Online bankers seek easier set-up options

New survey reveals banks do not offer easy access

1 May 2007 17:23 GMT / By Ryan Haynes

Research released by Global Reviews has found that many major banks are failing to offer easy management for online savings accounts.

The survey has found that major banks are still getting below 70% ratings for customer service experience. The key problem experienced was in setting up new savings accounts online, with respondents indicating a request for more high-interest rates.

Twenty-one per cent of respondents indicated that the ability to access money without penalties was the most important feature and 15% indicated that the ability to access money at any time was their primary concern. Most used the Internet or branches to set up accounts with telephone coming in third.

LloydsTSB, Barclays and Nationwide only allow people to apply for savings accounts if they are existing customers, while other banks only offered savings accounts to totally new customers.

Global Reviews found that with more people operating their banking online, banks are missing a trick not having open services to easily set up new accounts.