8 February 2007
Those using internet and telephone only bank accounts have been advised to check to make sure they are still getting the best deal.
The advice comes from price comparison and switching website, uSwitch.com, as the average internet only current account rate has decreased from 3.28% to 3.04% per annum over the past two years.
Nick White, Director of Financial Services at uSwitch.com, said the drop is "quite a contrast to the most competitive current account deals available on the high street where rates have increased from 2.50% per annum to 5.31% per annum over the same period".
Mr White also went on to say that 48% of current account holders are now servicing their accounts online, but those who have internet only accounts are losing out in a number of ways including the "loss of branch access".
Elsewhere, research by Lloyds TSB shows 70% of over 50s said they prefer to manage their money online.