Millions lose out on web deals

Posted on: 27 September 2010 by Allan McLachlan

Over 65s without internet access are excluded from the best rates for savings and insurance

online bargains

Over one and a half million people over 65 are missing out on the best rates for financial products because they don’t have internet access, according to an investigation by consumer champion Which?

An online saver could be 37% better off over a year compared with a branch-only saver. The average rate for instant access savings accounts available in branch is just 0.56%, half of that available to online savers (1.14%), with fixed-rate savings accounts, current accounts and cash ISAs also offering better rates for online savers.

Which? found that a 65-year old would pay £38 for an annual worldwide policy with Best Buy insurer Multitrip.com but the Best Buy on the high street – Co-operative Insurance’s Home Options policy – was £173.

Which? chief executive, Peter Vicary-Smith, says: “Not everyone is comfortable or able to manage their finances online and these people are missing out on the best deals as a result.

“Banks should be more inclusive by offering terminals in branches where customers could access online deals, with some help from staff.”

Department for Work and Pensions (DWP) figures show that four million people in the UK are digitally excluded, either because they can’t afford it or don’t have internet access.

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Are financial websites too complicated for over 65s?

Over one and a half million people over 65 are missing out on the best rates for financial products because they don’t have internet access, according to an investigation by consumer champion Which? Findings suggest an online saver could be 37% better off over a year compared with a branch-only saver. A 65-year old would pay £38 for an annual worldwide policy with Best Buy insurer Multitrip.com but the Best Buy on the high street – Co-operative Insurance’s Home Options policy – was £173.

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