Home Business NewsBusiness Surge in Silver Surfers – who could earn an extra £475.28 on their savings over five years

Surge in Silver Surfers – who could earn an extra £475.28 on their savings over five years

1st Jun 18 9:28 am

New stats show

Since the government started measuring internet use, it has always been the case that the younger people are, the more likely they are to use the internet regularly. That’s still the case today, because while more than two thirds of retirees go online, almost all of those aged 16-34 do (99 per cent).

However, retirees are closing the gap. The percentage of 65-74-year-olds who were online recently has risen from 52 per cent in 2011 to 80 per cent today, while the percentage of those aged 75 and over who regularly use the internet has more than doubled to 44 per cent.

Sarah Coles, personal finance analyst, Hargreaves Lansdown:

“The surge in silver surfers bodes well for older savers, because the rates on offer through internet accounts are far higher than high street offerings – which have sunk to the briny depths.”

“We compared online rates against those available from high street banks, and found that getting to grips with the internet and bagging the best online rate could leave savers £230.80 better off over two years and £475.28 richer over five years.”

“However, the rise in silver surfers doesn’t mean the online exclusion of older people has been resolved altogether, because 56 per cent of those aged 75 and over still don’t use the internet regularly; and of the 4.5 million people who have never gone online, half of them are in this age group.”

“This is an area where older people need help from their friends and family. However, the problem isn’t going to be solved by someone popping over, setting up online accounts for them, and then leaving them to it. The over 75s have the highest proportion of ‘lapsed’ users – who have been online but not recently – at 5.7 per cent – and there’s a risk that by having online accounts they don’t access, they could end up with increasingly uncompetitive deals over time. One solution lies in frequently going online with anyone who feels uncertain about the internet, to help them stay on top of their online finances.”

Better off online

Type of account Best online rate Interest on £10,000 Best branch account rate Interest on £10,000
Easy Access Bank of Cyprus 1.32 per cent


(over 1 year)

Post Office 0.75 per cent £75.26 (£57.54 less)
1 year fixed rate Atom Bank 1.95 per cent £196.75 Barclays and RBS 0.9 per cent £90.37 (£106.38 less
2 year fixed rate Oaknorth Bank, Secure Trust Bank and Shawbrook Bank 2.12 per cent £432.73 Barclays and RBS 1 per cent £201.93 (£230.80 less)
3 year fixed rate RCI Bank 2.31 per cent £716.86 Barclays and RBS 1.81 per cent £557.58 (£159.28 less)
5 year fixed rate Vanquis Bank 2.7 per cent £1,443.63 Nationwide 1.85 per cent £968.35 (£475.28 less)

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