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.
A new cash ISA has been introduced by the Alliance and Leicester, with an interest rate of six percent per annum and a minimum balance of just one pound.
The Easy ISA as it is called allows the usual maximum amount of GBP3,600 in each tax year, with management through either phone or internet. The offer is open to all consumers whether they are existing Alliance and Leicester customers or completely new to the building society.
The Easy ISA name is very apt and will hopefully bring more savers into ISAs where they have previously been put off. As an Alliance and Leicester spokesperson explained, a cash ISA is just like a normal savings account, the difference being that no tax is paid on the amount saved.
The Nationwide Building Society informs us that people are losing around GBP248 million through expired or unpaid Child Trust Fund vouchers.
According to data gathered by them a quarter if the vouchers have expired while over 40 percent of the valid ones have not been used so far this year. In financial terms this, said the Nationwide Building Society, means almost GBP13 million each year is being lost in interest earnings alone.
A further word of caution came from a Nationwide Building Society spokesman who explained that if a suitable provider is not chosen by the parents then the government can allocate one for them, though this may not be in the best interests of the child. Child Trust Fund Vouchers are an excellent tax efficient savings vehicle and it is a shame more people are not using them.
