Better rates for online savers

Sam Jackson

September 28, 2010

November 13, 2018

Better rates for online savers

The benefits of internet access are enjoyed by millions of people across the country, but a new report suggest that those without online access are missing out.

Which? consumer group are claiming that financial product packages are being offered at a better rate online.

The average rate for online instant access accounts is 1.14%, compared with just 0.56% for bank or building society branch accounts.

Online ISAs also pay more than branch ones, with interest rates averaging 1.84% compared with 1.53%.

People taking out a one-year fixed rate bond can access a rate of 2.58% over the internet, compared with just 2.34% in a branch.

In total, an online consumer can save up to 37% compared with an individual that only has access to branch-based offers.

The Government estimates that around four million people do not have access to the internet.

Peter Vicary-Smith, chief executive of Which?, said: "Not everyone is comfortable or able to manage their finances online and these people are missing out on the best deals as a result.

"Banks should be more inclusive by offering terminals in branches where customers could access online deals, with some help from staff."

Sam Jackson

Money Dashboard

Subscribe for updates

Get the latest posts delivered right to your inbox

Success! Keep a look out in your inbox!
Oops! Something went wrong while submitting the form.