Most RBS and NatWest customers should now find that their accounts are up to date, although Ulster Bank customers may still be experiencing difficulties following the computer problems which started more than a week ago. With 99% of RBS and NatWest accounts updated, the banking group will turn its attention to Ulster Bank, whose customers [...]
New research by Santander has found that eleven million adults in the UK have no savings to fall back on in times of crisis. This equates to one in five adults, and those who are saving, are saving less than they used to, Santander found. Over the past year, the average amount saved each month [...]
Last week’s computer error is expected to continue causing problems for customers of Royal Bank of Scotland, NatWest and Ulster Bank until Tuesday, the bank said yesterday. The problems started after a software update was carried out on Tuesday. The update stopped transactions going in and out of customers’ accounts during the night, leaving customers [...]
Many NatWest branches will extend their opening hours today and over the weekend to help customers affected by this week’s computer failure. Although the underlying technical issue is believed to have been resolved, many customers are still having difficulty in accessing their accounts, and account balances are still not being updated properly overnight. Although Wednesday [...]
Severn Trent has become the first utility company to issue a retail bond, in an effort to raise £2.5 billion. The 10-year, inflation-linked bond is being issued to the general public rather than professional investors. It is available in denominations of £100 and will pay interest twice a year at a rate of 1.3 per [...]
Listening to what its customers want has paid off for the Yorkshire Building Society. In a survey, three out of five customers said they preferred to manage their account in branch, more than half said they wanted a passbook, and 70 per cent said they wanted a branch-based account with a competitive variable rate. . [...]
The Getcash smartphone app allows Royal Bank of Scotland and NatWest customers to withdraw money from a cash machine without using a card. Up to £100 a time can be withdrawn at 8,000 RBS, NatWest or Tesco branded ATMs, by customers who have downloaded the free app to their phone. This is significantly less than [...]
Park Group has successfully transformed from a Christmas hamper business to a shopping voucher and prepaid cash card business. Growth of its popular Flexecash reward scheme helped the company increase profits by 23 per cent to £8.6 million in the year to the end of March 2012. Flexecash cards are used by companies to reward [...]
The number of people giving false information when applying to open a current account soared in the first three months of 2012, according to Experian. The credit checking firm said that bank account application fraud increased by 23 per cent, compared with the final quarter of 2011. Current account application fraud is now at its [...]
Metro Bank, a relative newcomer to the high street, is opening seven more branches across south east England. The bank, which opened its first branch in 2010, already has 12 branches in Greater London. It has raised £126m from investors to fund new branches in Brighton, Reading, Hemel Hempstead, Romford, Staines and Epsom. Speaking to [...]
Wonga, the payday loan company, is planning to increase its range of financial products this year with a move into the online savings market. Wonga’s chief executive Errol Demelin confirmed the firm’s expansion plans at a meeting of the Albion Society, which brought together brands considered to be spearheading innovation in the personal finance market. [...]
Marks and Spencer has confirmed rumours that it is launching a new high street bank in partnership with HSBC. The retailer announced today that it will open 50 in-store bank branches as an extension of its existing M&S Money joint venture with HSBC. M&S bank will offer current accounts, mortgages, and other financial products and [...]
Rumours are growing that Marks & Spencer is planning to open its own chain of bank branches within its stores. The branches would be likely to keep the same opening hours as the stores, offering banking services at the weekend. The first branch is expected to open next month, at the retailer’s Marble Arch store [...]
Tomorrow will see the limit on contactless payments increase from £15 to £20, bringing the UK in line with the 25 euro limit in the eurozone. The technology is growing in popularity in the UK as more retailers provide contactless payment terminals in their stores. Fifty-five UK retailers now accept contactless payments, including McDonalds, Greggs, [...]
Banks, building societies and credit unions will have to display information in branches, clearly telling customers how much of their savings are covered by a compensation scheme. Savings in UK banks and some foreign banks are covered by the Financial Services Compensation Scheme (FSCS). The scheme covers savings up to the value of £85,000. It [...]
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
The Financial Services Compensation Scheme (FSCS) will protect depositors in Santander, the scheme’s chief executive, Mark Neale, said. Deposits up to the value of £85,000 are protected by the scheme and savers with more than this amount should distribute the money across different banks and building societies, to ensure that the total amount is protected. [...]
Chancellor of the Exchequer George Osborne has secured a key agreement allowing the UK government to regulate its banks more strictly than other EU member states. The agreement was secured in Brussels between European Union finance ministers. It allows the UK to ring-fence retail banking operations from riskier investment banking operations in order to protect [...]
ABI calls for transparency over pension charges
A ‘protocol’ should be given to members of company and private pension schemes, giving clear information on charges, the Association of British Insurers (ABI) says. The ABI’s call for pension charges to be made clearer comes prior to the introduction of automatic enrolment in autumn, when employers will be required to enrol workers in a [...]
Report tackles shortage of rented homes
With soaring demand for accommodation pushing rents to an all-time high, a new report suggests that rules on affordable homes should be relaxed to encourage the building of homes for rent. The average rent paid by private tenants in England and Wales reached £725 a month in July according to property group LSL. The government [...]
Police seize millionth uninsured vehicle
Police have seized the millionth uninsured vehicle, indicating the size of the problem of uninsured driving in the UK. The vehicle was seized in Birmingham, which is one of UK’s motor insurance evasion hotspots. According to the Motor Insurers’ Bureau (MIB), Bordesley in Birmingham has now replaced the Barkerend area of Bradford as the place [...]
Mortgage fraud increases by 23 per cent
Information services company Experian has reported a 23 per cent increase in the number of people giving false information in order to obtain a mortgage. In the second quarter of this year, 39 out of every 10,000 mortgage applications were found to be fraudulent, compared with 32 in the 2011 second quarter. Lenders have tightened [...]
Government to crack down on hidden credit card charges
Tougher rules are to be brought in to protect consumers from hidden credit card charges and premium-rate phone calls to customer service departments. The Government has launched a consultation on how to implement the changes, which are required under a European Consumer Rights Directive and will apply to countries across the European Union. The new [...]
Which? report claims free banking is a myth
A new report by consumer group Which? highlights the high charges that can be applied to ‘free’ current accounts. While these accounts are free while in credit, charges can be applied if a customer goes overdrawn, especially if they do so without permission. Customers can also be charged for overseas transactions and for agreed overdrafts. [...]
Households more optimistic about their finances
Household finances are still deteriorating, but at a slower rate, according to the Markit household finance index. The index increased from 37.5 in July to 38.9 in August, with figures above 50 representing a positive change in household finances, and figures below 50 representing a negative change. The August figure represents the third consecutive monthly [...]
Think tank calls for council housing sell off
The Policy Exchange, a leading UK think tank, is calling for expensive social housing to be sold as it becomes vacant. This could raise £4.5 billion a year and the money could be used to create the largest social house building programme since the 1970s, the think tank suggests in a new report. Between 80,000 [...]
Barclays appoints new chairman
Barclays has announced the appointment of Sir David Walker as its new chairman. He will take over from Marcus Agius who resigned from the role after Barclays was fined £290 million by regulators in the UK and US for manipulating Libor, the interbank lending rate. The appointment of Sir David, a respected and experienced banker, [...]
Post Office stepping up mortgage offering
The Post Office is expanding its mortgage service with the introduction of mortgage specialists in its branches. Mortgages have been available from the Post Office since 2009, but applications have had to be made online or over the phone. It currently offers mortgage with deposits as low as 10 per cent and plans to enhance [...]
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