The site is updated daily, and although it is up to the providers to supply up-to-date information, Moneynet says it chases any it has not heard from after a few weeks.Moneynet does not charge financial services companies for listings. Institutions are obliged to tell savers when they change their rates. Normally, they do this through notices in branches, or adverts in the press.
Last year, the Banking Code was changed to require banks and building societies to write to savers with money in obsolete accounts and tell them about newer accounts on offer. But the code does not require savings institutions to tell customers who have accounts that are still available about better options.The picture is almost as complex for those looking for credit cards and personal loans, often with low introductory interest rates to persuade them to switch.Helping the public to find the best deal is the philosophy behind Moneynet, an internet service that independently compiles listings of interest rates for savers and borrowers. The service started last year with mortgages – it now has data from 97 lenders – and it has just expanded its site to add personal loans, credit cards and savings accounts.Moneynet has more than 1,600 mortgage products on its site. Thirty-four companies provide personal loan information, and 90 offer details of savings rates.

Workers pay 6.2 per cent of their salary (up to $68,400) towards the scheme.. BANKS and building societies have come in for criticism from consumer groups and the regulatory authorities for the way they notify savers of the interest they earn on their accounts. This would avoid the problem of falling interest rates but would leave many more people vulnerable to volatile stock markets.In the US, workers and their employers make contributions to a tax-deferred retirement fund (called a 401(k) in the private sector). Most public and private schemes offer similar benefits, and employees and employer make contributions up to defined limits. Workers can choose how their funds are invested and running costs are very low.At retirement the accumulated cash from company schemes is moved to an individual retirement account (IRA). Most of the money is invested (usually on the stock market) and the retired person takes an income.Americans also get a social security pension, based on income and contributions.

Call 01225 321700.Annuity/retirement specialist advisers: Bridgegate Annuities, 01244 401991; Teather & Greenwood, 0171- 426 9000; The Annuity Bureau, 0171- 620 4090.the American waySome campaigners are calling for retired people to be able to leave their money invested and manage their funds themselves, as they do in the US. Have some free assets as well.”For most of us, that means putting cash into PEPs and the new ISAs from next year. And hoping that we are doing enough to secure a decent income for our retirement.Retirement contacts: Chartwell Investment Management has an excellent free guide to retirement options. Ms Sebastianelli says: “The answer is either to increase pension contributions or diversify into other investments. In your 30s, don’t over commit to pensions, you won’t be able to draw the money for at least 20 years. The income is not guaranteed but is based on current bonus rates paid by the fund.Mr Frepp says: “The current bonus is 7 per cent and, assuming it stays at 7 per cent, your income rises 7 per cent during the year. It can also come down again, but smoothly.”Another choice is to link your income to the stock market through a unit- linked annuity.

This is for those who don’t rely on their pension as the sole source of income.”With a unit-linked annuity you buy into whatever fund or funds you attach the annuity to,” Mr Frepp says. “It may be a fund buying UK shares, and over the long term it will out-perform the yield on gilts. But your income from month to month depends on how the fund performs.”Those with a much larger retirement fund can opt to leave most of their pension fund invested and live off some income This is called income drawdown. Mr Conder, at Teather & Greenwood, says: “The ideal income drawdown client has a fund of around pounds 200,000 plus and no mortgage, plus an extra pounds 200,000 investment capital in shares, PEPs and other investments.”Younger people have more choices.