Tag: savings

Government to develop easy-to-compare savings products

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 […]

August 2, 2012 More
One in five people have no savings

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 […]

June 26, 2012 More
Severn Trent inflation-linked bond launched

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 […]

June 21, 2012 More
Most people wouldn’t give friends more than £5

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 […]

June 6, 2012 More
Banks to display deposit protection signs

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. […]

December 15, 2011 More
Brits spend £6 billion of savings on Christmas

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 […]

December 12, 2011 More
Post Office boosts savings products

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 […]

December 6, 2011 More
Mortgage repayments rise as consumers cut debt

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 […]

November 30, 2011 More
Santander launches bond for impatient investors

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 […]

November 23, 2011 More
UK savers gloomy about retirement prospects

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. […]

November 16, 2011 More
NS&I to cease selling via Post Office

NS&I to cease selling via Post Office

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 […]

November 3, 2011 More
Finances worsen for 40% of UK households

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 […]

August 22, 2011 More
HSBC to reduce headcount by 10,000

HSBC to reduce headcount by 10,000

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 […]

July 28, 2011 More
Irish economy expands 0.5% in Q3

Irish economy expands 0.5% in Q3

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 […]

December 16, 2010 More
Irish parliament approves austerity budget

Irish parliament approves austerity budget

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 […]

December 8, 2010 More
Government announces incapacity benefit changes

Government announces incapacity benefit changes

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 […]

October 11, 2010 More
Thomas Cook and Co-operative travel agents to merge

Thomas Cook and Co-operative travel agents to merge

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 […]

October 8, 2010 More
Survey reveals elderly Brits raid savings

Survey reveals elderly Brits raid savings

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 […]

August 22, 2010 More
Leeds launches 2.55% instant access saver

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 […]

August 5, 2010 More