Savings accounts offering the best interest rates and the cheapest travel insurance deals are only available to those with internet access, an investigation by a consumer group has found.

Which? said four million people in the UK are without access to the internet (based on figures from the Department for Work and Pensions) with those four million missing out on the most competitive deals offered by companies.

The investigation showed that an online saver could be 37 per cent better off over a year compared to a branch-only saver.

It found the average rate for instant access savings accounts available in a branch is just 0.56 per cent, half of the average available on the internet: 1.14 per cent.

Which? said fixed-rate savings accounts, current accounts and cash ISAs all offered better online rates.

Which? chief executive, Peter Vicary-Smith said: “Not everyone is comfortable or able to manage their finances online and these people are missing out on the best deals as a result.”

Vicary-Smith urged banks to offer terminals in high street branches for customers to use for accessing online deals.

The difference between the best online travel insurance deal and the best high street deal was 355 per cent, Which? added.

The investigation by Which? found that a 65-year-old could find an annual worldwide insurance policy for £38 with multitrip.com but the best buy available on the high street was under the Co-operative Insurance home options policy at £173.

© Fair Investment Company Ltd