While Individual Savings Accounts (ISAs) are growing in popularity, pension contributions continue to decline, prompting the Institute of Directors (IoD)to call for the government to take action on savings. According to data compiled by the IoD in association with Lucida, the amount paid into ISAs increased from £35.7 billion in 2007, to £43.9 billion in [...]
There are just a few days left for savers to use their Isa allowance for the current tax year, which ends on 5 April. However, savers who miss out on this year’s allowance may get almost as good a deal from an ordinary savings account according to new research by consumer group Which? Isas have [...]
Many savers will be planning to transfer their cash Isa, to take advantage of new deals appearing prior to the start of the higher Isa allowance on 6 April. They will be pleased to hear that there has been a significant improvement in the time taken to complete a transfer. Isa’s often offer an introductory [...]
More than three quarters of savers are unaware that everyone aged 16 and over is allowed to put £5,340 into cash ISA this year, according to research from uSwitch. Only half of savers are planning to put any money at all into a cash ISA, and just a quarter are using their total allowance, the [...]
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 [...]
Following an investigation into Individual Savings Accounts (ISAs), savers with a cash ISA should find it quicker to switch their money to a different provider. The 90-day investigation, conducted by the Office of Fair Trading (OFT), came after Consumer Focus warned that cash ISAs are depriving savers of £3 billion in interest each year. The [...]
Savvy savers should invest as much as possible in their individual savings account (ISA) to maximise their interest payments for the year, Abbey Savings said this week. Last year, only a third of savers earned the maximum possible interest by depositing all their savings in a lump sum at the beginning of the tax year. [...]
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 [...]
Many people in the UK find individual savings accounts (ISAs) confusing, according to new research by Alliance & Leicester. The building society found that 71% of Brits did not know that the current Cash ISA allowance is £3,600. One in five (19%) of those questioned believed that the allowance was still £3,000. Nearly half of [...]
Savers are increasingly turning to investment individual savings accounts (ISAs) as interest rates on cash ISAs continue to plummet. Research by Barclays shows a 67% rise in the number of investment ISAs opened recently compared to the same period in 2008. The bank also revealed that nearly half (45%) of investment ISA savers have already [...]
HSBC today launched a fixed-rate cash ISA paying interest at 3.1% for 12 months. The 3.1% rate is available to savers who pay the full ISA limit of £3,600 into the account as an opening deposit. Funds from previous ISAs cannot be transferred into the account, but withdrawals can be made for a £100 fee. [...]
NatWest has launched two new ISAs paying interest at up to 3.51%. Its online e-ISA, which accepts balance transfers from ISA savings in previous tax years, pays an AER of 3.25% on balances up to £9,999, and 3.51% on balances over £10,000. The bank asserts that this top rate makes it the most competitive online-only [...]
National Savings & Investments (NS&I) is closing its cash ISA to new customers, and making its direct ISA more accessible. From 6 April customers will no longer be able to open a new NS&I cash ISA, and current customers will no longer be able to deposit into their cash ISA at post office branches or [...]
Research released yesterday reveals that savings accounts are still popular with Brits despite tumbling interest rates. In a survey conducted by Fairinvestment.co.uk, 36% of respondents said they continue to keep their money in a savings account with banks or building societies despite interest rates falling as low as 0%. Over a quarter, 26%, put their [...]
M&S Money has reduced the interest rate on its variable Cash ISA following the Bank of England’s 0.5% base rate cut. Cash ISA account holders will now be paid 2% interest, down from 2.5%. In December, M&S Money reduced the variable cash ISA rate by only 0.5% rather than matching the Bank of England’s 1.0% [...]
Co-operative Bank ends interest-only mortgages
The Co-operative Bank will stop offering interest-only mortgages from next Tuesday, but the decision will not affect existing customers. A recent report by the Independent on Sunday suggested that a quarter of a million people with interest-only mortgages will reach retirement age by the end of the decade with a substantial capital debt still to [...]
Fall in bankruptcies hides rise in personal debt
There was a fall in the number of people going bankrupt in the first quarter of 2012 but more people are experiencing debt problems and many are simply unable to afford the £700 bankruptcy fee. According to the latest figures from the Insolvency Service, 28,723 individuals in England and Wales became insolvent in the first [...]
Financial Ombudsman receives 10% more credit card complaints
There was a 10 per cent increase in the number of complaints made to the Financial Ombudsman Service (FOS) about credit cards last year. A total of 19,183 complaints were made in the year to April 2012, the highest number since records began in 2001, with the majority relating to claims for refunds for unsuitable [...]
Opinions divided over Olympic effect on economy
While research by the Alliance Trust suggests that an economic boost generated by the Olympics will help Britain out of recession, rating agency Moody’s is warning that any benefit will only be short term. Alliance Trust suggests that ticket sales for the event and other consumer spending on Olympic related retail products will cause a [...]
Banks unclear over repeat payment cancellations
Banks’ customer service advisers are unclear about how to cancel Continuous Payment Authorities (CPAs) according to Consumer Focus. Customers are also confused about cancelling CPAs according to the consumer group, even though new regulations were introduced by the Financial Services Authority in 2009 to make the process simpler. The confusion could be causing some people [...]
Mortgages more expensive following SVR increase
Mortgages are more expensive for one million homeowners after the Halifax, the Co-operative Bank, Clydesdale Bank and Yorkshire Bank all increased their standard variable rate (SVR) yesterday. Many mortgages revert to the SVR when a fixed-rate deal comes to the end of its term. Lenders are increasing their SVRs due to the higher cost of [...]
Average house price dipped in March
The average price of a house in England and Wales fell by 0.6 per cent to £160,372 in March according to new Land Registry figures. However, there were wide regional variations with prices falling by 1.8 per cent in London and 4.1 per cent in Wales, but increasing by 5.6 per cent in the North [...]
Leisure costs soar but disposable income falls
The cost of the majority of leisure activities has grown to its highest level for a decade while the amount of income people have left after paying all their bills is falling. According to new research by the Halifax, the cost of football tickets, train tickets, petrol, eating out and going to the gym have [...]
Visa delays launch of V.me digital wallet
Visa has delayed the UK launch of its V.me digital wallet until the autumn, rather than ‘early 2012’ as announced in November. Users of V.me will be able to store their card details in their digital wallet, and will be able to pay online via a smartphone, PC or tablet. V.me will be accessed through [...]
New Atol rules protect online holiday bookings
A scheme that protects holidaymakers if their tour operator collapses has now been extended to flight-plus holidays booked online. The Air Travel Organisers’ Licensing (Atol) scheme will now protect an estimated six million holidaymakers. The scheme is designed to ensure that holidaymakers who book their holiday with an ATOL holder do not lose their money [...]
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