wanted high street savings

unlucky_3

I would like a non internet high street saving with a good interest rate. Instant access with no penaltys. Thanks

jimclark1967

It's a fairly rare breed you're after...

Co-operative Bank Smart Saver pays 4.0% on £1

http://www.co-operativebank.co.uk/servlet/Satellite?cid=1115277921523&pagename=CoopBank%2FPage%2FtplPageStandard&c=Page

Abbey Flexible Saver has a tiered interest rate starting at 3.55% for £1 with a guarantee to move in line with the BOE base rate until April 2006

http://www.abbey.com/index/future/savings_index/instant_access_index/instant_access_flex_sav.htm

What aspect of internet accounts are you trying to avoid?

JC

unlucky_3

I'm not sure how safe internet banking is. Thankyou for the post.

Alfie_E

unlucky wrote:

I'm not sure how safe internet banking is. Thankyou for the post.

Let's consider the security risks. I'll compare use of Internet banking with an ATM withdrawal. There are four parts of the system to consider: the bank's systems at the other end of the transaction, the network used to transmit the information, the device you interact with and the last part, which is yourself.

Bank's Systems. The security of these is the responsibility of the bank, and will be similarly secure, whether they're handling an ATM transaction or an Internet banking transaction.

Network. The networks used by ATMs are of two types. One type of ATM network is the private network. This is a physically isolated network used only by the banks. It will use encryption, but might also have physical security measures. The other type of networks used by ATMs is the Virtual Private Network (VPN). The information for a VPN runs over a shared publicly-accessible network. However, it will use encryption and authentication, such that its security is equivalent to a physically separate network

The network used by Internet banking is the Internet. This is also a shared public network. Similar to a VPN, encryption and authentication is used to provide a secure connection between your computer and the bank's computer. However, unlike a VPN, not every aspect of the system is completely isolated. The Domain Name System (DNS), the bit that turns textual computer names, like www.moneysavingexpert.com, into numerical Internet addresses can be open to attack. An attack based on this vulnerability has been given the name "pharming". See Phishing morphs into pharming.

User device. ATMs are physically accessible by the public. They have a high degree of physically security, combined with internal encryption. However, their accessibility still leaves them open to forms of physical attack. See What to watch for when withdrawing cash Discussion.

Vulnerability with Internet banking comes with the use of a personal computer (PC), as its security is the responsibility of its owner. This is potentially worse, if the computer being used doesn't belong to the person accessing the Internet banking. There is the risk of malicious software being introduced into the PC, either as a virus, worm or trojan horse. A part of that software's intent might be to get sensitive information, so-called "spyware". It might include a keystroke logger. This would recorded your key presses, and possibly mouse movements, and pass them back to the person who distributed the spyware. This could include access details to your Internet banking. You can minimise risk though the use of a firewall, anti-virus and anti-spyware software.

It should also be noted that no system will ever be completely immune, not even ATMs. See Banks brace for cashpoint attack

User. A good part of "hacking" is social engineering - getting people to divulge secret information, which they wouldn't otherwise tell. This is the basis of "phishing" - maliciously sending out emails that appear to come from legitimate organisations, asking for personal information. However, this isn't limited to Internet banking; people have been persuaded to give their debit/credit card details directly. Also, people can be plain unthinking, and do things like telling friends and family their debit card PIN number.

As you can see, one of the major differences between an ATM and Internet banking is in the securing of the user device. Many Nationwide Building Society branches have PC terminals, to allow customers to access their Internet banking, from within the branch. The security of that PC is the responsibility of Nationwide. Being physically located within the branch, and maintained by Nationwide, gives it security much closer to that of an ATM. You might like to see if your local Nationwide has a PC terminal, or if other banks or building societies near you have similar. Also, if you're only going to make occasional transactions, you can get the Nationwide staff to process transactions at their terminal.

If using a PC located in a branch convinces you that Internet banking can be suitably safe, you might like to consider Nationwide's e-Savings account, currently offering 5% interest. Opening an e-Savings account requires you to also have a Nationwide FlexAccount - their current account. However, you can open a FlexAccount simply to get access to the e-Savings account, without making any other use of the FlexAccount.

Having written the above, I'm now wondering whether the PC terminals in Nationwide branches connect using the Internet directly, or whether they use a VPN, like an ATM. If they use a VPN, this would increase security even further.