Virgin Money, the new owner of Northern Rock, is to begin charging all new customers for current accounts, even if the account remains in credit. Virgin Money’s chief executive Jayne-Anne Gadhia “Most people know there is no such thing as free banking. “Banks have to cover the cost of free current accounts with hidden charges [...]
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 [...]
A report by the Centre for Policy Studies think-tank has said the UK’s savings system needs to be reformed in order to encourage people to bank their money. According to the think tank, schemes need to be simplified if people are going to save as the current system is too complex with multiple tax regimes. [...]
Savers are finding it increasingly difficult to get a good return on their money, and many are opting to pay off debt rather than keep their savings in a bank account, Moneynet.co.uk has claimed. Andrew Hagger, spokesperson for the price comparison site, said at least a dozen best-buy savings deals have disappeared from the market [...]
Putting aside small amounts of money into a savings account quickly adds up, Fidelity International has claimed. The group calculated that saving £50 a month into a fund with 6% annual growth could add up to over £7,500 in ten years, and nearly £38,000 after 30 years. “A monthly investment plan can be a good [...]
The Nationwide Savings Index saw a three-point uplift in March, fuelled by savers topping up their ISAs at the end of the tax year. February to May is typically the busiest time of year for ISA providers, and March is the busiest month within this ISA season. Nationwide said an improvement in the perception of [...]
Consumer Focus has warned that cash ISAs are depriving savers of £3 billion in interest each year. The consumer group has made a complaint to the Office of Fair Trading (OFT) and is calling for an investigation into Individual Savings Accounts (ISAs). ISAs, which were launched a decade ago by then Chancellor, Gordon Brown, and [...]
Savers are being urged to make full use of this year’s ISA allowance before the 5 April deadline. Unbiased.co.uk warned that Brits are set to unnecessarily spend £35 million on tax this year because they haven’t bothered to put their savings into an ISA. Research by the financial advice website found that 5.9 million adults [...]
Smile and the Fair Investment Company have been named the best fund supermarkets for savers who want to invest in an ethical ISA. Both were given five star ratings in a mystery shopping exercise by National Ethical Investment Week (NEIW). NEIW found that the two fund supermarkets make it particularly easy for savers to find [...]
Sustainable and ethical investments are expected to increase their share in the ISA market by more than 1000% this year, according to research by The Co-operative. Ethical investments currently have a 1% share of the ISA market, but The Co-operative predicts that this could increase thirteen-fold later this year as savers use their increased ISA [...]
ISA investors are “disillusioned” with the returns they are receiving on their savings, Barclays claimed this week. The bank blamed the frustration on historically low interest rates. The 0.5% base rate has caused many investors to rethink their approach to the financial marketplace, Barclays said. Research by the bank found more than two-thirds (72%) of [...]
Research by the Halifax has revealed the growing popularity of Individual Savings Accounts (ISAs). The Halifax, which is now part of the Lloyds Banking Group, said the number of accounts opened in the nine years to March 2009 surged by 53%. At the start of the millennium, there were 9,000 subscribed ISA accounts, but this [...]
The government’s ISA allowance increase for savers over-50 has proved hugely popular, with older investors more than doubling their lump sum contributions into share-based ISAs, according to new research from Virgin Money. Income funds have proved the most popular, with contributions rising 130% in the three months from 6 October 2009 to 5 January 2010 [...]
The increase in ISA allowances for the over-50s was simply a headline-grabbing attempt by the government that will have little effect on the finances of older savers, Moneynet.co.uk said this week. Since 6 October, over-50s have been allowed to save £5,100 per year in their Cash ISA rather than £3,600. Moneynet.co.uk calculated that the average [...]
Older savers are being kept in the dark as to how much they will be able to invest tax-free when the ISA limit increases for over-50s next month. Research by Saga found just one in twenty of over-50s know what the new ISA limits will be. More than half of those polled were oblivious to [...]
Nearly half of savers over 50 plan to make the most of their increased ISA allowance next month. From 6 October, the maximum ISA allowance for over 50s will increase from £7,200 to £10,200. A poll by Legal & General (L&G) found 44% of ISA investors over 50 plan to use the increased allowance. A [...]
Norwich & Peterborough Building Society (N&P) this week announced plans to increase the interest rates on its ISAs and fixed rate bonds. Rates on its two and five year fixed rate ISAs increased to 3.05% and 4.55% respectively. Three and five year fixed rate bonds at the building society now pay up to 4.3% and [...]
Nationwide has launched a new range of fixed-rate ISA bonds paying interest at up to 4.5%. The bonds are available for one year, three years, or five years, paying interest at 3%, 3.75% and 4.5% respectively. The ISAs can be opened with a minimum of £1, and savers can opt to transfer the balance from [...]
Many top-paying ISA providers this week slashed the interest rates offered on their tax-free savings accounts. Price comparison site Moneynet said some providers have already reached their targets for ISA deposits during 2009-10, and have cut rates to keep away new customers. Some ISA providers have completely withdrawn accounts from potential new customers, Moneynet said, [...]
Moneynet.co.uk has released its list of the top three savings accounts available to UK savers. The price comparison site said Barclays is best for regular savings, West Bromwich Building Society offers the top rate for fixed-rate accounts, and Barclays comes top for individual savings accounts. Barclays Monthly Saver pays a ‘cracking’ 6% AER fixed for [...]
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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