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
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news
Mirror.co.ukNew rules to crack down on shameless loan sharks preying on helpless families - what to do if you find yourself ...Mirror.co.ukLoan sharks face a fresh Government crackdown as efforts to tackle illegal money lenders who often subject borrowers to threats and violence are stepped up. The Treasury said more than £5.5 million will be spent to fund the fight against loan sharks ...and more »
Money MarketingTony Wickenden: Using VCTs and EISs in retirement planningMoney MarketingFor example, thanks to the higher personal allowance and NIC starting point, an employee earning £26,000 a year will save £101.20 in tax and NICs in 2018/19 but face an extra £318.24 in net auto-enrolment contributions (assuming the employer pays their ...
This is MoneyThe money checklist for new parents: Seven things to do to help your child towards a stable financial futureThis is MoneyNew parents also need to think about some other personal financial changes. Do you qualify for child benefit? If either parent earns more than £50,000 the answer is likely to be no. However, even then it makes sense to register for it, because it will ...and more »
This is MoneyThe money checklist for new parents: Seven things to do to help your child towards a stable financial future ...This is MoneyNew parents also need to think about some other personal financial changes. Do you qualify for child benefit? If either parent earns more than £50,000 the answer is likely to be no. However, even then it makes sense to register for it, because it will ...and more »
Have you met...
Latest Members:


sehamfaridd


Aeeniwo9471


Aaroncgray


chenjianwei


valati


zvvxunsy


liuchunkai

 

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