Judith Donovan, Chair of the Keep Me Posted campaign commented: “The recent budget effectively announced a revolution within the savings industry, as the Chancellor laid out plans for the NISA; savers should take this opportunity to scrutinise their provider’s small print and assess whether they are truly getting the deal they want.”
“The new tax year will lead to strong competition and rates could potentially fluctuate as the industry adapts its offering to comply with the NISA rules. Savings accounts regularly drop their headline rates after a promotional period.
“Older consumers are the most likely to have a savings account, and 62% of over 55s remain with their savings provider for over five years.
“Two-thirds of older savers (65%) prefer a paper notification of any interest rate change – over 55s should take special care to ensure their provider offers this so they can keep track of any changes to their headline rate.”
- People aged over 55 are the group most likely to have a savings account, with three quarters (76%) currently saving.
- More than three in five UK adults over 55 (65%) feel they should receive notification of changes to their interest rates via paper- only a third (33%) feel e-mail alone is sufficient.
- Over 55s most likely to remain loyal to a provider with 62% keeping their current savings account for more than five years.
The Keep Me Posted campaign is made up of businesses, charities and consumer interest groups who are campaigning for the consumer’s right to choose whether they receive postal bills and statements from their service providers, without additional cost or penalty.
The campaign is being championed by partners including Mind, The National Consumer Federation, The National Federation of Occupational Pensioners, The National Association of Retired Police Officers, Post Office Financial Services, The Civil Service Pensioners Alliance, The National Pensioners Convention as well as UK postal operators Royal Mail, TNT Post and UK Mail.