Did you check your balance on Christmas Day? - Banking - News - Moneyfacts


Did you check your balance on Christmas Day?

Did you check your balance on Christmas Day?

Category: Banking

Updated: 04/01/2016
First Published: 31/12/2015

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Christmas usually goes by in a whirl of wrapping paper, turkey and feel-good TV, but it seems that even the joys of the festive season aren't enough to distract us from our finances – indeed, new research from Halifax shows that more than a few of us were keen to keep an eye on our balances in the midst of the festive fun.

A balance check

Halifax revealed that over 675,000 (14%) of its active online banking customers took time out from the festivities this year to check their bank account on Christmas Day, a 12% increase on last year. The majority took a quick peek using a mobile device – 69% used their mobile phone and 8% checked in with their tablet.

Interestingly, many banking customers did more than take a cursory look at their balance – 87,000 customers made a payment via online banking on the 25 December, while another 60,000 transferred some money to another account.

The busiest times for logging in to online banking were between 11am and 12pm, and 9pm to 10pm. The morning was particularly popular for moving money around, while the evening saw more customers logging on to take a look at how much money they had in their account. This suggests that the evening checks were made in order to plan Boxing Day sales spending.

"With Christmas being such an expensive time of year, the ease of access provided by online banking means that people are taking the opportunity to start sorting their festive finances even earlier," commented Nick Williams of Halifax. And why not? Online banking is fast, easy and accessible, so it's no wonder so many people took advantage to make sure that their finances were in gear for the sales.

Join in!

If you haven't yet enjoyed the flexibility of online banking, perhaps it's time you jumped on the bandwagon! If your current bank provider doesn't yet have an online facility, search around for one who does. You can check out our best buys for inspiration. Remember, the Current Account Switch Service Guarantee means that your account can be transferred in just seven days, so it may not be as much of a hassle as you think.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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