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Issue 478, 4 March 2002

Fastest bank online

Lloyds TSB online current account is the fastest to access, according to a new survey by Leeds researchers of 12 online current account providers. Second and third place were taken by First Direct and the Co-operative Bank, with the Abbey National trailing in twelfth place.

Most people use remote banking purely to check their account balances and the research, by the international institute of banking and financial services (IIBFS), measured the time taken to obtain a balance using the shortest possible path. Lloyds TSB came in at 29 secs; the Abbey National at 287 secs.

IIBFS director Professor Kevin Keasey said: "Given the relatively simple nature of the transaction, the variation in performance is quite startling. Lloyds' competitors have much work to do to close the gap."

See the IIBFS press release on their website.

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