The Post Office has extended its promise to match the Bank of England Base Rate percentage changes on its savings products, until 1 January 2013. The promise, which was originally planned to run until 31 March 2012, covers the Post Office’s Instant Saver, Reward Saver, Cash ISA and Easy Saver accounts. The Post Office has [...]
New data from the Bank of England suggests that house owners are focusing on repaying their mortgages as part of their efforts to reduce debt. Consumers are concerned about the state of the economy and their incomes are under pressure from pay freezes, rising unemployment and high levels of inflation. These pressures, together with falling [...]
Santander has launched an innovative new product which allows customers to receive £1,000 interest almost immediately, on an investment of £12,000. The Upfront Interest Bond has a minimum three-year term and a minimum initial deposit of £10,000 is required. It is only available to Santander current account customers and interest on the bond will be [...]
New figures from financial research company Defaqto reveal that UK savers are pessimistic about their pensions and many are failing to make adequate provision for their retirement. Dafaqto reports that the proportion of savers who fear that their needs won’t be adequately met when they retire has grown 6 per cent to 44 per cent. [...]
From November 28, National Savings and Investments (NS&I) will cease selling its accounts via the Post Office. It has been announced that the Government-backed NS&I will no longer sell investment or easy access savings accounts over the counter at the Post Office. NS&I runs Premium Bonds and a variety of savings products. However, from the [...]
Almost 40% of UK households saw their finances deteriorate in August, according to the latest Markit Household Finance Index, with the rate of deterioration faster than at the height of the recession. Worsening finances were evident across all income groups, age ranges and regions, as the survey registered the fastest fall in cash available to [...]
According to a report today, banking giant HSBC is to axe more than 10,000 jobs as part of the bank’s strategic review. The report from Sky News said some of the cuts will come from its head office while others will be the result of closing some retail banking operations. However, a spokesperson for the [...]
Ireland’s Central Statistics Office (CSO) has today revealed Ireland’s economy experienced growth in the July to September period. The economy expanded by 0.5% in the third quarter compared with the previous quarter - albeit, the figure was slightly below expectations. The former “Celtic Tiger” economy contracted in the second quarter after emerging from recession in [...]
The Irish Government has outlined its austerity budget, aimed at saving €6 billion in spending cuts and tax hikes, designed the trim the country‘s budget deficit. Ireland is aiming to save €15 billion (£13 billion) between 2011 and the end of 2014 – 11% of the economy‘s annual output. The measures are a condition of [...]
As part of the coalition Government’s welfare crackdown, Iain Duncan Smith, Work and Pensions secretary, has today announced that those on incapacity benefit will be forced to undergo medical tests. The tests, which will be trialled in Burnley and Aberdeen from today, will be rolled out throughout the country from next April. The move, which [...]
It has been announced today that high street travel agents, Thomas Cook and the Co-operative Group, are to merge their chain of travel agents. However, the deal will bring “inevitable“ job losses due to overlap within the two companies. The transaction will create a 1,200-branch network and will save more than £35 million a year [...]
Investment firm Schroders has revealed a third of Britons aged over 65 are raiding their savings in order to cover everyday living costs. According to the report, savers have taken out a total of £60 billion, with an average of £4,600 each. The main reason for the withdrawal of savings is the low interest rate [...]
Leeds Building Society has launched a new instant access account paying interest at 2.55%. The headline rate includes a 0.5% bonus until August 2011. The account, known as the London Instant Access Account, is only available through the building society’s London branch. Savers can open the account with a minimum investment of £100, and are [...]
Smaller building societies are often able to offer better interest rates on current accounts than big banks, a financial expert has claimed. Phil Perry, director of Ark Financial Planning, said smaller, regional lenders such as mutual societies can offer savers higher rates of interest because they have members rather than shareholders. “If the members are [...]
The National Audit Office (NAO) has warned that bigger spending cuts could be on the cards after suggesting the Government is not on target to meet savings. It said further tough measures would need to be implemented if it is to be successful in cutting costs and has questioned the £10.8 billion in savings already [...]
