Do online savings accounts offer the best deal?
Savers who opt for instant access accounts with online-only access can earn a better interest rate on average than those who choose branch, telephone or postal access. New figures compiled by data provider Defaqto on behalf of Moneywise reveal that the average rate on instant access deals is currently just 0.8%. However, the average return jumps to 1.59% on accounts that can only be operated via the internet. In comparison, the average rate across instant access accounts that do not allow online access is a dismal 0.65%. Branch-only deals, meanwhile, pay on average just 0.54% while postal-only accounts pay an average interest rate of 1.05% and telephone-only deals pay 1.44%.