The material on this website is for information only
and is not intended as any recommendation or endorsement of any products or companies mentioned. We are not licensed by the FSA to give financial advice, and none of the material on this website constitutes or is intended to constitute financial ...
News
The credit card that can spread costs interest-free for 28 months: Tesco Bank offers shoppers market-leading ...This is MoneyHouseholds looking to spread the cost of a large purchase can now do some over up to 28 months interest-free with Tesco Bank's new credit card. The Purchase Credit Card tops the tables with the longest interest-free deal available on spending, ...
Professional PensionsA UK DC pension income black hole is opening says Columbia ThreadneedleFTSE Global MarketsThis means that they are not able to maximise the potential of their investment and risk sleepwalking into a pension income black hole. Conversely those saving into an individual personal pension are far more likely to choose where their money is ...How I plan to fund my retirementHargreaves Lansdownall 3 news articles »
August 2016 UK mortgage approvals 60058 vs 60150 expForexLiveForexLive.com blog posts feature leading edge technical analysis charting tips, forex analysis, and currency pair trading tutorials. Find out how to take advantage of swings in global foreign exchange markets and see our real-time forex news analysis ...and more »
Mirror.co.ukGood Morning Britain presenter left flustered after epic on air fail before being CUT OFF by producersMirror.co.ukThe screen was supposed to read 'Get paid to cut credit card costs', but missed out the word 'paid', leaving Lewis to apologise to viewers. "You see, everything is done so quickly I missed out a word," said the money expert, as viewers complained the ...and more »
Hargreaves LansdownHow I plan to fund my retirementHargreaves LansdownAs you might expect from someone born in 1956, I've recently been taking a personal interest in retirement options and thinking about how I might eventually take an income from my SIPP (Self Invested Personal Pension). ... The freedom to make your own ...
Have you met...
Latest Members:


lidolove201046


expert


SHIMAA222


reda21


hannamarin


nermine


ahmed

 

General News

Email this story to a friend:

The £12bn Great British Savings Scandal

Savers are missing out on £12 billion a year because banks are keeping us in the dark about miserly interest rates, according to new research by Which?26-10-2010

The consumer champion found that almost half of the 1,200 plus savings accounts available in the UK pay 0.5% interest or less and one in four pays 0.1% or less - just £1 a year for every £1,000 saved.

Which? even found two accounts – Ulster Bank’s Easy Access Savings Account and Newcastle Building Society's Nova Plus Issue 3 Account – that pay just 0.01%, an annual return of 10 pence for every £1,000 saved.

Banks aren’t being upfront about these poor returns, with few even showing interest rates anywhere on regular statements or telling customers about better accounts, but Which? is pressing for change and has already secured a commitment from Royal Bank of Scotland, Lloyds Banking Group and Santander to improve the information they provide to their customers.

People can take action now and could add hundreds of pounds a year to their savings in just a few minutes. Using Which?’s unique Savings Booster – www.which.co.uk/savingsbooster - savers can instantly see what interest their account is paying, if a better rate is available elsewhere and start moving their money.

Which? chief executive, Peter Vicary-Smith, says:

“Banks are depriving British savers of £12bn a year by keeping us in the dark about the pitiful interest paid on hundreds of savings accounts.

“Whilst we pressure the banks to be more upfront about their rates, people can take action and potentially add hundreds of pounds a year to their savings by moving their money to a better account.”

For details of Best Rate savings accounts, visit www.which.co.uk/savings
Advertise with us  |  Privacy  |  Terms & Copyright                                                                                     Website maintained by USP Networks