Online savings earn better interest rates

Consumers who have an online savings or current account can benefit from higher interest rates than those available to people who do all their banking on the high street, it has been claimed.

In addition, internet banking offers round the clock convenient access, Nationwide Building Society said.

The company estimates that around 50 per cent of the population has access to the internet and therefore could – in theory at least – conduct their banking online.

A spokesperson highlighted two Nationwide products – the e-Savings account and the one-year e-Bond – as examples of accounts that pay more interest than their high street equivalent.

And she added that her company felt that online saving represented the future of banking, explaining that it offers customers “the convenience of banking from the comfort of their own home, or indeed wherever they are in the world”.

Some savings accounts may be affected by last week’s decision by the Bank of England monetary policy committee to raise the base rate from 5.5 per cent to 5.75 per cent.

© Adfero Ltd

Leave a Reply

Your email address will not be published. Required fields are marked *