£100,000 earned just £91 interest

DAVID SMITH’S 88-year-old sister had her savings locked in accounts paying as little as 0.09 pc interest.

The retired income tax inspector had more than £40,000 spread across six Nationwide savings accounts, Isas and bonds.

But four out of six accounts were paid just 0.1pc interest — and an instant saver which had £3,355 in it paid out £3.35 over 12 months.

And a Lloyds savings account that contained £106,060 earned just £91.58 in interest one year.

David, left, a retired university lab officer, has had power of attorney for his sister since February. Her health problems meant she could not manage her finances.

David, 71, says: ‘Two Nationwide accounts paid just 0.5pc and the other four paid 0.1pc. Those four accounts paid less than £8.’

His sister had also deposited £102,107 into a Lloyds savings account after selling her home in 2014 — and the following year she was rewarded with £628.97 in interest (0.6 pc). In 2018 just £91.68 was paid in interest (just 0.09 pc).

David, who lives with his wife Lynn in Stockport, says: ‘I felt so angry when I found out what had happened. It just shows loyalty counts for nothing and that these banks are taking advantage of vulnerable people like my sister.’

She recently moved into a nursing home and her care costs £4,000 a month.

Nationwide said: ‘We are unable to transfer members’ savings from one account to another without their consent as it may not be suitable for them.’

Lloyds Bank said: ‘Customers are made aware of what happens when their rate comes to an end, up-front and through a reminder, and it’s now easier than ever to switch to a better rate.’