HSBC finishes interest free student overdrafts

ISA nest eggs growing in value

UK savers are putting more into their ISAs, with the average balance growing by 14 per cent to £8,949 over the year to January 2012, according to new research by the Halifax. The national average ISA balance has been on an upward trend since February 2009, when it stood at £7,269, with the 2011 figure [...]

Co-op Bank announces mortgage rate increase

The Co-operative Bank has announced plans to increase its standard variable mortgage rate (SVR) by 0.5 percentage points to 4.74 per cent from 1 May. The increase means that 54,000 mortgage borrowers will have to pay an average of £15 a month more on their mortgage. The bank has increased its rates to help offset [...]

Annual credit card statements launched

Consumers are used to receiving a monthly credit card statement, either online or by post but from today they will receive an annual statement as well. The initiative has been launched by the UK Cards Association and the Department for Business, Innovation and Skills, as part of the credit card industry’s efforts to be more [...]

Hometrack reports increase in house prices

House prices increased by 0.2 per cent across the UK in March, according to property analytics business Hometrack, representing the first price rise in 20 months. The increase was helped by increased demand from first time buyers, a scarcity of homes on the market and strong interest in properties in London from overseas buyers. First [...]

Uninsured young driver numbers halved

A new law allowing the Motor Insurers’ Bureau (MIB) to cross-check its database against DVLA records has led to a substantial fall in the number of young people driving without insurance. The Continuous Insurance Enforcement (CIE) law allows MIB to check which vehicles are registered with the DVLA. If a registered vehicle is not listed [...]

Barclays site slow to load during upgrade

The BBC today reported that around 10 per cent of Barclays’ customers are experiencing delays when they try to access online banking. The bank has been phasing in improvements to its site since January and the rebuilt site is proving slow to load today, which is one of the busiest days of the month for [...]

OECD says UK falling back into recession

The UK economy is expected to contract by 0.4 per cent on an annualised basis in the first three months of 2012, according to the Organisation for Economic Co-operation and Development (OECD). This represents a contraction of 0.1 per cent compared with the final quarter of 2011 and means that the UK is returning to [...]

House prices and mortgage approvals fall

House prices have fallen for the first time in six months, with the decline attributed to changes in stamp duty. The average house price in March was £163,327, 0.9 per cent lower than in March 2011. It was the largest fall in house prices since June last year. Nationwide’s figures showed a fall in nearly [...]

Interest gap narrows between ISAs and standard accounts

There are just a few days left for savers to use their Isa allowance for the current tax year, which ends on 5 April. However, savers who miss out on this year’s allowance may get almost as good a deal from an ordinary savings account according to new research by consumer group Which? Isas have [...]

Halifax life-long policy misled pet insurance customers

The Halifax has been found by the Financial Ombudsman Service to have misled customers by offering life-long pet insurance. Halifax, which is part of Lloyds Banking Group, announced its decision to withdraw from the pet insurance market at the end of last year. The Ombudsman’s ruling follows a complaint by the owners of a dog [...]