The Bank of England’s interest rate setters are widely expected to keep interest rates on hold today at the record low of 0.5%. Should interest rates remain unchanged, it will be the third consecutive month at the current rate – the bank’s lowest since it was established over 300 years ago. Prior to April, the [...]
As widely expected, the Bank of England has kept interest rates unchanged at 0.5%, bringing an end to the aggressive cuts it has implemented over the last six months to bring inflation down and fight off a prolonged recession. Many analysts said a further rate cut would have had little benefit since banks are unlikely [...]
Fewer than 4% of instant access savings accounts pay AER at 3% or above, according to new research from Sainsbury’s Finance. A survey of accounts by the supermarket bank found that just 14 of the 367 instant access accounts currently available in the UK pay interest of 3% or more on balances of £5,000. The [...]
As widely expected, the Bank of England has lowered interest rates to a new historic low of 0.5% as it continues its attempts at stimulating the economy. Since October, interest rates have been cut six times in a bid to fight off the recession but the latest cut has been widely criticised since they have [...]
The Bank of England’s monetary policy committee (MPC) will cut interest rates tomorrow, according to a poll of industry economists. Of the 11 experts polled, nine predicted a rate cut, whilst two said current economic conditions make it too close to call. Economists polled included representatives from HSBC, Barclays, the Centre for Economics and Business [...]
HSBC will pass on last week’s base rate cut to the ‘vast majority’ of its mortgage customers, the bank has revealed. Ninety five percent of mortgage customers on variable packages will benefit from the full 0.5% rate cut, HSBC said. In addition, the bank’s small and medium sized business customers will benefit from the cut [...]
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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