LOW INTEREST RATES IN SAVINGS ACCOUNTS

That this House notes the recent report by Which? magazine outlining the ongoing problems being faced by people dependent on income from their savings; further notes that numerous financial institutions continue to have accounts, often known as zombie accounts offering 0.1 per cent interest, meaning that people, with on average £10,000 in these accounts, receive less than 20 pence per week in interest; and calls on each bank and building society offering these rates to existing savers to proactively market their more competitive accounts so that elderly savers, many of whom do not regularly monitor savings rates, can avail of a significantly better return.