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
Daily StarGlamorous posh schoolgirl 'who hid drugs in her bra' gets off without jail termDaily StarNow she's dodged jail thanks to the mercy of the courts in her native Australia. Ms Arbib admitted fraudulently obtaining money by stealing credit cards and other items. The court in Sydney previously heard how Ms Arbib fell into a downward spiral when ...
The GuardianMorning mail: Britain's new rules for EU citizensThe GuardianMany details of the new arrangement are still being decided but EU citizens would retain access to public funds such as pensions, though they would have to meet a minimum income threshold of £18,600 to be eligible to bring a spouse into Britain ...
Express.co.ukHow YOU could be losing over £100 per holiday due to THIS bank card trickExpress.co.ukSome debit cards can be worse than credit cards, despite what some holidaymakers may think. However, the true ... Prepaid card provider FairFX found that a huge £5 billion is lost by consumers every year due to bad rates and currency fees. Many of ...
The IndependentTheresa May accused of bribing DUP with £1bn deal despite claiming 'there is no magic money tree'The IndependentTheresa May stands accused of using at least £1bn of public money to seal a “grubby deal” with Northern Irish unionists that lets her cling on to power. The cash – branded a “bribe” – helps save Ms May's premiership following her botched election ...and more »
POPSUGAR United Kingdom (blog)9 Ways to Save Money When Booking TravelPOPSUGAR United Kingdom (blog)If your current credit/debit card gives you no rewards, try upgrading to an airmiles card (just choose one with no fees). By using an airline credit card in place of my debit card for day-to-day purchases, I've earned enough airmiles to pay for hotel ...
Have you met...
Latest Members:


Riboo7


wangqing


roknal3arby


mike


Belal alqisi


baidai66


z

 

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