The AA has launched a new credit card with a 0% interest rate on retail spending for 10 months. The card, available exclusively through moneysupermarket.com, offers the 0% rate on all purchases including motoring and fuel. Consumers can also take advantage of a 0% rate on balance transfers for 12 months, subject to a 3% [...]
Nearly half the current accounts at UK banks are paying customers an interest rate of 0%. Research by moneyfacts.co.uk found 49% of current accounts offer consumers no return on their money. This is compared to fewer in one in five (19%) of current accounts that paid no interest 12 months ago. More than four in [...]
Good deals on personal credit continue despite the credit crunch, research by Defaqto has discovered. Although personal loan rates remain high, with the best interest rates available at around 8%, credit with 0% interest is available on overdrafts and credit cards. Seven in ten (69%) credit cards offer a 0% introductory interest rate on balance [...]
The Government has announced this week that 2.5 million students will pay 0 percent interest on student loans from September. However, this slashes the hope that student loans, which are linked to the Retail Prices Index which has fallen to -0.4 percent, would mean that loans would be reduced accordingly. The Student Loans Company has [...]
The Bank of England suggested this week that it is unlikely to cut base rates to 0%, but instead will seek to stimulate the UK economy by increasing money supply. Base rates were cut by 0.5% this month to a new record low of 1%, but the Bank of England has now said that further [...]
Halifax this week launched a new online credit card for customers looking to consolidate their debts for the year ahead. Research by the bank found that January is a popular month for customers to request credit card balance transfers as they consolidate their Christmas debts. January is also a time that many people take stock [...]
Fears that the interest rate on savings accounts could crash to 0% are turning into reality, with two providers already cutting rates to zero. West Bromwich, Britain’s seventh largest building society, has severed the underlying rate on its Bonus Saver account to 0%. Customers of the Bonus Saver account can qualify for a 2% bonus [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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