News Tag: savings
March 11, 2010
HSBC has reunited customers with £10.4 million held in lost or forgotten bank accounts.
The bank, which started searching out owners for unclaimed funds in September 2008, said over 7,000 customers have been reunited with dormant accounts.
The average money in each account was £1,400.
People in London are the most forgetful about money left in bank accounts, with over £7 million still to be ...
HSBC reunites customers with £10.4 million
by David Masters
March 9, 2010
Santander's ISA has been rated top in Moneynet.co.uk's best buy charts.
The ISA, paying 3.5%, pipped Barclay's offering to the top spot.
Both Barclays and Santander are paying high rates than the best one-year fixed-rate ISAs.
"The Isa market is really taking shape as we approach the annual hot bed of activity as providers look to lure savers yet to make their move in the ...
Top ISA deal pays 3.5%
by David Masters
March 1, 2010
Figures from the Bank of England today revealed that British consumers borrowed £500 million in January through credit cards, loans and overdrafts, once repayments were taken into account - the highest level since November 2008.
According to the Bank, the increase was almost double the £265 million rise seen in the previous month December, and comes after consumers had repaid more than they ...
Consumer borrowing surges in January
by Kay Murchie
February 25, 2010
Up to 270,000 civil servants are to stage a 48-hour national strike next month in a dispute over redundancy pay.
The walkout, which will take place on 8 and 9 March, will involve job centre staff, tax workers, coastguards, border agency officials, courts staff and driving test examiners.
If a satisfactory outcome is not reached then further strike action could take ...
270,000 civil servants to stage 48-hour strike
by Kay Murchie
February 19, 2010
Middle class parents are outraged at plans by the Conservative Party to limit Child Trust Funds (CTFs) to the poorest families if they win the next election.
Research by Family Investments found that eight in ten parents do no support the plans, announced by shadow chancellor George Osbourne earlier this month.
The study found that 96% of parents think CTFs are ...
Proposed Child Trust Fund cuts leave parents fuming
by David Masters
February 18, 2010
With inflation now above 3.5% it has become close to impossible for savers to get a real return on their savings.
Instant access accounts pay an average interest rate of 0.86% gross, equivalent to 0.69% for a basic rate taxpayer and 0.52% for a higher rate taxpayer.
This is compared to inflation of 3.7% according to the Retail Prices Index (RPI), and 3.5% according to ...
Inflation sting for savers
by David Masters
February 10, 2010
Online bank First Direct has launched a new one-year fixed-rate bond paying interest at 2.75%.
The bond is only available to First Direct customers, and can be opened with a deposit of between £2,000 and £49,999.
No deposits or withdrawals can be made once the bond is opened. Customers who need to withdraw money from the bond will have to close the ...
First Direct announces 2.75% one-year bond
by David Masters
February 9, 2010
Rising inflation is not deterring consumers from putting money aside into a savings account, according to research by Nationwide.
According to the building society, the number of occasional and regular savers is at the highest level for 16 months.
Nearly eight in ten (79%) consumers are now regular or occasional savers, according to Nationwide’s Importance of Savings Index.
Andy Hutchinson, Nationwide’s head of savings, ...
Rising inflation fails to deter savers
by David Masters
February 5, 2010
The Coventry Building Society has launched a new 30-month fixed-rate bond paying interest at 4.25%.
Savers can open the bond with an investment of between £1 and £250,000, and can choose between monthly and yearly interest payments.
No money can be withdrawn from the bond until it matures in August 2012.
The bonds are available online, over the phone, or in branches of the Coventry.
Rachel ...
The Coventry launches 4.25% bond
by David Masters
February 3, 2010
Clydesdale Bank has launched a new one-year fixed-rate bond paying interest at 4.5%.
The bond is exclusively available to customers also taking out an AXA investment product with the bank.
Savers must invest at least £2,000 in the bond, and the equivalent in an AXA investment product.
No withdrawals can be made from the bond. Customers who withdraw money from the bond are ...
