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Elderly not getting best online banking deals

Mon, 04 Oct 2010

The consumer watchdog Which? has warned that many people over the age of 50 are missing out on Internet deals and offers from leading banks in the UK. Research has shown that customers who only use High Street bank branches and do not access online services, are losing out on the best savings rates, leaving the average saver worse off by hundreds of pounds every year.

With up to four million people in the UK not having access to the Internet, Which? found that it was the over-50s that were the biggest losers, as they were less likely to use Internet banking services, especially as the research showed that a typical online consumer can save up to GBP375, as online deal rates are much better than that offered by bank branches. Online banking can also provide more preferential rates for current accounts and cash ISAs .

Peter Vicary-Smith, chief executive of Which?, commented "Not everyone is able to manage their finances online and these people are missing out. Banks should be more inclusive by offering terminals in branches where customers could access online deals, with some help from staff."

Michelle Mitchell, of Age UK, said "It seems very unfair that large numbers of older people are missing out."
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