People without web 'missing out' on finance deals

People who do not have access to the internet are missing out on the best rates for financial products, a consumer group said today.

A typical online saver could be up to 37% a year better off than someone who was restricted to using branch-based products, according to Which?

The group said the average rate for an instant access account that was available in a bank or building society branch was just 0.56%, compared with 1.14% for online accounts.

People who were taking out a one-year fixed rate bond could get an average rate of 2.58% over the internet, compared with one of just 2.34% in a branch.

Online Isas also paid more than branch ones, with interest rates averaging 1.84% compared with 1.53% for a branch-based account.

The group also found that the best online travel insurance deal for someone aged 65 was around four times cheaper than the best deal available in a branch.

The Government estimates that around four million people do not have access to the internet.

Peter Vicary-Smith, chief executive of Which?, said: "Not everyone is comfortable or able to manage their finances online and these people are missing out on the best deals as a result.

"Banks should be more inclusive by offering terminals in branches where customers could access online deals, with some help from staff."

Independent Partners; Do you need financial advice on your investments, pension or insurance? Book a free consultation with an independent Financial Adviser at VouchedFor.co.uk

Suggested Topics
Arts and Entertainment
The write stuff: masters of story-telling James Joyce, left, and Thomas Hardy
books...begging to differ, John Walsh can't even begin to number the ways
Sport
Jose Mourinho on Sky Sports
footballEXCLUSIVE COLUMN Paul Scholes: It was not a leg-breaking tackle, as the Chelsea manager had claimed
Sport
Romelu Lukaku scored twice to add to the hat-trick he registered in the first leg in Switzerland
football
Arts and Entertainment
Natural beauty: Aidan Turner stars in the new series of Poldark
tv
News
Image from a flyer at the CPAC event where Nigel Farage will be speaking
news
Finacial products from our partners
Property search
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

ES Rentals

    iJobs Job Widget
    iJobs Money & Business

    Ashdown Group: Software Development Manager - Hertfordshire - circa £55,000

    £53000 - £58000 per annum + excellent benefits: Ashdown Group: Software Develo...

    George Parlour: Assistant Accountant

    £13 - £15 Hourly Rate: George Parlour: Do you want to give something back? Th...

    George Parlour: Assistant Accountant

    £13 - £14 Hourly Rate: George Parlour: Are you looking to climb the finance la...

    Jemma Gent: Project Coordinator

    £12 - £15 Hourly Rate: Jemma Gent: Are you an experienced Accounting professio...

    Day In a Page

    HIV pill: Scientists hail discovery of 'game-changer' that cuts the risk of infection among gay men by 86%

    Scientists hail daily pill that protects against HIV infection

    Breakthrough in battle against global scourge – but will the NHS pay for it?
    How we must adjust our lifestyles to nature: Welcome to the 'Anthropocene', the human epoch

    Time to play God

    Welcome to the 'Anthropocene', the human epoch where we may need to redefine nature itself
    MacGyver returns, but with a difference: Handyman hero of classic 1980s TV series to be recast as a woman

    MacGyver returns, but with a difference

    Handyman hero of classic 1980s TV series to be recast as a woman
    Tunnel renaissance: Why cities are hiding roads down in the ground

    Tunnel renaissance

    Why cities are hiding roads underground
    'Backstreet Boys - Show 'Em What You're Made Of': An affectionate look at five middle-aged men

    Boys to men

    The Backstreet Boys might be middle-aged, married and have dodgy knees, but a heartfelt documentary reveals they’re not going gently into pop’s good night
    Crufts 2015: Should foreign dogs be allowed to compete?

    Crufts 2015

    Should foreign dogs be allowed to compete?
    10 best projectors

    How to make your home cinema more cinematic: 10 best projectors

    Want to recreate the big-screen experience in your sitting room? IndyBest sizes up gadgets to form your film-watching
    Manchester City 1 Barcelona 2 player ratings: Luis Suarez? Lionel Messi? Joe Hart? Who was the star man?

    Manchester City vs Barcelona player ratings

    Luis Suarez? Lionel Messi? Joe Hart? Who was the star man at the Etihad?
    Arsenal vs Monaco: Monaco - the making of Gunners' manager Arsene Wenger

    Monaco: the making of Wenger

    Jack Pitt-Brooke speaks to former players and learns the Frenchman’s man-management has always been one of his best skills
    Cricket World Cup 2015: Chris Gayle - the West Indies' enigma lives up to his reputation

    Chris Gayle: The West Indies' enigma

    Some said the game's eternal rebel was washed up. As ever, he proved he writes the scripts by producing a blistering World Cup innings
    In Ukraine a dark world of hybrid warfare and murky loyalties prevails

    In Ukraine a dark world of hybrid warfare

    This war in the shadows has been going on since the fall of Mr Yanukovych
    'Birdman' and 'Bullets Over Broadway': Homage or plagiarism?

    Homage or plagiarism?

    'Birdman' shares much DNA with Woody Allen's 'Bullets Over Broadway'
    Broadchurch ends as damp squib not even David Tennant can revive

    A damp squib not even David Tennant can revive

    Broadchurch, Series 2 finale, review
    A Koi carp breeding pond, wall-mounted iPads and a bathroom with a 'wellness' shower: inside the mansion of Germany's 'Bishop of Bling'

    Inside the mansion of Germany's 'Bishop of Bling'

    A Koi carp breeding pond, wall-mounted iPads and a bathroom with a 'wellness' shower