ZOMBIE SAVINGS ACCOUNTS

Early day motion 31, tabled 4 June 2014 by Gregory Campbell (DUP). Signed by 22 members.

That this House notes the recent report by Which? magazine outlining the ongoing problems being faced by people dependent on income from their savings; further notes that numerous financial institututions continue to have accounts, often known as zombie accounts, offering 0.1 per cent interest, meaning that people with on average £10,000 in these accounts receive less than 20 pence per week in interest; and calls on each bank and building society offering such rates to existing savers to pro-actively market their more competitive accounts in order that elderly savers, many of whom do not regularly monitor savings rates, can avail themselves of a significantly better return.

Signatures by party: Labour 9, DUP 6, Plaid Cymru 2, Social Democratic and Labour Party 2, Conservative 1, Independent 1, Liberal Democrat 1.