Leeds Building Society has launched a new online savings account offering unlimited access. The Albion Web Saver pays interest at up to 2.25%, and gives savers penalty free access to their money. To open the account, savers need to deposit at least £2,500. A spokesperson for the building society said the account was launched following [...]
Leeds Building Society (LBS) has launched a new instant access passbook savings account paying up to 2.5% interest. Customers opening an Albion Saver passbook account are given a passbook that allows them to deposit and withdraw money at any LBS branch. Opening the account requires a minimum deposit of £2,500. The standard gross interest rate [...]
Leeds Building Society has launched a new savings account to help older people pay for their winter heating bill. The Winter Fuel Saver account is available only to customers aged over 60 and pays interest at 5.12% through the winter months. When winter is over on 28 February the account’s interest rate drops to 0.25%. [...]
Savers are signing up for the Albion Cheque instant access account at Leeds Building Society (LBS) in record numbers. LBS said the account, which pays interest at up to 2.5%, has seen a significant uplift in the number of new customers signing up, as well as in the account balance of current customers. “We have [...]
Halifax this week announced the launch of its 2009 Christmas Saver account aimed at encouraging low income families to put money aside for the Yuletide season. The monthly deposit account has been designed to foster a culture of saving among users of social banking services – a habit that has declined in recent years. Halifax [...]
Saga Personal Finance has launched two new fixed-rate savings accounts for savers aged 50+. The eighteen month account pays interest at 3.45% AER, whilst the two year account pays 3.5% AER. Savers can opt to have interest paid on a monthly or a yearly basis, although no funds can be withdrawn from either account during [...]
The Nottingham has launched a new savings account designed to meet the needs of children under 16. The Child Regular Saver can be opened with a deposit of just £10, and offers a guaranteed interest rate of 5% fixed until April 2010. Relatives can pay up to £100 into the account every month. Once the [...]
Nationwide International this week reduced the interest rate on its US Dollar accounts. The offshore subsidiary of Nationwide Building Society cut the interest paid on its US Dollar Tracker Premium account to 0.50% AER, whilst the US Dollar Savings account rate was moved down to 0.25% AER. Nationwide said the new rates were a response [...]
Research released yesterday reveals that savings accounts are still popular with Brits despite tumbling interest rates. In a survey conducted by Fairinvestment.co.uk, 36% of respondents said they continue to keep their money in a savings account with banks or building societies despite interest rates falling as low as 0%. Over a quarter, 26%, put their [...]
Santander-owned Abbey has reissued its Super Fixed Rate Monthly and Fixed Rate Monthly savings accounts. The company said it hopes the two reissued accounts will help customers kick-start their New Year’s resolution to start saving. Abbey’s Super Fixed Rate Monthly Saver offers a 7% AER for 12 months, provided no withdrawals are made, and between [...]
Nationwide Building Society has launched a new online savings product. E-Savings Plus accounts are run like Nationwide’s FlexAccounts, and offer savers a gross AER of up to 3.75%. The new account is designed for savers who want a competitive interest rate, but also need to access their savings. Customers can withdraw money from the account [...]
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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