The internet, however, has introduced new competition - and lots more choice. The internet is also a tremendous resource that you can use to shop around for the best deal. At the click of a mouse you can discover which financial services companies offer the best savings rates, the most competitive personal loans and the best mortgage rates for you. New companies are arriving on the scene, with more transparent accounts and better interest rates. The old industry players are having to buck up.
Internet banks tend to pay better savings rates than high street banks and many building societies.
They are keen to attract new customers, and internet operations are much cheaper to run than a network of branches. Online banking offers you greater personal power. You sort out your bills at a time convenient to you. You have more information instantly at your fingertips. You can compare the rates offered by other providers to ensure that your internet bank is continuing to offer a competitive savings rate.