Online access more important to expat savers than best-buys rates

Online access is twice as likely to entice expat savers to open an account compared to best buy rates, Alliance & Leicester International (ALIL) research suggests.

The majority (42%) said online access would most attract them to open a particular savings account, followed by 18% for best buy rates and 14% for good customer service.

UK-based savers appear to place even greater importance on online account management for their savings (70%), and also on online applications (61%).

Expats' appetite for instant web access to their accounts is likely to be linked to a demand for regular review of their savings.

More than two thirds (63%) review their savings account every one to three months, the research suggests.

Every four to six months 17% check their savings, 7% every seven to 12 months and 9% look at the rates offered on their accounts on an annual basis.

With instant access to review accounts and search for the best deal, the majority of expats are regularly switching savings providers to achieve the best rates.

More than half (56%) have switched their savings provider in the last 12 months, with 43% giving better rates as the reason.

However the credit crunch has also had an impact on savers vigilance, with 38% saying they are more careful about how they manage their money and are more likely to shop around for the best savings deals as a result of the crisis.

Almost a fifth (19%) would move their savings if concerned about the financial stability of the bank, and a further 19% said they try to divide their money across a number of different banks or institutions in order to spread the risk.

The sentiments echo those of UK-based savers, however the expat figure is higher with only one in eight (13%) British savers spreading their savings around different banks and building societies.

Of the respondents, 78% said they had over £20,000 in savings,

Lynette Byrne, head of marketing at ALIL, says: "Online access provides customers with peace of mind they can use internet banking to access their savings 24 hours a day.

"It is also encouraging to see in the current financial climate customers are putting in the effort to search for accounts with competitive rates. Savvy savers are displaying a great attitude and are ensuring that they get the most for their money, no matter how large their savings accounts may be."