SAVERS in Wales are missing out on higher interest payments as new data reveals almost £15bn is held in savings and current accounts earning 1% or less.

The figures come from Principality’s recent analysis of CACI data, which shows £14.5bn is sitting in accounts earning 1% or less. Across Wales there is around £38bn in savings and current accounts, meaning almost 40% of this money is missing out on better interest rates. Currently, the average amount held in savings accounts in Wales sits at £7,337, which means the return difference between a 1% and a 5% interest account could be as much as £293 for these savers, across the year.

The Bank of England’s 14 consecutive base rate hikes have led to the highest interest rates seen in 16 years, recently held for the sixth time at 5.25%. This has resulted in higher savings rate accounts being available on the market, offering customers interest as high as 6%.

Despite this, billions of pounds in savings across Wales remain in low-interest rate accounts.

In response, Principality Building Society is urging people in Wales to consider letting their savings work harder for them through higher interest accounts. Last year, Wales’ largest building society paid a higher interest rate than the market average and currently offers savings rates between 3.5% and 6% for new and existing customers.

Vicky Wales, Chief Customer Officer at Principality Building Society, said: “We strongly urge savers across Wales to compare their current returns with other available rates on the market. Interest rates have been a focal point over the last few years due to the prolonged period of a higher Bank of England base rate. This has led to calls for banks and building societies to pass higher savings rates on to their customers, which is something we are committed to at Principality. Last year, we paid our members better interest returns than the market average demonstrating our loyalty to our customers. However, not enough emphasis is being placed on encouraging customers to stay informed about the rates available.

“As a customer, doing your research and shopping around can now significantly impact the return on your savings.

We invite people across Wales, whether you’re currently a Principality customer or not, to drop into one of our 53 branches across Wales to speak with one of our savings specialists who are on hand to help answer any questions you might have and to find out how to make your money work harder for you. We’re here to make life’s hopes and aspirations possible.”

A survey conducted by the Building Society shows that 42% of Principality’s members regularly check their savings rates to compare with other market rates, with 70% of members saying Principality offers a range of products suitable to their financial needs. More than 60% also said they would need to rely on their savings to some extent for their retirement plans.

Principality Building Society remains committed to supporting Welsh communities and has 53 branches and 15 agencies across Wales and the borders.

For more information on making your money work harder for you, visit your local Principality branch today, or go to: https://www.principality.co.uk/en/savings-accounts

Image: Huw John

An innovative solution that could save Welsh Water two tonnes of carbon per year through transforming the management of organics during the treatment of drinking water, is one of the winners of a £40 million competition from Ofwat, the economic water regulator.

Welsh Water provides safe and reliable drinking water to over 1.4 million homes and businesses, making it the sixth largest of the 23 water companies in England and Wales. The not-for-profit water company has water treatment works where raw water is treated to make it safe enough to drink, which supplies over 800 million litres of water every day through a network covering 27,000km. By the time water reaches rivers, reservoir or aquifers, water already contains a wide variety of substances including organics which determines its quality. It absorbs dirt, dust and gases from the air, debris and bacteria from the ground, and soluble minerals from rocks.

At a water treatment works, the main objective is to remove bacteria and other unwanted substances from raw water through a drinking water treatment process. Granular activated carbon (GAC) is used during this treatment process to remove organics from the raw water– an exhaustive process that means the GAC requires thermal regeneration every three years.

The current process is carbon intensive, creating around two tonnes of carbon per year costing around £1m per year to manage. The solution proposed by Welsh Water’s innovation team and partners including Swansea University and Panton McLeod, seeks to investigate ways to regenerate GAC in situ, reducing both financial costs and carbon footprint before proposing a recommended solution that can be adopted by Welsh Water and shared with the wider industry.

Paul Gaskin, Research and Innovation Manager of Water Services at Welsh Water said:  “We are excited to be leading this project to investigate transformative ways of regenerating granular activated carbon locally. This project is an example of Welsh Water’s commitment to finding innovative solutions to environmental challenges, whilst bringing the wider industry along with us. This project ties in with our 2050 vision to become a truly world class, resilient and sustainable water service for the benefit of future generations. Along with our partners working on this project, this funding will help us tackle a key challenge faced by the entire water industry.”

Helen Campbell, Senior Director, Ofwat said: “There are big challenges in the water industry that must be solved, some are well known, and others are less so. In our fourth Water Breakthrough Challenge we called for solutions with potential to deliver wide-scale, transformational change for customers, society and the environment – and that’s exactly what today’s winners have done. From raingardens to prevent flooding to green energy from treated sewage, innovations to cut the water sector’s carbon footprint to robots that patrol the pipe network, the winners are all helping shape a more sustainable and efficient water sector.” 

Welsh Water is also partnering with others in the industry on other innovative projects including rainwater harvesting, robotic solutions for rising water mains and no-dig leak repair.

The Water Breakthrough Challenge is part of a series of competitions from Ofwat, run by Challenge Works with Arup and Isle Utilities, designed to drive innovation and collaboration in the sector to benefit individuals, society and the environment.  

It supports initiatives that help to tackle the biggest challenges facing the water sector, such as achieving net zero, protecting natural ecosystems and reducing leakage, as well as delivering value to society.

For more information, visit: https://waterinnovation.challenges.org/breakthrough4/

PEMBROKESHIRE-BASED Ascona Group has announced the rebranding of two of its Pembrokeshire service stations to the Valero brand. The rebranding process is set to commence next week, starting on 20 May 2024.

The two sites undergoing transformation are the Ascona – Pelcomb Service Station located at Pelcomb Cross and the Ascona – Ivy Service Station in St Clears. The company has assured that the rebranding work will be completed by the end of the week.

Ascona Group expressed their excitement about the upcoming changes and look forward to unveiling the newly branded sites to their loyal customers. In a statement, the company said, “We can’t wait to share these rebranded sites with our loyal customers. Stay tuned for more updates and thank you for your continued support.”

Customers with queries regarding the continued use of loyalty cards or fuel cards under the new Valero banner are encouraged to visit the respective stores, where options will be available to ensure a seamless transition.