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PPI: Banks could offer higher online rates

UK banks could offer more attractive rates to its online customers, according to an expert.

Recent research by consumer champion Which? revealed that the average online saver earned around 37 per cent more interest a year than those who used branch-based accounts.

However, Jason Butler, partner at Bloomsbury Financial Planning, claimed that firms save on costs with internet-based services and should pass more of these savings onto account holders.

He said: "Online savings accounts are clearly gaining in popularity and often the best rates are provided by such accounts, but in my opinion the rates on offer still do not reflect the lower cost of this distribution channel and banks need to improve their back office efficiency to improve returns to savers."

It follows a new study from Consumer Intelligence which found that 35 per cent of online banking customers worry about security, but despite this 79 per cent would recommend their online banking service to others.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance. ADNFCR-2776-ID-800107563-ADNFCR

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