Tag: savings

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 | 0 Comments 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 | 0 Comments 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 | 0 Comments 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 | 0 Comments 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 | 0 Comments 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 | 0 Comments 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 | 0 Comments 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 | 0 Comments 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 | 0 Comments 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 | 1 Comment 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 | 0 Comments 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 | 0 Comments 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 | 0 Comments More
Smaller building societies offer better rates

Smaller building societies offer better rates

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 [...]

August 5, 2010 | 0 Comments More
NAO warns of bigger spending cuts

NAO warns of bigger spending cuts

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 [...]

July 20, 2010 | 0 Comments More
Over-50s slash retirement savings

Over-50s slash retirement savings

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 [...]

July 19, 2010 | 0 Comments More
Savers hit as NS&I withdraw some products

Savers hit as NS&I withdraw some products

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 [...]

July 19, 2010 | 0 Comments More
Lloyds TSB lends a hand to first-time sellers

Lloyds TSB lends a hand to first-time sellers

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 [...]

July 8, 2010 | 0 Comments More
Sainsbury’s bumps Easy Saver rate to 2.7%

Sainsbury’s bumps Easy Saver rate to 2.7%

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 [...]

June 30, 2010 | 0 Comments More