Banks are giving offline customers a bum deal
If you’re not connected to the net, or just don’t like banking online, you’re not only missing out on the best interest rates, you’re getting a bum deal on travel insurance. Should the same deals be offered on the high street?
There are millions of Brits who aren’t online and they’re being left out of pocket. We found that people saving online could be up to £375 better off over a year compared to a branch-only saver.
There are similar discrepancies in other savings accounts, current accounts and cash Isas – all of these rates were better online. So for those of us who aren’t able to bank online, or don’t want to, we’re missing out on many of the best deals.
The situation is even worse for travel insurance – there’s a whopping 355% difference between the best online and best branch-only deals. For example, a 65-year old could get an annual policy with Multitrip.com for £38, but Co-operative Insurance’s Home Options policy costs £173.
So why aren’t banks being more inclusive? Couldn’t they put online terminals in branches for customers to access online deals? Andrew Hagger from Moneynet.co.uk says that the inconsistencies all stem from branch overheads, such as paying for staff, meaning the all of these costs are passed onto branch-only customers.
But this means that certain people are left out – especially the elderly – who not only are less likely to have access to the internet, they also rely more heavily on their savings. Our Money editor James Daley agrees, adding that ‘banks have a duty to be socially responsible, serving all of society, not just those customers who are the most profitable’.
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