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Christmas a time for online banking
24
DEC
2014

Christmas a time for online banking

It is likely that many of us may undertake the traditional Christmas Day traditions, such as tucking into a full turkey dinner, exchanging gifts, drinking and being merry.

However, there are an increasing number of people sneaking off, party hat and all, to check the damage of the festive period in terms of their finances, usually by logging onto online banking services.

Statistics from Nationwide have found that just under a third (32 per cent) of internet and mobile banking customers checked their balances last December 25th.

That represented a total of 240,000 people, which was an increase of 140 per cent on the figures recorded for the same day in 2012.

Log off for the Queen

One of the most interesting findings was that when people did log on to check their balance, they logged off by 3pm, in time for the Queen's Speech.

Mobile was the main driver behind the findings, overtaking internet logins this year for the first time, with many customers taking advantage of a number of new apps and products that allow customers to check their funds at the press of a button.

New Year's busier still

If last year is anything to go by, then New Year's Eve could be far busier than Christmas Day, with around 723,000 people found by Nationwide to be using internet and mobile banking options before grabbing the bubbly to celebrate dawning of a new year.

The bank claims that numbers this year will amount to an increase of over 200 per cent when compared to Christmas Day 2013, with January 31st last year seeing almost 3,000 people log on at around midnight.

Phil Smith, Nationwide’s head of current accounts, said: “Christmas and New Year can be an expensive time for families so it’s no wonder that once the presents are open, people are checking just how much it’s cost them. However, some Christmas traditions remain strong, with most people logging off by 3pm, just in time to sit down and watch the Queen give her annual yuletide address.

“Equally, with more and more sales starting on Christmas day now, people may also be checking how much money they have left before they start spending some more.

“It’s also interesting to note the drop in usage on New Year’s Day compared to New Year’s Eve, as people’s default mode is to perhaps relax rather than worry about the night before – at least until having that bacon sandwich!”

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