According to a study by the Alliance & Leicester, those who use online banking have a clearer financial picture as 44 per cent check their account at least twice a week, compared to three per cent who use face-to-face banking.
“You can keep track of your in and out-goings which means you have a clearer idea of where you stand and so can easily avoid going into the red by mistake,” said Helen Palmer, manager of Alliance & Leicester current accounts.
“As such, you can check your account at the click of a button and manage your money more effectively.”
Internet banking has surged in popularity in the UK, with a 63 per cent rise in online use since 2003.
Logging onto internet bank accounts also gives 24 hour access to the current state of finances, added Ms Palmer, praising the convenience of such a system.
With the Office of Fair Trading saying that it will not impose limits on overdraft charges, easy access to bank details means that many can help avoid incurring debt and stay in control of their finances.