SWINDON-BASED Nationwide has become the first financial institution to offer internet banking through television sets.

The building society has struck a deal with Bush Internet to offer its customers the service through cut-price set top boxes, which also gives access to the internet and e-mail.

To coincide with the launch, Bush Internet is offering set top boxes to Nationwide members enabling them to get online for only £29.99 far less than the cost of a computer.

This is the UK's first internet banking service available through these devices and enables customers to view account balances and statements, transfer money between Nationwide accounts and order a new or replacement PIN number.

In addition, they can see details of Nationwide's products and services.

Jim Willens, the building society's e-commerce director, said: "TV banking complements our extensive range of access channels. Members can now access their accounts in branches, by phone or post, via the internet using a PC or Mac or with WAP phones and now through their televisions.

"This development underlines Nationwide's commitment to giving members access to our products and services through as many channels as possible."

Michele Stitz, Bush Internet's commercial director, added: "In a recent survey, more than 70 per cent of Bush Internet customers requested internet banking.

"By partnering with Nationwide, we continue to ensure that the full benefits of the internet are available to everyone."

The service builds on a series of notable developments by Nationwide, which has its headquarters in Pipers Way, that have extended the choice of access channels available to members:

UK's first retail internet banking service in May 1997

Europe's first Pocket PC PDA mobile banking service in December 2000

nWAP banking service launched in September.

It is estimated that more than 15 million households will be able to access the internet via their television by 2003.