Over-60s online banking service reflects demand, claims financing analyst

Fri, 15 Jun 2007

Over-60s are increasingly turning towards online banking services in a bid to find better savings rates, it has been claimed.

Kevin Mountford, head of savings at financing portal moneysupermarket.com, has made the assertion after financial services provider Coventry Building Society launched a new virtual banking service targeted specifically at elderly consumers.

Among the features of the new Sixty-Plus eSave banking account, customers can expect to receive gross savings rates of 6.2 per cent that are guaranteed to remain static until March 31st 2008.

And Mr Mountford has suggested that the financial services provider is reflecting the changing needs of the silver surfer generation.

"The launch of this online-only product shows Coventry is responding to changes in how the over-60s shop for products," he asserted.

"Banks and building societies are recognising the mature consumer has taken to the web to find the best deals."

As virtual banking customers may already be aware, 2007 marks the tenth anniversary of the introduction of online banking into the UK.

Nationwide Building Society was the first financial services provider to offer an online banking service.

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