But in the Eighties the emphasis went towards postal accounts, and more recently telephone and internet accounts have come into vogue. So, while there is some truth in the banks' arguments, there must also be the suspicion that High Street savers are at least partially subsidising the tasty rates available on postal, phone and internet accounts. These are where the savings groups want you to keep your money, because it's far cheaper for them to administer. I earn a much better rate of interest and I also avoid queues in the branch. It was easy to switch,' says Michael.
Many groups say most people are in low-paying savings accounts out of choice.
Many say they send out regular letters and leaflets giving details of better accounts. They also tackle customers in the branches, suggesting they move their money. Some customers prefer the oldfashioned passbook-style account. In truth, most people stick with these accounts because they want High Street access to their money but do not believe there is an alternative to the paltry rates on offer. In fact, there are better deals but savers need to be fleet of foot to find them.