paltry returns for Long-term savings accounts
Hallowe’en might be over for the year, but zombies of another sort are haunting Britons’ savings.
Almost 40% of bank and building society saving accounts are paying interest of 0.5% or less — meaning savers would earn a pitiful £5 a year on savings of £1000. They are dubbed “zombie accounts” because they are closed to new business, according to research from consumer group Which?. It points out that nearly one in five of the accounts is paying interest at a miserable 0.1% or lower.
- November 12, 2013