40% of easy access accounts in the savings market do not offer branch access, according to Moneyfactscompare.co.uk
The proportion of easy access savings accounts offering branch access to customers has been dropping, according to Moneyfactscompare.co.uk.
Two-fifths (40%) of easy access accounts in the savings market do not offer branch access, the financial information website said.
Five years back, in January 2019, a third (33%) of easy access accounts on the market did not offer branch access, and a decade ago, in January 2014, the proportion was 29%.
In January 2023, 37% of easy access accounts didn’t have branch access.
The proportion of easy access accounts with online access is on the rise.
Over two-thirds (69%) offer online access, up from 60% five years back, and 54% a decade ago.
Rachel Springall, a finance expert at Moneyfactscompare.co.uk, noted: Savers looking for an easy access account will find most options offer online access, but there is a drop in accounts that allow branch access.
This has been a growing trend over the years, and in fact the percentage of easy access accounts that don’t offer branch access has now risen to 40%, up from 29% a decade ago, she said.
Springall pointed out that savers who are not able to manage their accounts online could be missing out on significant returns, with the top deals offering nearly 5% in interest.
She added: Older savers might prefer to manage their finances in branch for accessibility reasons, but it is clear to see how they could be missing out on a better return if they are not able to manage an account online. A saver earning just 1% for a year on a £20,000 pot would take home £200 in interest, whereas earning 5% would result in £1,000.
Consumers may wish to have the option of managing their finances in branches, but it will be more time-efficient for savers to shop around online to find the best interest rates, Springall said.
She added: There are savings providers who don’t offer any branch access, such as some challenger banks who prefer to digitise their offers to streamline retail banking, and in fact a few institutions only offer online access.