The Halifax has so far reunited holders of accounts that have been forgotten about with over GBP16.5 million of their savings since starting its campaign earlier this year.
Over 7,200 people have had money paid to them by the Halifax since February this year, working out at an average of over GBP2,300 per person. The process began by looking at 25,000 dormant savings accounts, some of which had considerable sums in them. A spokesman from the Halifax said that over two thirds of the accounts that held more than GBP50,000 had been accounted for and the funds passed on to the owners.
The Halifax will continue with the remainder of the accounts but also introduce another 150,000 into the mix, worth another GBP30 million. Customers do not have to do anything, since the Halifax are searching for the owners. However it could speed up the process to get in touch with them should you have an account like this.
The Alliance and Leicester has just made available two new savings options for those aged 50 and over.
The first one is the Premier 50 fixed Rate Bond and gives a return of 7.5 percent per annum. Suitable for investments between GBP1,000 and GBP10,000 this particular Alliance and Leicester bond matures at the end of September next year so interested parties are advised to act promptly.
The second option is a longer term one, being a 5 year Growth and Income Account which offers an interest rate of 7 percent on half the amount invested with the other half receiving 50 percent of the growth achieved on the FTSE 100 over the term. This Alliance and Leicester account needs a minimum investment of GBP3,600 and as such can also be used as a cash ISA.
According to a study carried out by the Abbey National recently a number of UK people are dipping into their savings in order to pay their ongoing bills.
The Abbey National was looking specifically at money held in ISAs and, having seen around GBP6 billion taken out of them asked customers what the money had been used for. Just over 30 percent of people said it was to cover day to day expenses, the most popular answer provided.
Although it can seem easy to use savings to cover costs the issue comes a little later said an Abbey National spokesman. If a cash ISA had the maximum put into it then any withdrawals cannot be made up later, leaving the account holder with a reduced return through interest.
