Fool.co.uk: 10th birthday of online banking

As Nationwide celebrates ten years of internet banking, David Kuo, Head of Personal Finance at Fool.co.uk, comments: “Internet banking has revolutionised the way that consumers can access their money. Gone are the days of the 3-6-3 rule, when bankers would pay 3% interest to depositors, charge them 6% for loans and then be playing golf at 3pm.

“Today, consumers have access to 24-hour banking, which means that they can access their money wherever they want, whenever they want. They can quickly move their money to accounts that pay better interest, which has in turn forced banks to respond with competitive offerings.

“While the Internet has transformed the way that many of us conduct our banking, banks will only change for the better if we exercise our rights. We therefore urge consumers to vote with their feet if they are unsatisfied with their banks, or better still vote with their mouse.”