According to a survey by the owner of the Egg card, only around half of employees in the UK have savings that would cover them for at least 4 months. This is the average time people find themselves between jobs for having been made redundant.
Egg also looked at the amount of money needed to live in the UK today, which works out to GBP1,077 per month, without any luxury purchases included. So four months at this level should be the minimum level of savings held by people in the UK. As stated then half the UK working population would be unable to sustain themselves if they found themselves out of work.
An Egg card spokesman urged people to seriously consider their own situation as finding themselves in a position where they are unable to meet their monthly bills would be disastrous for many families.
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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.
Lloyds TSB will be striving to reunite around GBP69 million with its owners, spread over 120,000 savings accounts that are laying dormant.
The bank will be working on accounts with more than GBP100 in them and will be using a specialist search company to locate the account holders and reacquaint them with their funds. The average amount per person will be in the region of GBP575 so it is a very worthwhile exercise and one that the recipients of the money are sure to appreciate said a Lloyds TSB spokesman.
These accounts appear to have been forgotten by their owners, hence the use of the search company. Lloyds TSB would not mind account holders getting in touch with them directly though, so if you think you have a dormant Lloyds TSB savings account get in touch with them and see if there is a windfall waiting for you.
