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News Tag: bank account

December 7, 2012

Reform should increase availability of basic bank accounts

by Jan Harris
Reform should increase availability of basic bank accounts
Undischarged bankrupts should find in easier to open a basic bank account when changes are made to insolvency law. Barclays is the only bank still to offer basic bank accounts, which allow customers to pay in wages and any benefits but do not provide other services such as overdrafts. Basic bank accounts were offered by the Co-op until September, when they ...




December 8, 2011

Barclays triples basic account fee

by Jan Harris
Barclays triples basic account fee
Barclays is tripling its potential daily charge for basic bank account customers if they have insufficient funds in their accounts to pay direct debit and standing orders. Consumer groups have warned that the change could increase the financial exclusion already experienced by the poorest people in society, with the risk of high charges discouraging them from opening an account. Basic bank accounts ...




July 19, 2010

Complicated bank accounts confuse savers

by David Masters
Complicated bank accounts confuse savers
Consumers don't bother to put money aside for the future because of low interest rates and complicated best buy introductory offers, a financial expert has claimed. Andrew Hagger of Moneynet.co.uk said consumers are "baffled" by the complex special offers banks use to attract new customers. "It is no surprise that many consumers, baffled by complex accounts often riddled with restrictions, do not bother to ...




June 10, 2010

Report reveals 1m adults do not have bank account

by Kay Mitchell
”Report
A report by the Government-backed watchdog, Consumer Focus, has found nearly a million adults in Britain do not have a bank account. The report, called “On the Margins“, comes as the Government introduces a reform of mainstream banking, and explores why these individuals do not have a basic bank account. The Focus group, which is made up of a merger ...




March 23, 2010

Basic bank accounts to be made available to everyone

by Kay Mitchell
”Basic
In tomorrow’s Budget, Chancellor Alistair Darling is expected to announce that a basic bank account will be available to everyone. The announcement, which was leaked to the BBC today, will mean everyone has a legal right to have a bank account. According to the Treasury's Financial Inclusion taskforce, there are 1.75 million people in the UK that do not have ...




January 21, 2010

ISAs worth a measly 73p in tax savings

by David Masters
ISAs worth a measly 73p in tax savings
Making the effort to put your savings into a tax-free account is worth a mere 73p per month, according to research by Moneynet.co.uk. The additional returns on a tax-free ISA compared to a standard savings account for a basic-rate tax payer are equivalent to just £8.72 per year on a £3,600 investment, the financial advice site found. This figure increases to ...




December 4, 2009

Bank accounts reduce criminal re-offending

by David Masters
Bank accounts reduce criminal re-offending
Prisoners who open a bank account before they leave prison are significantly less likely to re-offend, according to a new study. Research by Liverpool John Moores University (JMU) found re-offending rates reduced by 34.8% among short term prisoners with a bank account. Having a bank account allows ex-offenders to quickly find a job and accommodation, rather than needing to turn back to crime to ...