PASSBOOK SAVINGS ACCOUNTS

Motion Text

That this House notes with concern the fact that UK banks offer lower interest rates on passbook savings accounts than they do on other accounts; further notes that these passbook accounts are popular with pensioners who value the certainty and security that they bring and who consequently are losing money without always realising that there are lower interest rates on such accounts; further notes that over half of passbook accounts are now paying less than one per cent interest; urges the Government to address the issue with banks where pensioners and other holders are being punished simply for using passbook accounts which have lower interest rates; and encourages the Government to implement an educational programme whereby pensioners and all passbook account holders are informed of the interest rates on passbook accounts and which outlines the other options available to them with better savings alternatives.