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Help all bank customers access web accounts, says Which? | Help all bank customers access web accounts, says Which? |
(about 14 hours later) | |
Banks have been urged to provide online access inside branches to help avoid "digitally excluded" customers missing out on the best deals. | Banks have been urged to provide online access inside branches to help avoid "digitally excluded" customers missing out on the best deals. |
A report from Which? magazine said online savers on average earned 37% more interest than those who only had branch-based accounts. | A report from Which? magazine said online savers on average earned 37% more interest than those who only had branch-based accounts. |
And it said travel insurance was up to 355% more expensive to buy in person. | And it said travel insurance was up to 355% more expensive to buy in person. |
The British Bankers' Association (BBA) said banks reserved the right to offer the best deals where they could. | |
Which? said branch-based instant access accounts paid 0.65% a year on average compared to 1.14% for web savers. | Which? said branch-based instant access accounts paid 0.65% a year on average compared to 1.14% for web savers. |
Digital exclusion | Digital exclusion |
Investors could get a one-year fixed-rate bond at an average of 2.58% over the internet, but just 2.34% in a branch. | Investors could get a one-year fixed-rate bond at an average of 2.58% over the internet, but just 2.34% in a branch. |
Interest rates for online Isas averaged 1.84%, which fell to 1.53% for branch-based products. | Interest rates for online Isas averaged 1.84%, which fell to 1.53% for branch-based products. |
Government figures suggest that up to four million people are "digitally excluded", meaning they do not have or cannot afford internet access. | Government figures suggest that up to four million people are "digitally excluded", meaning they do not have or cannot afford internet access. |
Which? chief executive Peter Vicary-Smith 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. | Which? chief executive Peter Vicary-Smith 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." | "Banks should be more inclusive by offering terminals in branches where customers could access online deals, with some help from staff." |
But the Brian Mairs from the BBA defended the rights of banks to offer different deals across different platforms. | |
"Where technology enables banks to offer services more efficiently, banks may be able to offer them more competitively," he said. | |
"Although Which? appears to advocate that banks offer the same rate across all platforms, banks will reserve the right to offer the best deals they can, where they can." |
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