The five pound note is to re-establish itself in the wallets and purses of the nation on the news that all banks and building societies will be dispensing fivers from ATMs in the future. Currently, scarcity means that £5s change hands many more times than other notes before being returned for sorting and the increased [...]
Nationwide Building Society yesterday increased the interest it pays on fixed-rate bonds and e-Bonds, with a headline interest rate of 5%. The fixed-rate bonds are available to anyone, while the e-Bonds are available online to any Nationwide customer with a Nationwide FlexAccount. Both accounts are available for one year, 18 months, two years, three years [...]
Lloyds TSB has increased the interest rate on its monthly saver account to 5%. The rate is fixed for 12 months and is available to account holders who deposit between £25 and £250 per month. Penalty-free withdrawals can be made from the account at any time. Colin Walsh, Lloyds TSB managing director of savings and [...]
Principality Building Society yesterday launched a new individual savings account (ISA) paying interest at a fixed-rate of 5.00% AER tax free. Between £20 and £300 can be saved in the ISA each month. If the maximum amount isn’t saved each month, then the account can be topped up in March 2010 to ensure that the [...]
The Nottingham has launched a new savings account designed to meet the needs of children under 16. The Child Regular Saver can be opened with a deposit of just £10, and offers a guaranteed interest rate of 5% fixed until April 2010. Relatives can pay up to £100 into the account every month. Once the [...]
Abbey launched a number of new savings accounts this week, including new issue bonds and a Super Saver account. The new bonds pay gross interest at a fixed rate of 2.25% for one year, or 3% for three years. Both options pay more than the current Bank of England base rate. The new 12-month Super [...]
The Bank of England’s Monetary Policy Committee (MPC) has decided to keep UK interest rates on hold at 5%. The move was widely expected by analysts as the Bank battles with a possible recession and runaway inflation. This is the fifth month that interest rates have remained the same. David Blanchflower, a member of the [...]
The Bank of England’s Monetary Policy Committee (MPC) has decided to keep UK interest rates on hold at 5%. The move was widely expected by analysts as the Bank battles with a slowing economy and runaway inflation. Recent reports have suggested that the economy could be heading for a recession. According to Hetal Mehta, senior [...]
The Bank of England’s Monetary Policy Committee (MPC) has met this morning and decided to keep UK interest rates on hold at 5%, which was widely expected, despite requests from businesses to cut rates following fears about a likely recession in the UK. Inflation currently stands at 3.3%, well above its 2% target rate, which [...]
The Bank of England’s Monetary Policy Committee (MPC) has met this morning and decided to keep UK interest rates on hold at 5%, which was widely expected. The decision to keep rates the same was due to concerns about the pace of inflation. Rising food and fuel prices pushed inflation to 3% in April, exceeding [...]
The Bank of England’s Monetary Policy Committee (MPC) has met this morning and decided to keep UK interest rates on hold at 5%. Most City analysts had predicted that rates would remain unchanged but with a cut to 4.75% in June. Ian McCafferty, chief economic adviser to the CBI business group, said the latest data [...]
Following the Bank of England’s Monetary Policy Committee (MPC) meeting this morning, the base rate has been cut from 5.25% to 5%, as widely expected by economists. This is the third time since December that interest rates have been cut in an effort to protect the economy from the global credit crunch. However, due to [...]
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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