|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |    25th of February 2018
|   Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  

Economy News feed Economy News

Investment News feed Investment News

All Financial News feed All Financial News




News Tag: savers

September 7, 2011

NS&I forced to withdraw index-linked bond

by Kay Mitchell
”NS&I
Savers have once again been hit after Government-backed National Savings & Investments (NS&I) has announced its index-linked bond has been withdrawn from the market. NS&I, which runs Premium Bonds and a variety of savings products, said its index-linked bond (which gives savers protection against inflation) has been pulled. NS&I’s website and call centres ceased accepting new sales of Savings Certificates yesterday. However, postal ...




January 2, 2011

Compensation for savers increases from £50,000 to £85,000

by Kay Mitchell
”Compensation
The Financial Services Compensation Scheme (FSCS), the body established to compensate victims of banking failures, will now reimburse up to £85,000 per saver if a bank collapses, up from the £50,000 limit previously agreed. It is hoped the new limit, which is paid for by the UK financial services industry, will avert customer panic if a bank is close to ...




October 26, 2010

Which? report concludes savers losing billions in interest

by Kay Mitchell
”Which?
Savers are missing out on billions of pounds in interest payments, according to a report by consumer group, Which? According to the report, by leaving money in low interest accounts, savers are missing out on a possible £12 billion. According to the consumer association, interest rates are not made clear to consumers on their bank statements, while banks are neglecting to ...




September 27, 2010

People opt to pay off debts rather than save

by Kay Mitchell
”People
According to the latest Markit UK Household Finance Index, people are continuing to pay off their debts rather than top up their savings. This has been the case for some time now as historically low interest rates discourage consumers from saving. Meanwhile, the survey of 1,500 households discovered that around 27% of those questioned saw their household finances deteriorate in ...




July 19, 2010

Complicated bank accounts confuse savers

by David Masters
Complicated bank accounts confuse savers
Consumers don't bother to put money aside for the future because of low interest rates and complicated best buy introductory offers, a financial expert has claimed. Andrew Hagger of Moneynet.co.uk said consumers are "baffled" by the complex special offers banks use to attract new customers. "It is no surprise that many consumers, baffled by complex accounts often riddled with restrictions, do not bother to ...




May 24, 2010

Northern Rock savers lose 100% guarantee

by Kay Mitchell
”Northern
Savers with Northern Rock have today lost the 100% guarantee on their cash. The move, which was announced back in February, means the crisis-torn bank is back in line with its rivals but savers will still benefit from the £50,000 guarantee to all savers under the Financial Services Compensation Scheme (FSCS). The 100% guarantee was put in place after Northern Rock collapsed ...




May 12, 2010

Mortgage deals increase but with existing customer bias

by Gill Montia
”Mortgage
New research from financial analyst, Defaqto, shows that the number of mortgages on offer in the UK has increased to 2,948, up from 1,686 in July 2009. However, there is a snag because lenders are restricting over 25% of their home loans to existing customers. Some offerings exclude all but existing mortgage borrowers while others are available to current account ...




April 16, 2010

NI Executive agrees £50m bailout for PMS savers

by Kay Mitchell
”NI
The 10,000 Presbyterian Mutual Society (PMS) members who lost their savings after the society collapsed will welcome the news that the Northern Ireland Executive has agreed a £50 million rescue package. After a run on withdrawals, the PMS was forced into administration in 2008 and its members lost access to their savings. The run began when some members realised the society ...




March 31, 2010

Consumer group calls for investigation into ISAs

by Kay Mitchell
”Consumer
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 were introduced to encourage Brits to ...





March 10, 2010

Northern Rock sees losses narrow

by Kay Mitchell
”Northern
State-owned bank Northern Rock has today announced losses for the 2009 year fell to £258 million, compared with £1.36 billion in the previous year. Despite the loss, the Newcastle-based bank said it is awarding staff £14.9m in bonuses but Gary Hoffman, the chief executive of Northern Rock, is waiving his payout. Northern Rock said Mr Hoffman’s long-term incentive plan would only pay out after ...




February 24, 2010

Northern Rock savers to lose 100% guarantee

by Kay Mitchell
”Northern
The Treasury has today announced savers with Northern Rock will lose the Government’s 100% guarantee on 24 May. The move means the crisis-torn bank is back in line with its rivals but savers will still benefit from the £50,000 guarantee to all savers under the Financial Services Compensation Scheme (FSCS). The 100% guarantee was put in place after Northern Rock collapsed ...




January 20, 2010

Nationwide increases rates on fixed-rate bonds

by Kay Mitchell
Nationwide increases rates on fixed-rate bonds
Nationwide Building Society has increased the rates on a number of its Fixed Rate Bonds and e-Bonds. These include: Three year Fixed Rate Bond and e-Bond paying up to 4.70% gross p.a./AER for balances over £25,000. Two year Fixed Rate Bond and e-Bond paying up to 4.10% gross p.a./AER for balances over £25,000. 18 month Fixed Rate Bond and e-Bond paying up to 3.50% ...




January 5, 2010

Iceland president vetoes repayment to UK

by Kay Mitchell
”Iceland
Icelandic President, Olafur Ragnar Grimsson, has vetoed the repayment of a £2.3 billion loan to the UK Government. The debt relates to the collapse of Landsbanki which collapsed at the height of the banking crisis in autumn 2008 and 300,000 British savers saw their accounts frozen with the bank’s online Icesave brand. The Treasury stepped in with a 100% guarantee for individual savers ...




October 26, 2009

NS&I hopes to attract more savers as it raises rates

by Kay Mitchell
”NS&I
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 and guaranteed income ...




August 5, 2009

Top savers losing out

by David Masters
Top savers losing out
Savers with more than £25,000 stashed away saw their interest rates plummet 0.5% between February and May this year. A study of 725 savings products by private bank Investec found accounts with a balance of £25,000 or more had their interest rates cut by an average of 0.516% between 1 February and 1 May 2009. Instant access accounts were even harder hit, with interest rates ...




August 3, 2009

FSCS pays £21bn to protect UK savers

by Kay Mitchell
”FSCS
The Financial Services Compensation Scheme (FSCS) has revealed a staggering £21 billion has been paid out to UK savers in the six months after the onset of the credit crisis. This compares with £1 billion in the seven years prior to the credit crisis. The FSCS, which is the body established to compensate victims of banking failures, reimburses up to ...




May 26, 2009

Survey reveals bleak picture for workers aged 50 and over

by Kay Mitchell
Survey reveals bleak picture for workers aged 50 and over
A survey conducted by Help the Aged and Age Concern charity revealed that over half of workers over 50 may need to postpone their retirement since their savings and pensions have been hit by the economic downturn. While mortgage borrowers have benefited due to record low interest rates, savers have been hit, while pension funds have been ...




April 22, 2009

Isa allowance increase in budget gives savers hope

by Peter Charalambous
”Isa
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 all other savers from April ...




April 7, 2009

Savers befuddled by interest rate cuts

by David Masters
Savers befuddled by interest rate cuts
Over half of UK savers have no idea what interest rate their savings account is paying, according to new research by uSwitch.com. The price comparison site found that 22 million savers are clueless as to how much their interest has been reduced since the Bank of England's base rate started falling six months ago. Meanwhile, sixteen percent of those polled said the Bank ...