A report from Which? Magazine has highlighted that online savers on average earn 37% more interest than those who have only branch-based accounts. This has led to a discussion around whether banks and building societies should offer online access within branches along with help from staff on how to find the best deal.
However, the British Bankers’ Association (BBA) has defended the rights of banks to offer different deals across different platforms by saying ‘Where technology enables banks to offer services more efficiently, banks may be able to offer them more competitively’.
Ensure you receive the best rate for any savings you have by talking to your bank or checking out comparison websites.