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 [...]
Leeds Building Society has announced that its fixed-rate ISAs pay interest at up to seven times the Bank of England’s base rate. Kim Rebecchi, Leeds’s director of sales and marketing, said the building society’s five year fixed-rate ISA, which pays interest at 3.5%, is a ‘market leading offer’. “With many ISAs in the market paying [...]
There has been welcome news for savers in the budget today as savers over the age of 50 will be given the opportunity to increase their tax free savings in their Isas, as the limit is to increase from £7,200 to £10,200. For those over 50, the change will happen from 6 October and for [...]
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. [...]
Santander-owned Alliance & Leicester (A&L) has launched a new individual savings account (ISA) designed to attract customers who may have been put off saving by the current climate of low interest rates. The one-year fixed rate bond ISA pays interest at 3.00% tax free, with the account maturing on 1 May 2010. Minimum deposit is [...]
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 [...]
Lloyds TSB has announced an interest rate increase on its fixed-rate Cash ISA of up to 1%. Bucking the trend of decreasing interest rates, the bank announced that customers saving £30,000 or more will benefit from an interest rate of 3.20%, fixed for at least 12 months. Accounts holding between £9,000 and £30,000 will be [...]
Leeds Building Society has launched a new range of fixed-rate individual savings accounts (ISAs) paying interest at up to 3.5%. The ISAs are available for 2, 3, or 5 years, and pay interest at 3.15%, 3.25%, and 3.5% respectively. According to Leeds, the top 3.5% rate is ‘a market leading offer’. All ISAs in the [...]
Online savings provider Egg has launched a new individual savings account (ISA) paying interest at 2.50%. Minimum investment is £1, whilst the maximum is the tax-free savings limit of £3,600. Savings from existing ISAs cannot be transferred into the account. Egg’s ISA can be set up over the internet ‘in minutes’, and customers can keep [...]
Looking for the best available car insurance deal is more cost effective than investing savings in a Cash ISA, price comparison site GoCompare.com claimed yesterday. British motorists are wasting up to £1 billion per year on unnecessary insurance costs by not taking the time to compare prices, GoCompare.com’s research found. One in five (19%) drivers [...]
Barclays has launched a new individual savings account (ISA) which it claims offers the best return available on the ISA market. The Golden ISA pays a ‘massive’ 3.05% above the Bank of England’s base rate of 0.5%, Barclays said. This 3.55% rate includes a 1% gross bonus for 12 months. Barclays Golden ISA is available [...]
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. [...]
Skipton Building Society has increased the interest paid on its online savings accounts. Customers with an Online Access Account or an Online Individual Savings Account (ISA) at Skipton have had rates increased by 0.25%. The Online Access Account rate has increased to 2.75%, whilst the Online ISA rate has increased to 2.25%. Tim Fletcher, general [...]
Leeds Building Society yesterday released a new individual savings account (ISA) paying interest at up to 2.75% above the current base rate. The 5-Year Escalator ISA pays an average of 3.25% over its five year term. Interest in the first year is paid at 2.75%, increasing to 3%, 3.25%, 3.5%, and 3.75% in subsequent years. [...]
Halifax this week launched the ISA Direct Reward, a new individual savings account with interest guaranteed at 3.00% AER/Gross for the first 12 months. The ISA requires a minimum deposit of £1,000, which must be maintained throughout the 12 month period. Unlimited deposits up to the £3,600 tax-free allowance are allowed, but withdrawals are limited [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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