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News Tag: savings accounts

December 18, 2012

Savers dig deep to fund Christmas

by Jan Harris
Savers dig deep to fund Christmas
New research from the Halifax suggests that savers are funding their Christmas spending with money set aside for other purposes. Thirty-seven per cent of 2,138 savers surveyed by the bank at the end of November had withdrawn savings in the last three months. The average amount withdrawn was £1,186, more than double the average savings of £555 made by 75 per cent ...




December 12, 2012

Moneyfacts reports fall in number of savings accounts

by Jan Harris
Moneyfacts reports fall in number of savings accounts
The Funding for Lending Scheme (FLS), launched by the Bank of England and the Treasury this summer, has caused a sharp fall in the number of accounts available for savers, according to Moneyfacts, a leading provider of personal finance data. FLS is designed to increase the availability of mortgages and business loans by providing banks and building societies with ...




December 16, 2011

Accounts failing to inflation-proof savings

by Jan Harris
Accounts failing to inflation-proof savings
Research by comparison site Moneyfacts has found that there is not one single savings account currently available that will completely protect taxpayers’ savings from the effects of tax and inflation. The latest figures show that inflation fell slightly in November, from 5.0 per cent to 4.8 per cent, on the Consumer Prices Index. This means that basic rate taxpayers would need to ...




November 18, 2011

Fifth of savings accounts offer rock-bottom rates

by Jan Harris
Fifth of savings accounts offer rock-bottom rates
With inflation at 5 per cent savings can soon be eroded and yet the number of savings accounts offering 0.1% or less interest has soared over the past year. Consumer campaign group Which? reports that the number of easy-access and notice accounts paying 0.1% or less has increased by 23% to 384 and these low interest accounts now comprise 21% ...




May 7, 2009

Moneynet reveals top three savings accounts

by David Masters
”Moneynet
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 one year. Deposits are limited to £250 per month, ...




February 9, 2009

NatWest and RBS launch pensioner savings account

by David Masters
NatWest and RBS launch pensioner savings account
With interest rates plummeting on many savings accounts, NatWest and RBS have launched new savings products to help pensioners feeling the pinch. Many pensioners rely on interest from their savings as a source of income. Because of this, the two banks have launched their own specialist savings account for over 60s and for those drawing a pension. The Pensioner Fixed Rate ...




January 28, 2009

Building societies best for consistent interest rates

by David Masters
Building societies best for consistent interest rates
Buildings societies offer the most consistent interest rate on savings accounts, new research has revealed. A study by Moneyfacts.co.uk found that 79% of the most consistent savings account interest rates are at building societies, rather than banks. Since the Bank of England started cutting interest rates in December 2007 - and especially since the recent heavy rate cuts - savers have seen ...




January 13, 2009

Interest on savings plummets to 0%

by David Masters
Interest on savings plummets to 0%
Fears that the interest rate on savings accounts could crash to 0% are turning into reality, with two providers already cutting rates to zero. West Bromwich, Britain's seventh largest building society, has severed the underlying rate on its Bonus Saver account to 0%. Customers of the Bonus Saver account can qualify for a 2% bonus if they make six or fewer withdrawals in ...