Bloomsbury Financial Planning expert discusses online savings accounts

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Bloomsbury Financial Planning expert discusses online savings accounts

A representative from Bloomsbury Financial Planning has lauded online savings accounts for the rates they offer, but also issued a note of criticism.

Jason Butler, partner at the firm, made his comments in response to research by Consumer Intelligence, which found that 83 per cent of customers prefer to deal with their finances online rather than in their branch.

He was full of praise for the return offered by internet products, saying: "Online savings accounts are clearly gaining in popularity and often the best rates are provided by such accounts."

However, Mr Butler suggested banks may need to improve their "back office efficiency", since this could allow them to offer even better deals.

In his opinion, the lower costs of operating online products have not been reflected in the arrangements currently available.

The Consumer Intelligence study also showed that the majority of people prefer online banking to the use of telephone facilities, with 89 per cent favouring the former method.

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