Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

“Savers looking for an easy access account will find most options offer online access, but there is a decline in accounts that allow branch access. This has been a growing trend over the years, and in fact the percentage of easy access accounts that do not offer branch access has now grown to 40%, up from 29% a decade ago. Those savers who prefer to manage their account in branch and save their money with one of the biggest high street banks will be sacrificing the interest they earn on their savings. Indeed, savers could be earning as little as 1%, or on average 3%, but in fact they could earn around 5% on the top easy access accounts. Older savers might prefer to manage their finances in branch for accessibility reasons, but it is clear to see how they could be missing out on a better return if they are not able to manage an account online. A saver earning just 1% for a year on a £20,000 pot would take home £200 in interest, whereas earning 5% would result in £1,000.

“Consumers may wish to have the option of managing their finances in branches, but it will be more time-efficient for savers to shop around online to find the best interest rates. A recent survey from Yorkshire Building Society highlighted demand for branches; it found a quarter of consumers still visit their local branch at least once a month and that a fifth of those questioned preferred an in-branch service for their day-to-day banking needs. However, there are savings providers who do not offer any branch access, such as some challenger banks who prefer to digitise their offers to streamline retail banking, and in fact a few institutions only offer online access.

“Aside from savers who prefer to manage their account in branch, consumers will no doubt have noticed concerns raised about the overall accessibility to cash, which is under scrutiny by the Financial Conduct Authority (FCA). The FCA’s new rules will not be finalised until later this year, but it is worth noting they do not have the power to prevent bank branches from closing. Consumers concerned about the loss of their local branches would be wise to speak to their provider to discuss other locations or consider moving their accounts to an alternative brand that can cater for their day-to-day banking needs.”