9.4M Silver Savers Prefer Online Banking

  • 79 per cent of over 65s now use online banking to manage their savings.
  • 61 per cent of over 65s say they prefer to bank online rather than in-branch, with 55 per cent logging in to check balances and move money once a week or more.
  • Ford Money reveals almost a quarter (23 per cent) of its customer base are over 70 years old, with its oldest saver age 99.

New research from online savings bank Ford Money has uncovered a new wave of silver savers embracing online banking over bricks and mortar. It reveals that 79 per cent of over 65s now manage their savings online, equating to 9.4 million UK adults.

With Office of National Statistics data tracking an increase in over 65 internet bankingTooltip, the new findings from Ford Money suggest the age group has grown more comfortable using online banking.

For example, 61 per cent say they prefer to use it to manage their savings, more than twice the proportion who prefer a branch (27 per cent). Meanwhile, 55 per cent of over 65s say they log in to review their online accounts once a week or more.

Ford Money data also demonstrates the adoption of online banking among older savers, with over 23 per cent of its customer base over 70 years old, and its oldest saver aged 99.

“Generally, millennials are recognised as the main users of online banking services, and it’s often assumed older savers are missing out on some of the best online deals. However, the findings from this survey and our customer data demonstrate that this isn’t always the case. At Ford Money, we’re seeing significant adoption among an older group of savers looking for straightforward products and an easy-to-use service,” said Suzanne Lewsley, Ford Money’s Chief Deposits Officer.

The research by Ford Money demonstrates that over 65s are almost matching millennials when it comes to easily navigating online banking services and savings. While 86 per cent of millennials stated they find online banking easy, 71 per cent of over 65s agreed, with only 2 per cent saying they find it difficult.

In fact, the research reveals over 65s find online banking easier than other online activities:

  •         Banking – 71 per cent
  •         Paying for utility bills – 70 per cent
  •         Booking holidays – 55 per cent
  •         Using social media – 48 per cent

While one quarter (25 per cent) of over 65s prefer to access their savings online using tablets or smartphones, this group are also one of the largest users of tablets, with 17 per cent of that 25 per cent choosing to log on this way. However, the primary preferred devices currently remain desktop (36 per cent) or laptop (36 per cent).

Additionally, when receiving help managing their online savings accounts, 45 per cent of silver savers stated their preference is reaching out using email, versus speaking to someone in a physical branch. 

Why over 65s choose online banking
No travel required
Speed 38%
No need to pay for parking
No need to speak to anyone

“Being an online-only savings bank, we have customers of all ages making the most of the convenience and speed of online banking, including our oldest customer who is 99 years old,” Lewsley said.

“But with Ford Money, customers benefit from the speed and convenience of our services, as well as ‘Our Best Rate Guarantee’, in which all our customers, both new and existing, are paid the same interest rate on variable rate products – something many of our competitors do not offer.”

Notes to editors

All figures, unless otherwise stated, are from a survey by Opinium, commissioned by Ford Money. Total sample size was 2,005 UK adults. Fieldwork was undertaken from 11-13 June 2019. The survey was carried out online. The figures have been weighted and are representative of all UK adults (ages 18+).

About Ford Motor Credit Company
Ford Motor Credit Company is a leading automotive financial services company. It provides dealer and customer financing to support the sale of Ford Motor Company products around the world, including through Lincoln Automotive Financial Services in the United States, Canada and China. FCE Bank is a subsidiary of Ford Credit, which is a subsidiary of Ford. For more information, visit www.fordcredit.com or www.lincolnafs.com.

About Ford Money

As part of Ford Credit Europe (licensed as FCE Bank plc), Ford Money is a savings provider in the UK. FCE is a registered bank in the UK, authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and PRA to accept deposits. Deposits of up to £85,000 are protected by the UK government’s Financial Services Compensation Scheme (FSCS). For more information, visit www.fordmoney.co.uk.

Ford Money is a trading style of FCE Bank plc., which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Firm Reference Number 204469. Registered in England and Wales under registration number 772784.