Check online for high interest savings accounts, urges Which?

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Check online for high interest savings accounts, urges Which?

Mon 27th Sep 2010

Which? has advised consumers they could be missing out on the best interest rates if they do not check the deals available online.

Chief executive of the watchdog Peter Vicary-Smith suggested banks should have computer terminals in their branches, so that people without access to the internet could take advantage of the best products on the web.

"Not everyone is comfortable or able to manage their finances online and these people are missing out on the best deals as a result," he said.

Research by Which? showed the average instant access savings account rate available in branches is 0.56 per cent, whereas the average return offered by internet options is more than double this figure at 1.14 per cent.

Last week, the same organisation urged the Independent Commission on Banking to increase competition in the high street banking industry, claiming the sector is currently dominated by just three institutions - two of which had to be bailed out by the state.

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