Online banking customers can benefit from better savings rates than people who use a high street financial services provider, it has been claimed by a financing expert.
According to Rachel Thrussel, head of saving at financing website Moneyfacts.co.uk, the best savings account for online banking customers offers 5.71 per cent gross interest on balances starting from £1.
However, the most attractive savings rate offered on the high street is apparently 3.93 per cent for deposits of £1 or more.
This rises to 5.25 per cent if savings customers are willing to invest at least £5,000 in the savings account.
As a result, she has urged financing customers to consider switching from the high street to online banking providers.
"Don't let your bank get away with paying you a poor return on your savings as your apathy will only boost their profits further," she said.
"Vote with your feet and get to work with your mouse."
Earlier this week, virtual banking customers were warned against making multiple personal loan applications online at the same time.
Sean Gardner, chief executive of financing website MoneyExpert, warned that some people may develop a bad credit rating if their online applications are rejected by several personal loan companies simultaneously.
Online banking customers alerted to preferential web savings rates
Online banking customers alerted to preferential web savings rates
Thu, 12 Apr 2007
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