Britain’s over-50s have reduced their retirement savings by nearly £18 billion over the last year, according to new research by LV=. The pensions, investments and insurance group found 21% of those approaching retirement have reduced their retirement savings by an average of more than £300 per month in the past 12 months. In the same [...]
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 [...]
Government-backed National Savings & Investments (NS&I), which runs Premium Bonds and a variety of savings products, has today announced its Savings Certificates have been withdrawn from the market. These saving products, which are linked to the inflation rate, have been withdrawn because sales “far exceeded” the level anticipated, said NS&I. In the meantime, NS&I said [...]
Lloyds TSB has extended a mortgage deal previously only available to first-time buyers, to home movers. Sellers opting for the bank’s Lend a Hand loans can take out a mortgage with a deposit of just 5%, at a rate normally associated with a larger down-payment. However, their funds have to be backed up with the [...]
Sainsbury’s Finance has boosted the interest rate on its Easy Saver account for new customers. Interest on accounts opened after 25th June 2010 will be paid at 2.7% Gross AER, an increase of 0.2 percentage points on the previous rate. The 2.7% rate will be paid to new customers for 12 months provided they maintain [...]
Insurance premiums could soar for women drivers
The government has warned that car insurance premiums for female drivers could rise by £326 when a European Court of Justice directive comes into force in December 2012. It has launched a consultation on how the decision to ban gender pricing in insurance contracts will affect the UK. The ruling will mean that insurance companies [...]
UK isolated after eurozone summit
Prime Minister David Cameron has used his veto to block a new EU treaty proposed by France and Germany to help restore economic stability in the eurozone. The proposed changes to the Lisbon Treaty would have imposed tougher financial regulations on all members of the European Union but Mr Cameron was unwilling to support the [...]
Loans to first-time buyers down 10%
October was a difficult month for first-time buyers according to the latest figures from the Council of Mortgage Lenders (CML). Ten per cent fewer home loans were offered to first-time buyers compared with September and the average deposit they had to find was a hefty 20 per cent. In the current economic climate and with [...]
HSBC extends compensation to more NHFA customers
Following the recent revelation that HSBC subsidiary NHFA mis-sold asset-backed investment products to elderly people in care, HSBC has promised to consider complaints dating back to before it took over NHFA in 2005. The decision means that HSBC could face thousands more potential claims for compensation, adding to the £30m compensation bill it already expects [...]
Chancellor warns UK at risk if euro collapses
As the leaders of the European Union’s 27 member states prepare to meet over a possible new EU treaty, the UK’s chancellor George Osborne warned a House of Lords committee that a collapse of the euro would do ‘enormous damage’ to the UK economy. Mr Osborne also stressed that the damage would be long-term. Speaking [...]
Lettings agents’ fees soar in booming market
Difficulty in securing mortgage finance and a slump in house sales is bumping up demand in the market for rented accommodation, but a new report warns that lettings agents’ fees are also soaring. Tenants may have to pay £2,000 upfront to move house according to independent thinktank the Resolution Foundation. As well as a deposit [...]
Government’s NHS pensions offer angers unions
The government has announced changes to its pensions offer for NHS staff, which it claims are an improvement designed to protect low-paid employees, but which unions claim is a tax on middle-earners. Last week up to two million public sector workers went on strike over the government’s plan to increase the amount they will have [...]
Barclays triples basic account fee
Barclays is tripling its potential daily charge for basic bank account customers if they have insufficient funds in their accounts to pay direct debit and standing orders. Consumer groups have warned that the change could increase the financial exclusion already experienced by the poorest people in society, with the risk of high charges discouraging them [...]
Santander offers £330 for switching account
Santander has joined with Moneysupermarket.com to add an extra sweetener to a deal designed to tempt people to switch their bank account. Anyone who switches their main current account to Santander’s Preferred Current Account via the Moneysupermarket.com price comparison site, could receive £30 in Amazon vouchers as well a £300 cashback reward. However, customers who [...]
Online shoppers prefer Paypal to credit cards
Paypal is now more popular than credit cards as the preferred method of payment for online shopping according to a global survey by financial advisory firm KPMG. According to KPMG’s “The Converged Lifestyle” report, consumers worldwide are rapidly adopting new technologies and Paypal is reaping much of the benefit. The study looked at the online [...]
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