People over the age of 60 require financial services tailored to the needs of their age group, one building society has said.

According to Coventry, age affects the kind of financial provision consumers desire - a factor which influenced its launch of an online account for the over-60s.

"We specifically wanted to meet the needs of the older generation and to offer different choices to suit individual circumstances," head of sales Colin Franklin said.

Mr Franklin adds that one-third of the building society's online customers are over the age of 60, indicating that this age group is happy to handle financial matters over the internet.

While stating that the building society's eSave account was launched in response to this, Mr Franklin pointed out that "not all people want to conduct their financial transactions online".

Due to this, other accounts for the over-60s can be dealt with over the phone or in branches.

Meanwhile, the National Consumer Council recently said that the UK's current account market lacks transparency and marginalises the lowest-income consumers.