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.

Other News

Gibraltar Interesting facts about the Rock

Monkey in GibraltarSince Theresa May’s triggering of Article 50, one prominent hot-button issue arising in Brexit negotiations is the fate of Gibraltar.

Over the past week or two, Gibraltar has leapt back into the public eye as concerns have been raised over the impact Brexit could have on the territory. With Spain certainly appearing intent on reclaiming sovereignty since conceding it to Britain over 300 years ago, tensions are rising between the two countries.

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UK Budget Statement 2023

The Chancellor of the Exchequer, Jeremy Hunt, unveiled his 2023 Autumn Statement on Wednesday 22 November, alongside an updated economic forecast from the Office for Budget Responsibility. The Statement was centred around ‘growth’, with Mr Hunt leveraging increased tax receipts from a stronger-than-anticipated economy to fund 110 growth-promoting initiatives. Mr Hunt said the government had […]

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