Seven out of ten of the top easy access accounts can be opened and/or operated online only, so savers who would prefer a more traditional way to access a savings account may be losing out – especially if they think their only option is to stick with their high street bank.
But all is not lost as some challenger banks have identified that many savers do not want to open and manage their savings accounts exclusively online, so offer competitive options – although they are fewer and further between.
The high-profile TSB IT failure will have made those who are cautious about online banking feel vindicated for avoiding this option.
However, these days it’s a fact that many of the best savings rates available are online only – so those who are simply not prepared to risk it, could find they are missing out on higher returns.
- Ask Anna: Would it be possible to inform people like me about accounts that we can open that are not online?
Having said this, at the moment there are competitive - even best buy - accounts available which can be opened via the post, telephone and branch – so those who are uncomfortable logging on to open and manage their savings are not just restricted to their high street bank, which will be paying some of the worst rates available.
Challenger providers such as Kent Reliance, PCF Bank, Hodge Bank and Yorkshire Building Society, among others, are providing a lifeline to savers who think they are excluded from access to competitive accounts.
The problem is that those providers offering best buy non online-only accounts are few and far between and offer the best rates in a number of different account categories, so those who are looking to open multiple accounts may still have to sacrifice rate for security, if they have more than £85,000 to deposit.
The other issue is that these providers are often less well known.
Savers may need to take a well-informed leap of faith. As long as their chosen provider is part of the UK Financial Services Compensation Scheme or European equivalent, there is no reason not to consider trying out an unfamiliar name.
- Take a look at our comprehensive Guide to FSCS Licence Information to check the protection of the money in your savings accounts.
Our best buy tables will always include at least one non internet-only account, but our savings experts are also on hand to help you find and apply for the best non online-only accounts, taking away the hassle of scouring the market for the most competitive options. Call us on 0800 011 9705.
*We are occasionally paid by some providers if you click through from our Best Buy Tables and open a savings or current account with them. We will never accept a payment that compromises in any way our independent, whole of market approach to providing information on savings products. For clarity we will indicate those companies who remunerate us with an asterisk (*).
You might also like...
Savers could be missing out on £billions in interest by not switching