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Millions of UK savers are missing out on the best savings rates because they do not have access to the internet, according to new research from Halifax.
The latest figures show that around half the UK population have access to the internet either at home, work or through cyber cafes. This leaves over 20 million individuals who could be missing out on some of the best savings rates available from internet-based savings accounts - total cost of which could be some £200 million pounds each year in lost interest.
The Halifax web saver is one of the more competitive savings accounts on the market, and has naturally been used by the Halifax as a benchmark for comparison:
|
Account
|
Interest Rate
% Gross |
Annual Interest on balance of £500
|
|
Halifax Web Saver |
4.05% |
£20.25 |
|
Nationwide Cash Builder |
0.90% |
£4.50 |
|
Yorkshire Bank Cash Master |
0.10% |
£0.50 |
|
C&G Cheltenham Gold |
0.50% |
£2.50 |
|
Lloyds TSB Flexible Savings |
0.25% |
£1.25 |
|
Nat West First Reserve |
0.65% |
£3.25 |
|
Bristol & West Easy Life Saver |
0.30% |
£1.50 |
|
Coventry BS BranchSave Passbook |
0.85% |
£4.25 |
Nigel Payne, head of savings, said: "Many savers are missing out on the rates offered by internet savings accounts because they don't have access to the web. For lots of these people the additional interest paid could really make a difference."
Paul Waggot, head of e-commerce, said: "We've made a point of trying to make as many products as possible available through as many channels as possible, with Web Saver we've tried to make it available to as many people as possible by providing free access in branches."
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