For those wary of online banking, we reveal how you can still earn top rates with phone or postal accounts
- Postal and telephone accounts differ depending on the provider
- With postal accounts you usually send signed deposit and withdrawal forms to the provider
- If you prefer the phone option, Coventry BS, National Savings & Investments and Virgin Money all offer services
Savers wary of using the internet can still earn top rates by going for an account that can be run over the phone or by post.
You can do much better than the 0.05per cent to 0.25per cent paid by High Street big banks on their easy-access accounts – even if you don’t live near a branch of a building society or one of the newer banks offering much better deals.
Postal and telephone accounts differ, depending on the provider, but with most phone versions, you give details of your current account when you open your savings one, so you can transfer money between your easy-access account and current account without spelling out the full details each time.
Savers wary of using the internet can still earn top rates by going for an account that can be run over the phone or by post
With postal accounts you usually send signed deposit and withdrawal forms to the provider. If you want to take out money, some will send you a cheque while others will deposit the money in your current account.
For example, requests for withdrawals at Virgin Money must be made in writing. You then choose whether you want a cheque or a bank transfer. It can even go by Faster Payments Service, so it is in your account within hours.
On postal accounts, Family BS Market Tracker Saver 1 pays 1.05per cent, with the rate reviewed every three months to reflect the average of the top 20 accounts on offer. Kent Reliance Easy Access Account Issue 28 pays 1.01per cent on balances of more than £1,000.
If you prefer the phone option, you can earn 1per cent with Coventry BS Easy Access Saver 5, or 0.95per cent with National Savings & Investments Direct Saver. Virgin Money Easy Access Saver Issue 31 pays 1.01per cent and can be operated by phone or post.
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You earn higher rates if you are prepared to limit the number of times you withdraw money. Coventry BS Limited Access Saver at 1.35per cent, which you run over the phone, limits you to three free withdrawals a year and comes with a 0.35 percentage-point bonus for your first year. Sainsbury’s Bank Defined Access Saver phone-based account at 1.3per cent also limits you to three withdrawals a year.
Skipton BS Super Tracker, at 1.02per cent, guarantees to pay 0.52per cent over Bank of England base rate – 0.5per cent – until June 30, 2020. If, as expected, the base rate rises, your rate will increase in line within 14 days. But you are limited to making two withdrawals a year.
In addition to the rates in the table below, some of the best easy-access cash Isa deals include Sainsbury’s Bank Cash Isa at 1.2 per cent, Coventry BS Easy Access Isa 8 at 1.05 pc and Skipton BS Super Tracker at 1.02per cent.
On one-year fixed-rate bonds, Kent Reliance pays 1.5per cent, Hinckley & Rugby BS 1.4per cent and Yorkshire BS 1.32per cent – all available by post.
On cash Isas, the best rate comes from Coventry BS at 1.5per cent fixed until November next year, which you run over the phone. Virgin Money has 1.41per cent until July 15 next year by post or phone and Teachers BS 1.4per cent to July 30, 2019, which you open through the post.
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