• 27Jul

    Savings ‘postcode lottery’ claim

    Money

    From The BBC:

    Customers have faced varying rates of return on their savings depending on where they lived in the UK, an academic has claimed.Banks and building societies based in Northern Ireland, Yorkshire and the east and north of England offered lower returns between 1992 and 2006. Better deals were available in the North East and South West of England and the Midlands. John Ashton, of the University of East Anglia (UEA), assessed 1,225 accounts. “The findings indicate that geography is only one of many factors which influence interest rates set by banks,” said Dr Ashton, of the Economic and Social Research Council Centre for Competition Policy at UEA. Account accessThe academic, whose research was published in the Applied Economics Letters journal, points out that many of these financial institutions had different business models. Using data from financial information service Moneyfacts, he analysed instant access and notice deposit accounts from 167 providers. Most providers offer the same inte…

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    Posted by admin @ 6:33 am

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