ZOMBIE SAVINGS ACCOUNTS

Motion Text

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 institututions 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 such rates to existing savers to pro-actively market their more competitive accounts in order that elderly savers, many of whom do not regularly monitor savings rates, can avail themselves of a significantly better return.