A CONSUMER watchdog has published a report accusing energy suppliers of overcharging customers an average of £74 a year by not fully passing on cuts in wholesale energy costs. However, energy companies say the watchdog, Consumer Focus, used its data incorrectly and ignored other costs that contribute to the price of energy.
Focus claims its research, based on data from the regulator Ofgem, shows that energy providers had overcharged customers by a total of £1.66 billion this year. Ofgem's own research into the link between wholesale prices and domestic bills concluded t
hat there was no evidence of suppliers failing to pass on the drop in price of wholesale energy. Ofgem says the watchdog has made assumptions that are simply wrong.
Although the price of crude oil has fallen from $147 to $70 this year, other costs, such as transporting gas and power around the country and meeting the Government's carbon emissions reductions targets have risen sharply, according to the Energy Retail Association.
Savings on rise BRITONS' savings have reached a record high this spring according to the latest quarterly savings survey from National Savings & Investments.
Brits are putting away an average of £92.41 each month, a £2 increase on the figure recorded in the last survey. Regular savers are typically setting aside £209.23 a month, the largest amount since the survey began almost five years ago. Nearly half the population is saving some money each month.
People are also setting themselves the highest savings targets since the survey began in autumn 2004. Savers aim to put aside £219.11, up from £195.67 this time last year. The increase in savings comes despite a small drop in income over the same period.
Balance textsLLOYDS TSB has introduced on-demand text message balance updates. The new service allows customers to request an up-to-date balance to be sent to their phone by text message. The Balance on Demand service is the first of its kind in the UK.
The text provides customers with their latest balance, as well as details of their last six transactions. Texts can be requested at any time.
The service is available through Lloyds TSB's mobile banking pack which costs 2.50 a month. As well as check their account balance, mobile banking customers can move money between their Lloyds TSB accounts and receive text alerts.
Bonds galoreIT IS good news for online savers this week with a selection of new internet products on the market.
Nationwide has issued a new range of fixed rate bonds and e-bonds, including two new 18 month bonds paying up to 3.10 per cent.
Leeds Building Society has launched a new easy access online account paying 3.05 per cent including a 1 per cent bonus in the first year. The account allows unlimited withdrawals at any time, without notice or penalty.
Egg, the internet bank, has introduced two new savings accounts: a bonus account paying 2.8 per cent, including a 1.55 per cent bonus for the first year, and a three year fixed-rate bond paying 4.3.
Yorkshire Building Society is launching a range of two, three or four year fixed-rate e-bonds paying up to 4.5 per cent. At the end of the term the bonds mature into an internet saver account paying 2.1 per cent.
Your cashbackM&S Money is offering a 10 per cent cashback reward to customers who take out a personal loan before August 11.
The offer is available to all customers borrowing over a period of 36 months or more. The offer refunds customers 10 per cent of the interest they have paid once they have made their final repayment.
The cashback reward on a £10,000 loan over 36 months effectively reduces the typical rate of 8.7 per cent to 7.9.
House sales upTHE number of houses sold in Britain is continuing to rise, according to HM Revenue and Customs. Around 62,000 properties costing more than 40,000 were sold in May, a 7 per cent increase on the previous month and the highest figure recorded since October.
The British Bankers Association revealed that there had also been a 15.8 per cent increase in the number of mortgage approvals over the last six months.
