Quarter of branch-based savings accounts withdrawn

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The interest rates paid on easy access accounts that allow people to carry out transactions in a branch have also dived, according to MoneyExpert.com.

There are now 752 branched-based instant access accounts, down from 1,025 in January 2008.

Only 24 out of 112 savings providers also offer accounts that enable people to carry out transactions both in the branch and online.

Meanwhile, the average return paid on one of the accounts has dropped from 3.4% in January last year to 1.1% now.

Sean Gardner, director of MoneyExpert.com, said: "There's been a real shift to online banking in recent years, and in many ways that's no bad thing.

"But with savers now so much more uncertain about the safety of their money, having an account that offers the security of being able to physically make transactions in-branch is an obvious plus.

"Older savers, in particular, like the assurance offered by dealing with their bank face to face, but it seems they're being punished with the rates offered. Many elderly people prefer not to use the internet at all. "

Meanwhile, Nationwide called on people to start setting money aside after research showed 54% of people think it is a bad time to save, while 23% of people admitted they do not save anything at all.

Only 46% of consumers said they saved money on a regular basis, with 31% saying they saved occasionally.

One in four people think they are currently saving about the right amount, but 60% admit they should be setting more aside.

Andy McQueen, savings director at Nationwide, said: "We are concerned about the number of consumers who are not saving at the moment, as a proportion think that now is a bad time to save.

"We understand that as household finances are stretched, saving can be a challenge but it's never been more important to build up savings to act as a buffer in uncertain times."

TNS questioned 1,000 people for Nationwide between 15 December and 18 January.