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Please be advised that as of 3rd October all future correspondence from us will be sent from our parent company Money Debt and Credit Ltd.

This in no way effects your debt management scheme with us and you don’t need to do a thing. We simply like to keep you up to date with our ever-growing organisation.

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£7.7bn extra could be saved every year, minimising debt advice risks

£7.7bn extra could be saved every year, minimising debt advice risks

- Monday, 13 July 2009

Saving account holders could earn an extra £7.7 billion every year, according to figures from moneysupermarket.com.

If consumers were to heed the price comparison site's suggestions, the future need for debt advice could be greatly reduced with a number of consumers enjoying greater financial security as a result of healthier savings account balances.

Moneysupermarket.com suggested consumers should check the interest rate paid on their savings (AER) and, if their current deal falls short of competitors, change bank.

Research by the website showed that 31 per cent of consumers never check their savings rate, while 46 per cent have never changed their account.

Kevin Mountford, head of savings at moneysupermarket.com, said: "Many people stick with the same bank for a lifetime … when it comes to savings this could be a big mistake."

"Consumers need to take responsibility for checking rates either by reading statements clearly, or using their initiative to call their providers."

Newcastle Building Society recently released a five per cent Isa bond.ADNFCR-2300-ID-19261308-ADNFCR
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