UK banking customers who utilise their finance provider’s online banking programmes are the ones most likely to have access to the best banking options, according to newly released research conducted by Which? magazine.
The consumer advocacy group conducted investigations that revealed that throughout a 12 month period, savers who do their banking online fare much better than consumers who only conduct business at their banking provider’s physical branches, resulting in rates that differ by more than half; the average rate for a savings account accessed exclusively in-branch is 0.56 per cent, which compares rather unfavorably to the 1.14 per cent rate attached to the average online saver.
In addition to the disparity between online and exclusive in-branch savings accounts, both cash ISAs and fixed-rate savings accounts were found to provide a much more rewarding rate for online savers as compared to their offline-only compatriots.
Which? magazine suggested that, due to the approximately four million people who live and work in the UK are excluded from cheap and reliable Internet access, the banking industry as a whole are acting in a discriminatory manner towards any of their customers who happen to be among that four million figure.
Peter Vicary-Smith, chief excecutive for Which?, made a comment in regards to the new research findings, stating that the ability to manage one’s finances in an online environment is simply not a given for 100 per cent of all banking customers, due to either ability or relative levels of comfort, which is resulting in this particular class of people being excluded from some of the most attractive deals on the market.
Mr Vicary-Smith also commented that banking institutions should make an effort to include offline banking customers by instituting a policy of installing terminals in bank branches in order to enable customers to access online-exclusive deals, with staff available to aid them if needed.