The AA has launched an online, instant-access account paying 3.2 per cent interest before tax, which is currently the highest rate available for people who need immediate access to their money. The account will offer some protection from the rising cost of living, without having to worry about tying up savings for a long period. [...]
The Post Office has extended its promise to match the Bank of England Base Rate percentage changes on its savings products, until 1 January 2013. The promise, which was originally planned to run until 31 March 2012, covers the Post Office’s Instant Saver, Reward Saver, Cash ISA and Easy Saver accounts. The Post Office has [...]
The Treasury has announced plans to change ISA top-up rules to help strengthen consumer confidence in the security of the product. Currently, ISA investors who lose their savings due to the collapse of a financial firm are unable to refill their annual allowance. Any savings lost as a result of a firm failing are still [...]
Halifax has improved its ISA offering with a better return on its five year fixed rate product. The ISA now pays 4.4 per cent, strengthening its position as the market leading long term fixed rate ISA. The product is an excellent option for savers who do not mind their savings being tied up for the [...]
As part of its ‘On Your Side’ campaign Nationwide Building Society has launched a credit card reward scheme which should make shopping more enjoyable for its customers. The scheme, which is available to the building society’s Visa debit and credit card customers, is designed to help their money go further. It offers discounts at several [...]
It is understood that the amount of money people can save into an Individual Savings Account (ISA) will increase by £470 next year. From April 2011, the annual tax-free savings allowance will rise from £10,200 to £10,670, while the amount for a cash ISA will rise from £5,100 to £5,335. The rise is in accordance [...]
Savers could use their ISA funds to invest in social enterprise under the government’s plans for a Big Society Bank. Money invested in the Big Society ISAs would be used to build new schools, to rehabilitate criminals, and for other socially useful projects. The ISAs would provide a way for social enterprises to raise capital. [...]
first direct is advising homeowners that using savings to offset their mortgage could leave them better off than investing in an Isa. Research from the lender shows that over the past 10 years, putting money into an offset product could have produced a better return than investing in the tax-free Isa, with the difference amounting [...]
Over two thirds of ISA investors are planning to take advantage of the increased ISA allowance as the new tax year begins this week. Research by Barclays Stockbrokers found 71% of ISA investors will be topping up their ISA by the new maximum allowance of £10,200. Three in five (59%) of these said they’ll be [...]
Leeds Building Society this week launched an ISA paying interest at 4.6%. The five-year fixed rate account can be opened with just £1. Savers can access up to 25% of their savings at any time without notice or penalty. Kim Rebecchi, Leeds Building Society’s Sales and Marketing Director said the ISA is a “market leading [...]
Nationwide Building Society has launched a new four year fixed-rate ISA paying interest at 4.25%. The ISA can be opened with a minimum balance of £1, and transfers from previous ISA savings are accepted. Nationwide also announced that its three year fixed-rate ISA paying interest at 4.15% will now only be available to existing Nationwide [...]
Chancellor Alistair Darling’s plans to automatically increase ISA limits in line with inflation are merely a “token gesture”, according to one industry expert. Andrew Hagger of financial advice site Moneynet said the new measures will cost banks more money to implement than the potential benefits for savers. “This is a token gesture that is likely [...]
Santander’s ISA has been rated top in Moneynet.co.uk’s best buy charts. The ISA, paying 3.5%, pipped Barclay’s offering to the top spot. Both Barclays and Santander are paying high rates than the best one-year fixed-rate ISAs. “The Isa market is really taking shape as we approach the annual hot bed of activity as providers look [...]
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 [...]
Leeds Building Society has launched two new fixed-rate ISAs paying interest at up to 3.5%. The new accounts include a three-year fixed-rate ISA, paying interest at 3.5%, and a two year product paying 3% interest. Both accounts can be opened with a minimum deposit of just £1, and both accept transfers from previous ISA subscriptions. [...]
From today, the total Individual Savings Account (ISA) allowance for people over 50 will increase from £7,200 to £10,200. The £3,000 increase, which was announced in this year’s Budget, is eligible to those born on or before 5 April 1960. For everyone else, the limit will rise from 6 April 2010. ISAs, which were launched [...]
Nationwide has reissued its Legal & General Portfolio Bond, offering savers the opportunity to invest in highly rated funds. Customers opening the bond can put together their own investment portfolio from a range of 21 funds. Savers who rely on their investments for an income can make regular withdrawals from the bond. The minimum investment [...]
Brits are handing over £144 million to the government in taxes they don’t need to pay by failing to put their savings in a tax-free account. Research by Unbiased.co.uk found £109 million is being wasted by 6.2 million savers who don’t keep their savings in a tax-free cash ISA account. Some 1.7 million shareholders are [...]
Bradford & Bingley (B&B) has launched a new online Notice Saver account paying interest at a variable rate of 3.3% gross/AER. New and existing B&B customers can open the account with a minimum balance of just £1. The account includes an instant access option for savers who need to withdraw their money. Account holders can [...]
Leeds Building Society has launched a five-year fixed-rate cash ISA paying a market-leading interest rate of 4.6%. Customers can withdraw up to 25% of the amount invested at any time, without notice or penalty. The account can be opened with a minimum of £1, and allows savers to transfer in their ISA balance from previous [...]
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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