banking.

Interestingly, the popularity of online banking doesn't seem to change much with age. Roughly one in five people across all age groups considered it important, while over-65s are only slightly less likely to agree.

But the appeal of cheques changes greatly with age: while just 3% of 18-24s and 9% of 25-34s consider a cheque book important, this grows to 37% of over-65s.

Looking ahead, it seems that mobile banking will become increasingly important. One in seven (14%) now consider it an important feature, meaning it has caught up with telephone banking. And with various companies currently working on mobile payment platforms, it may not be long before we're all making payments with our smartphone.

What do you look for in a bank account?

Everyone has different priorities when it comes to finding a bank account. Some people want an account that pays interest on their balance, while other people are more concerned about the other features their account might offer.

The thinkmoney Personal Account offers a number of great benefits, including a personalised budgeting service that sets aside money for bills and makes sure they are paid on time. It also features online account management and the ability to manage your account by text message.

Find out more about how the thinkmoney Personal Account works here.