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By Julia Kukiewicz Staff Writer
Friday, 20 June 2008
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Money News Roundup
If you only do one thing with your money this week...
Why not try to track down some lost cash?
Lloyd’s TSB announced this week that it plans to track down the owners of around 120,000 - apparently forgotten - personal and business accounts totalling £69m.
The bank said the average amount in a forgotten account was £575 but that 10% of these customers had left more than £1,000 collecting dust.
Previous Money News Roundups
See our other recent Money News Roundups and other related news stories:
How to get the best interest on your savings
IF you are one of those singletons saving for your wedding already, you'd do well to get the best interest on your savings. Our guide shows you how to make the most of your savings account.
A new kind of protection racket
It turns out it's not just New Jersey Italian gangsters associated with protection rackets, our very own insurance industry is accused of overcharging £1.4bn in payment protection schemes. David Stevens uncovers the new kind of protection racket.
Money News Roundup (13 Jun 08)
A glance back at this week's personal finance news with news that driving slower could save you £500 a year at the pumps and Halifax's mystery 12% savings account that is actually just a 10% account with an expensive add-on.
Money News Roundup (06 Jun 08)
Julia Kukiewicz glances back at the week's personal finance news, with stories of bikers blocking roads in Manchester as fuel prices soar and a clutch of celebrities are lined up to endorse the NS&I scheme.
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THIS week, how to get money from lost accounts, scary facts on single savings and why pensioners are getting hit hardest by inflation.
Single Savers
STOMACH-churning news for the commitment phobic among us this week as a Norwich Union survey reveals that one in five unengaged women are saving for their weddings.
The research put the new savings trend down to the (apparently) aspirationally extravagant recent spate of celebrity nuptials.
But if you think these girls are just being sensible think again: even with those savings they expect to end up with an average of £9,523 in wedding debt, 41% plan to spend their life savings, 14% will take out credit cards and 26% even claim to be willing to re-mortgage their homes to pay for their dream day.
Banks Leave Policy-Holders Unprotected
CITY ‘regulator’ the FSA was slammed by a committee of MPs this week for failing, yet again, to make sure that policy-holders are adequately protected.
The MPs said that plans by insurers to take more money from assets to cover costs such as compensation were opaque and likely to benefit the banks and their shareholders rather than the customers.
Prudential took £1.6bn from its inherited estate to pay compensation costs from the mis-selling of personal pensions.
Assets such as inherited estates are built up by insurers from policies that are never claimed and should be passed on to policyholders when returns on investments are poor.
OAPs Inflate More Than the Rest
THE credit crunch is biting everyone but new research suggests that if you’re over-30 you’re far more likely to be bitten hard.
The consumer price index puts inflation at 3.3% based on a ‘basket’ of 650 typical goods and services.
But groups such as Help the Aged claim the index, which includes cars and holidays, doesn’t reflect the spending habits of those on a low income.
They claim that pensioners are actually experiencing a 9-10% inflation rate (although the Alliance Trust puts it at 4.3-8%) which won’t be reflected in their state pension.
Over the last twelve months the price of basic foods such as milk, cheese and eggs have gone up by 17%. Fresh vegetables, fuel and books have also risen in price significantly.
On the other hand, luxuries such as second-hand cars, audio visual equipment clothes and shoes got cheaper.
And Finally, if you only do one thing this week…
AND finally, if you only do one thing this week why not try to track down some lost cash?
Lloyd’s TSB announced this week that it plans to track down the owners of around 120,000 - apparently forgotten - personal and business accounts totalling £69m.
The bank said the average amount in a forgotten account was £575 but that 10% of these customers had left more than £1,000 collecting dust.
If you think you might have left some money lying around try online tracing service My Lost Account. It’s completely free and you only need to complete one form for them to do a search of all bank, building society and NS&I accounts.
Or - if you’re anything like me – a dig around the back of the sofa might be a better bet.
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