Clydesdale Bank launches 4.5% one-year bond
by David Masters
January 31, 2010
As part of a major restructure, Britain’s largest drugs company GlaxoSmithKline (GSK) is to slash 4,000 positions, according to The Sunday Times.
According to press reports, the job losses are part of plans to shift its focus to emerging markets, such as China which has greater potential to increase sales growth.
The company has a global workforce of 99,000 and ...
GSK to axe 4,000 jobs as it shifts focus
by Kay Murchie
January 29, 2010
The government's ISA allowance increase for savers over-50 has proved hugely popular, with older investors more than doubling their lump sum contributions into share-based ISAs, according to new research from Virgin Money.
Income funds have proved the most popular, with contributions rising 130% in the three months from 6 October 2009 to 5 January 2010 compared to the same period the previous year, ...
ISAs popular with older investors
by David Masters
January 28, 2010
Brits have more than doubled the amount they are saving in the past 12 months, according to research published this week.
An investigation by Birmingham Midshires found Brits are saving 136% more per quarter compared to this time last year.
In the three months to January 2010, the average UK consumer saved £776.
This is compared to the £329 saved on average during ...
Brits saving double compared to January 2009
by David Masters
January 26, 2010
Government-backed National Savings & Investments (NS&I), which runs Premium Bonds and a variety of savings products, is to launch a new savings account in March with an “attractive” interest rate.
The news will be welcomed by savers who have been suffering amid the historically low interest rate environment.
The financial crisis led to many British savers withdrawing their funds from banks and ...
NS&I to encourage savers with new account
by Kay Murchie
January 25, 2010
The Nottingham has launched a new fixed-rate savings account aimed at customers who want to save "little and often".
The Fixed-Rate Regular Saver pays interest at 5%, and can be opened with a minimum deposit of £10.
Savers can set aside up to £100 per month into the account, and are not penalised for missing a payment. They can also make as ...
The Nottingham launches 5% regular saver
by David Masters
January 21, 2010
Making the effort to put your savings into a tax-free account is worth a mere 73p per month, according to research by Moneynet.co.uk.
The additional returns on a tax-free ISA compared to a standard savings account for a basic-rate tax payer are equivalent to just £8.72 per year on a £3,600 investment, the financial advice site found.
This figure increases to ...
ISAs worth a measly 73p in tax savings
by David Masters
January 18, 2010
Leeds Building Society has launched two new fixed-rate ISAs paying interest at up to 3.5%.
The new accounts include a three-year fixed-rate ISA, paying interest at 3.5%, and a two year product paying 3% interest.
Both accounts can be opened with a minimum deposit of just £1, and both accept transfers from previous ISA subscriptions.
Savers can withdraw up to 25% of their initial deposit, ...
Leeds launches 3.5% fixed-rate ISA
by David Masters
January 13, 2010
Nationwide's Savings Index for December reveals a decline in the number of people putting money aside into savings accounts.
A quarter (25%) of those polled by Nationwide admitted to saving nothing during December, a rise of one percentage point compared to November.
Meanwhile, 45% said they currently put money aside regularly into a UK savings account. This is the lowest percentage ...
Savings were put on hold for Christmas
by David Masters
January 8, 2010
Santander's high street banks have launched a range of new fixed-rate bonds paying interest at up to 4.1%.
The bonds, available through Abbey, Bradford & Bingley, and Alliance & Leicester, can be opened by new and existing customers with a minimum deposit of £1.
The one year bond pays interest at 2.5% gross per annum/AER for investments up to £9,999, and 3% on investments over ...
Santander launches fixed-rate bonds
by David Masters
January 7, 2010
UK consumers expect to have more spare cash to set aside for savings in the year ahead, new research has discovered.
A study by National Savings and Investments (NS&I) found over a quarter (27%) of Brits are more likely to save money in 2010 than they were in 2009.
Male savers are the most confident of being able to put money into savings, with nearly ...
Savers confident for 2010
by David Masters
