|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |    21st of February 2018
|   Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  

Banking News feed Banking News

All Financial News feed All Financial News




News Tag: savings

August 2, 2012

Government to develop easy-to-compare savings products

by Jan Harris
Government to develop easy-to-compare savings products
Following a two-year consultation, the Treasury is planning to develop a range of savings products that would be offered by different providers. All providers would offer the same terms and conditions on the products but would compete on price, service and value, making it easy for customers to compare the products. The proposals, which are part of the Sergeant Review of Simple Financial ...




June 26, 2012

One in five people have no savings

by Jan Harris
One in five people have no savings
New research by Santander has found that eleven million adults in the UK have no savings to fall back on in times of crisis. This equates to one in five adults, and those who are saving, are saving less than they used to, Santander found. Over the past year, the average amount saved each month has fallen 7 per cent from ...




June 21, 2012

Severn Trent inflation-linked bond launched

by Jan Harris
Severn Trent inflation-linked bond launched
Severn Trent has become the first utility company to issue a retail bond, in an effort to raise £2.5 billion. The 10-year, inflation-linked bond is being issued to the general public rather than professional investors. It is available in denominations of £100 and will pay interest twice a year at a rate of 1.3 per cent adjusted for changes in the Retail Prices Index ...




June 6, 2012

Most people wouldn’t give friends more than £5

by Jan Harris
Most people wouldn’t give friends more than £5
The majority of people would only lend a friend a maximum of £5 without expecting the money to be repaid. Around two thirds of the 1,811 people surveyed by website MyVoucherCodes.co.uk said they regularly lend money to friends, but only on the understanding that the cash will be returned. Forty-three per cent of those surveyed said that £5 would be ...




May 22, 2012

NS&I re-launches investment account

by Jan Harris
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post Office branches as the account has been made ...




December 15, 2011

Banks to display deposit protection signs

by Jan Harris
Banks to display deposit protection signs
The Financial Services Authority (FSA) is introducing new rules which will require banks and building societies to display clear signs at branches and on their websites, telling customers their savings are protected. The sign will tell savers: "Your deposits are protected up to £85,000 by the Financial Services Compensation Scheme, the UK deposit protection scheme. Any deposits you hold above ...




December 12, 2011

Brits spend £6 billion of savings on Christmas

by Jan Harris
Brits spend £6 billion of savings on Christmas
A study by Santander, one of the world’s largest banks, has revealed that people are funding Christmas this year by dipping into their savings. High unemployment, inflation at around 5 per cent and the threat of another recession are all putting pressure on people’s pockets and causing them to use their savings to pay for their Christmas celebrations. According ...




December 6, 2011

Post Office boosts savings products

by Jan Harris
Post Office boosts savings products
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 also announced unlimited free withdrawals from Instant Saver ...




November 30, 2011

Mortgage repayments rise as consumers cut debt

by Jan Harris
Mortgage repayments rise as consumers cut debt
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 house prices, are contributing to ...




November 23, 2011

Santander launches bond for impatient investors

by Jan Harris
Santander launches bond for impatient investors
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 paid into the account within ...




November 16, 2011

UK savers gloomy about retirement prospects

by Jan Harris
UK savers gloomy about retirement prospects
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. Just 11 per cent of ...




November 3, 2011

NS&I to cease selling via Post Office

by Kay Mitchell
”NS&I
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 end of the month, its savings accounts will ...




August 22, 2011

Finances worsen for 40% of UK households

by Gill Montia
Finances worsen for 40% of UK households
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 spend on record, and ...




July 28, 2011

HSBC to reduce headcount by 10,000

by Kay Mitchell
”HSBC
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 bank declined to comment on the report. The speculation ...




December 16, 2010

Irish economy expands 0.5% in Q3

by Kay Mitchell
”Irish
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 January to March period. As a ...




December 8, 2010

Irish parliament approves austerity budget

by Kay Mitchell
”Irish
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 its €85 billion bailout loan as it battles ...




October 11, 2010

Government announces incapacity benefit changes

by Kay Mitchell
”Government
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 is aimed at saving billions of pounds, will see ...




October 8, 2010

Thomas Cook and Co-operative travel agents to merge

by Kay Mitchell
’Thomas
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 through job losses. In a ...




August 22, 2010

Survey reveals elderly Brits raid savings

by Kay Mitchell
”Survey
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 environment - which means this group of people ...




August 5, 2010

Leeds launches 2.55% instant access saver

by David Masters
Leeds launches 2.55% instant access saver
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 not required to open any other accounts with Leeds. "Our ...