Contact

News & Insights

Comparison website ‘misleading’ savers into buying low rates

They compared four major comparison websites, as part of the investigation and found its rivals offered far more choices. Savers who took these inferior “best buys” could lose up to £500 a year in lost interest, according to the programme. 

This figure comprises interest that savers would forgo if they put £1,000 into an easy-access account, £10,000 into an Isa, £8,000 into a 3-year bond and £7,000 into a notice account according to the sites recommendations, compared with the best deals for each product. The savings section has now been removed from the website 

The first comparison site started in 2002, introducing the model whereby firms pay for their products to be included in online best-buy tables. These sites have since become household names, and are widely used to compare financial products such as car insurance and energy suppliers. 

Comparison websites typically have a commercial link with the products they advertises, for example the comparison website may receive a commission every time a user clicks through to a bank or building society’s product website. 

Investors are lulled into a false sense of security by expecting impartial information to be supplied for them to get the best deal.  Whilst quite often people are satisfied with the outcome, there is no ongoing support and advice after. This is where Blacktower can help you.

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

Returning British expats could face high property prices

Spanish buildingsIt’s hardly a new revelation to state that Brexit has caused uncertainty for British expats. Until the EU and British government reach a final agreement in Brussels, the lives of many expatriates are certainly in a state of limbo.

Depending on how negotiations unfold, Britons who are living abroad may need to move back to their home country. But trends in the housing market, in both the UK and EU countries, suggest they could run into financial difficulty if they haven’t made sufficient wealth management plans for the future.

Read More

Sweden offering expats one of the best work-life balances worldwide

Stockholm WaterfrontIn the UK, the first week of October is National Work-Life Week, which encourages employers and employees to look at how they can improve their well-being at work and strike a healthier balance between family life and their job. The aim is to help reduce stress among a company’s workforce by offering more flexible ways of working, allowing workers to have time for other priorities in their life.

Of course, it’s not just in the UK where this is an important issue. Many workforces worldwide could do with a better work-life balance, and if you are soon to be moving to another country for work, it’s likely you’ll be wondering what the work culture is like. After all, spending long hours at your workplace without much else to do in your free time may mean you miss out on some of the best aspects of moving to a new country, such as forming a new circle of friends. And too much neglect of your personal life may end up affecting your emotional well-being and this is often one of the main stress factors expats have to deal with.

Read More

Select your country

Please select your country of residence so we can provide you with the most relevant information: