Savings: 6 tricks from savvy savers to avoid ‘zombie’ savings accounts

Savings: 6 tricks from savvy savers to avoid ‘zombie’ savings accountsNew research has found a frightening number of savings accounts are paying less than 0.5% interest each year. The consumer group, Which?, has found 1,562 of the 1,952 available savings accounts are ‘zombie accounts’, meaning they are closed to new business. The research found the interest rate on many ‘zombie accounts’ is scandalously low: 40% of ‘zombie accounts’ pay less than 0.5% interest each year, well below the current rate of ...

OFT to investigate three quick sale firms

Laptop Magnifying glassThe Office of Fair Trading (OFT) has confirmed they are to open investigations into three quick house sale firms, as they believe they are operating unfairly, leading customers to lose thousands. Quick house sale firms, offer to buy the seller’s house for much less than it’s worth. Generally, firms will pay between 10% and 25% less, than the current market value of the property, taking advantage of the seller’s need to sell quickly. Recently, the OFT published a report into the quick ...

25% of claimants don’t know about PPI claims fees

The mis-selling of Payment Protection Insurance is perhaps the biggest and most costly financial scandal ever in the UK. However, new research has shown that a quarter of people using claims management companies to handle their case are unaware of the fees they will be charged. Fees for Claims Management Companies A survey of more than 2,000 people, carried out by Which? and Moneysavingexpert found that 25% said they did not know Claims Management Companies charged a fee for handling their case. The fees charged by Claims Management Companies are generally around 25% of the claim and can run into many thousands of ...

It’s not just your savings which are hit by inflation

According to the Office of National Statistics (ONS), the average cost of Christmas shopping has increased by 7.5% since 2010. Inflation has hardly been out of the news this year. High levels of inflation have badly affected people on fixed incomes or whose wages rises have not kept pace with the rising price of goods and services. Savers have also been hit hard as even the best savings interest rates have failed to maintain the real buying power of savings in the face of rapidly rising inflation. As you sit down to Christmas lunch it seems as though even that has been ...