Financial pundits have praised Halifax’s new Clarity credit card for its simplicity, but warned it may not be the best deal for customers looking to borrow money long term. Moneynet.co.uk welcomed the Clarity’s easy to understand fees, with no complex introductory offer and just one rate of interest for purchases, balance transfers and cash withdrawals. [...]
Lloyds TSB customers who frequently access their overdraft should seriously consider moving their current account to another bank, Moneynet.co.uk has claimed. The financial advice site made the remarks after Lloyds TSB announced a new monthly fee of £5 for customers who use their planned or unplanned overdraft. This fee is in addition to the monthly [...]
Transferring your credit card balance to a new card with a 0% rate on balance transfers is a much cheaper way to pay off debt, even when balance transfer fees are taken into account, a financial expert has claimed. Andrew Hagger of Moneynet.co.uk said the typical 3% one-off fee for balance transfers is significantly less [...]
Transferring your credit card balance to a new card with a 0% rate on balance transfers is a much cheaper way to pay off debt, even when balance transfer fees are taken into account, a financial expert has claimed. Andrew Hagger of Moneynet.co.uk said the typical 3% one-off fee for balance transfers is significantly less [...]
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 [...]
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 [...]
Government-backed National Savings & Investments (NS&I), which runs Premium Bonds and a variety of savings products, has unveiled a rise in the interest rates on some of its policies. The news will be welcomed by savers who have been suffering amid the historically low interest rate environment. NS&I said rates on its guaranteed growth bonds [...]
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 [...]
The recession has made people think before they spend, according to financial advice site Moneynet.co.uk. Andrew Hagger, Moneynet.co.uk spokesperson, said since the credit crunch consumers are being smarter with their money. He made the comment after the Office for National Statistics revealed the household savings ratio increased to 5.6% in the second quarter of this [...]
Consumers taking out a personal loan are “paying through the nose” due to soaring interest rates. Banks are now charging an average APR of 10.32% on personal loans even though the Bank of England’s base rate has been held at a record low of 0.5%. This compares to an average personal loan APR of 8.71% [...]
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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