Are your savings undead?

Do you have your money in a ‘zombie account’? Obviously, zombies are useless things, always staggering around being completely ineffectual and moaning to themselves. Which is why it’s the term used for a savings account that pays minimal interest and just sits there, with bits falling off it.


The bad news is that a staggering (geddit?) 80% of savings are residing in (un)dead accounts that pay as little as 0.1% interest, and are shut to new customers. Even worse, 79% of us don’t even bother to check whether our money has got a pulse – we just let our pennies languish there eternally, not paying the slightest bit of attention to whether we're getting a good return.

So what can you do about it?

Well, at the moment, things are so bleak in the world of savings that you get a better return from a current account from one of the high street’s big bruisers. Nationwide Flex Direct, Clydesdale Bank and Yorkshire bank’s current accounts are offering 5% interest, but for one year only.

However, The Bank of Scotland, TSB, and Lloyds Classic Accounts with Vantage, as well as the Santander 123 account all offer a fairly healthy rate of 3.00% - while the Leeds Building Society five year fixed rate ISA comes in at 3.05%.

So if you can empty your zombie account without incurring a penalty, it might be time to get a defibrillator and see if you can reanimate your savings - before they start wandering around shopping centres with their arms outstretched saying ‘UHHHHHHHHHH.’


  • steve
    Good grief, consumer advice on BW - whatever next?
  • barry f.
    Fuck off trolley
  • Grammar N.
    Whatever next? A new feral trolley of the week?
  • Dick
    How is the 80% measured? Is it the value of the money in the accounts, or just the number of accounts? If the latter, I'm not surprised. I have about 15-20 dead accounts, with either nothing in or 1p in. Every time you switch you end up with one, and it takes time to close them. Last time I did this in A&L (before the Santander takeover) I closed 7 accounts, and the paper work took almost an hour. So now I don't bother to close them, I just leave them dormant and empty.
  • Dick
    Also my three halifax accounts pay very little interest. But they do give me a £5 per month payment for paying in £1000 which I cycle through each of them, and then transfer out again on the same day. 2x 50p direct debits to charities per account means I meet their usage requirements, so for having no money in them, I make 3x £4 per month. Which is not bad.
  • Mark W.
    This reminded me of Zombie Dave from Digitiser. I am sure he would have had something to say about all this.

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