Third of easy access savings deals have no bank branch access, study finds
Savers may find themselves shut out of the top rates available on instant access deals if they do not manage their money online, a financial information website is warning.
A third (34%) of easy access savings deals on the market offer no branch access, so those savers who have yet to get online, such as some older “silver savers”, could find themselves missing out, Moneyfacts.co.uk found.
Based on someone with £10,000 to put away, the top easy access deal with branch access is from Yorkshire Building Society, paying 1.41%, Moneyfacts found.
But for those who have internet access, the top deal for someone with £10,000 to save is from ICICI Bank UK, paying 1.54%, according to Moneyfacts.
The percentage of easy access savings deals without branch access has increased compared with five years ago, when it stood at 29%.
Over the same period, the percentage of easy access deals which can be managed online has grown, from just over half (53%) in February 2014 to nearly two-thirds (62%) by February 2019.
The findings come at a time when concerns have been raised over people’s access to cash, amid bank branch closures.
Recent lending figures have also indicated that cautious consumers have been shovelling more money into accounts which can be accessed readily if needed.
Rachel Springall, a finance expert at Moneyfacts.co.uk, said: “Those savers who have yet to jump in on the internet craze may be disappointed to find out that a third (34%) of the easy access market provides no branch access.”
She continued: “As it stands, savers who have yet to get online will be missing out on the best interest returns on easy access accounts, which is bad news for those silver savers who may rely on their savings income – inevitably leaving them feeling left behind.”
Ms Springall said a small number of providers offer dedicated over-50s accounts, including one from Earl Shilton Building Society paying 1.30%, which restricts withdrawals to four per year to get this rate.
Other providers offering dedicated over-50s easy-access accounts include Chorley Building Society, Danske Bank, Darlington Building Society, Saga and West Bromwich Building Society, Moneyfacts said.
