If you go into a branch of HSBC, the best you will be offered is 0.9 per cent – or just £90, compared to the online rate of £300.
“That said, there are still some providers that are paying decent rates and you can open by post or in branch – you do not have to depend on the poor rates that your high street bank will be offering,” she adds. Of these, the top performer is The Access Bank which pays 4.1 per cent, while Al Rayan’s market-leading account pays 4.31 per cent. On a deposit of £50,000, you would miss out on £105 gross interest.The main reason that so many bank accounts are now internet-based is that they are relatively cheap for providers to run.
Consumer behaviour is also changing, as more people than ever before are comfortable using the internet to manage their finances.