Savings accounts not working and how to save money on energy bills

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Savings accounts not working and how to save money on energy bills

Personal Finance Editor for The Independent Simon Reed gives Headline London his weekly tips and advice on how to save yourself some cash.

City watchdog warns competition is not working in the savings market

Banks are being criticised for the way they are treating savers. 

The Financial Conduct Authority has released a report on how banks and building societies saving accounts hook in customers with “teaser rates” and then later lower the interest.

Energy firms are cutting prices 

Homeowners are going to pay less on their energy bills, as firms such as British Gas and Scottish Power follow in the footsteps of E.on.

But most people will still be paying more than they need to heat their home, as these lowered prices will only mean a drop of £30 in payments annually.

Simon’s advice: scan the market and switch to a cheaper smaller firm.

Struggling people are facing repossession but there's more help than you think out there

There are lots of benefits and grants out there to help people who are struggling financially.

Simon’s advice: visit Turn 2 Us. A website that can advise users on what access there is to benefits and grants are out there.  

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