Tag: savers

NS&I forced to withdraw index-linked bond

NS&I forced to withdraw index-linked bond

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been hit after Government-backed National Savings & Investments (NS&I) has announced its index-linked bond has been withdrawn from the market.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 […]

September 7, 2011 More
Compensation for savers increases from £50,000 to £85,000

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

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 […]

January 2, 2011 More
Which? report concludes savers losing billions in interest

Which? report concludes savers losing billions in interest

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 […]

October 26, 2010 More
People opt to pay off debts rather than save

People opt to pay off debts rather than save

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 […]

September 27, 2010 More
Northern Rock savers lose 100% guarantee

Northern Rock savers lose 100% guarantee

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 […]

May 24, 2010 More
Mortgage deals increase but with existing customer bias

Mortgage deals increase but with existing customer bias

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 […]

May 12, 2010 More
NI Executive agrees £50m bailout for PMS savers

NI Executive agrees £50m bailout for PMS savers

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 […]

April 16, 2010 More
Consumer group calls for investigation into ISAs

Consumer group calls for investigation into ISAs

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 […]

March 31, 2010 More
Government unveils further details of the ‘people’s bank’

Government unveils further details of the ‘people’s bank’

March 29, 2010 More
Northern Rock sees losses narrow

Northern Rock sees losses narrow

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 […]

March 10, 2010 More
Northern Rock savers to lose 100% guarantee

Northern Rock savers to lose 100% guarantee

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 […]

February 24, 2010 More
Nationwide increases rates on fixed-rate bonds

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 […]

January 20, 2010 More
Iceland president vetoes repayment to UK

Iceland president vetoes repayment to UK

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 […]

January 5, 2010 More
NS&I hopes to attract more savers as it raises rates

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

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 […]

October 26, 2009 More
Top savers losing out

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. […]

FSCS pays £21bn to protect UK savers

FSCS pays £21bn to protect UK savers

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 […]

Survey reveals bleak picture for workers aged 50 and over

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 […]

Isa allowance increase in budget gives savers hope

Isa allowance increase in budget gives savers hope

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 […]

Savers befuddled by interest rate cuts

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, […]