dormant accounts

Banks make billions a year by charging borrowers lots and paying savers little.  Now with mortgage rates coming down as banks compete for customers savers have to be nimble if they are not going to lose out. Now is the time to find out whether you can get a better return on any savings you have. Banks are already reducing the interest they pay on deposits and have long paid little or nothing to customers with easy access to their money.  At the end of 2023 it was reported that £255 billion was sitting in seven million bank accounts that paid no interest at all.  It is time to make sure you do not have one of them. Benefit claimants can open a government-backed Help to Save Account that pays 50p for every £1 they save over four years. 
If you have less than £12,570 in income each year you may be able to earn £18,570 in savings without paying any tax. Meanwhile it is worth starting very small with a penny on day one, two pence on day two and at the end of 366 days you will have £671.61 ready to save more in 2025.

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com

Both savers and borrowers are getting a rough deal from banks who are making monster profits for their shareholders and their executives.   

It is time that we all check our bank accounts to see if we are among the millions of customers who are getting little or no interest on their savings while NatWest has reported that it made 14 times more from its savers last year than it did in 2021.  Its net revenue on savings was £1.09 billion.  

Last summer the Bank of England reported that there was £280 billion in accounts paying no interest. 

It is estimated that savers could be missing out on over £350 a year on savings of £10,000.

It is time to try to clear debt and to make sure your bank does not rob you by paying a criminal rate of interest.    Do not let your accounts become dormant or to be closed without warning.  

Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com