Banks offering a raw deal to offline customers
New research by Which? Magazine has uncovered ‘that an online saver could be £375 better off over the course of a year compared with a branch-only saver. It also found the average rate for instant-access savings accounts available in-branch to be just 0.56%, less than half of that available to online savers (1.14%). Fixed-rate savings accounts and cash ISAs also offered a much better range of best-rate products for online savers.
With figures from the Department for Work and Pensions showing that four million people in the UK are digitally excluded, either because they can’t afford or don’t have internet access, it appears the banking industry is treating its offline customers unfairly.’ (source Which?)
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