Do you research financial products online?

If so, you are not alone.  As more and more homes in the UK benefit from high speed broadband access, more and more consumers are turning to the internet as a place to search for and compare financial services.

Now, some interesting and surprising data from a leading specialist search marketing and technology company has established the most common searches undertaken by Brits when looking for online financial advice.

‘Mortgage calculator’ a top search

Greenlight used industry data to come up with 750 of the leading search terms that consumers use on the web to find banks and building societies that provide retail banking products such as debit cards, home loans, credit cards, personal loans and bank accounts.

According to the Greenlight statistic, the term ’mortgage calculator’ was searched for 135,000 times in October 2010.  This accounted for 7 per cent of all retail banking-related searches and almost a quarter (24 per cent) of specific mortgage related searches.

Greenlight also found that web searches for the term peaked in January 2010, and they expect more and more consumers to search using this term as they undertake a New Year review of their finances.

‘Loans’ the most popular search term

Of the two million consumer searches conducted online for retail finance and banking related services in October 2010, over six in ten (61 per cent) were for loans and mortgages.   ‘Loans’ was the most popular search, and accounted for 33 per cent of all retail banking searches.  ‘Mortgages’ came in second place with 28 per cent of searches, followed by bank accounts at 24 per cent and credit cards at 16 per cent.

So, if you plan to review your mortgage or loan arrangements in the New Year and you use ‘mortgage calculator’ or ‘loan calculator’ as your search term, you will join thousands of other Brits heading to sites such as ours for advice on the best products.

Sam Allcock