Consumers missing out on competitive online finance products

| September 27, 2010 | 0 Comments

According to consumer group Which?, people without internet access are missing out on competitive rates for online financial products.

A report by the group said, on average, online savers earned 37% more interest than those who only had branch-based accounts.

Which? said branch-based instant access accounts paid 0.65% a year on average versus 1.14% for online savers.

The group acknowledged that banking online does not suit everyone and it is therefore urging banks to provide online access inside branches to help those consumers who are missing out on such deals.

Figures from the Government show that up to four million people do not have, or cannot afford, internet access.

Peter Vicary-Smith, Which? chief executive, comments: “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.”

In response, Brian Mairs from the British Bankers’ Association (BBA), said: “Although Which? appears to advocate that banks offer the same rate across all platforms, banks will reserve the right to offer the best deals they can, where they can.”

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