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News Tag: uSwitch.com

April 20, 2012

Mothers accumulate debt on maternity leave

by Jan Harris
Mothers accumulate debt on maternity leave
Three quarters of mums are unprepared for a fall in income while they are on maternity leave and nearly a third go into debt. A study by price comparison site uSwitch.com suggests that the average debt accumulated by mothers while they are on maternity leave is nearly £2,500. As well as facing a 50 per cent drop in income, new babies ...




April 11, 2012

Energy firms to reveal their best deals

by Jan Harris
Energy firms to reveal their best deals
The UK’s six largest energy companies will be required to write to their customers each year telling them if their current tariff is the cheapest one which meets their needs. Vulnerable customers, including pensioners and those eligible for assistance from the warm home discount scheme, will be contacted twice a year. The news, announced by Deputy Prime Minister Nick Clegg on the BBC ...




March 1, 2012

£182bn of tax-free savings unused

by Jan Harris
£182bn of tax-free savings unused
More than three quarters of savers are unaware that everyone aged 16 and over is allowed to put £5,340 into cash ISA this year, according to research from uSwitch. Only half of savers are planning to put any money at all into a cash ISA, and just a quarter are using their total allowance, the price comparison and switching website says. On average, ...




January 18, 2012

Nationwide re-launches 0% purchase credit card

by Jan Harris
Nationwide re-launches 0% purchase credit card
Nationwide has re-launched its Select Visa credit card which offers 0%-on-purchases for 18 months – the longest period currently available on the market for a 0% deal. Cardholders also benefit from commission-free purchases while they are abroad and 0.5% cashback. Balance transfers are eligible for the 0% interest deal, but for 17 months rather than 18 and there is a 2.95% balance ...




March 2, 2010

Survey shows gloomy pay prospects for workers

by Kay Mitchell
’Survey
A survey by price comparison service uSwitch.com has revealed 16 million workers (or more than half the UK's workforce) do not expect to get a pay rise this year. The online survey of 4,235 adults also found that a further third of the UK’s workforce believed that if they did receive an increase, it would be below the rate of ...




January 13, 2010

Consumers hit as credit card rates soar

by Kay Mitchell
”Consumers
Despite the fact that interest rates have been on hold at the historically low rate of 0.5% since March 2009, the average credit card interest rate rose from 15.89% to 16.28% in December, according to figures from the Bank of England. The bank also revealed that the average credit card interest rate is now at its highest since September 2006. The ...




December 14, 2009

Christmas spending frenzy calmed by crunch

by David Masters
Christmas spending frenzy calmed by crunch
UK consumers are planning to spend significantly less on Christmas this year, according to new research by uSwitch.com. More than half (56%) of Brits said they will be buying less presents this year. Nearly two thirds (63%) said they will be spending up to £200 less on gifts. A third (32%) of adults said they are cutting back on children's Christmas presents, ...




October 2, 2009

USwitch.com warns of fixed-rate dangers

by David Masters
USwitch.com warns of fixed-rate dangers
USwitch.com has warned against the dangers of stashing savings away in a fixed-rate bond. Nine million savers have opened a fixed-rate bond in the past year, with 87% choosing a bond over an instant access account because it was the only account they could find paying a "decent" rate of interest. USwitch.com found 10% of savers who chose a fixed-rate bond have needed ...




September 23, 2009

Postal strikes could mar credit ratings

by David Masters
”Postal
The ongoing postal strikes will leave many credit card holders with a black mark on their credit rating, uSwitch.com said this week. The price comparison site made the remarks after discovering that credit card customers have incurred £150 million of late payment fees due to the postal strikes. "A £12 late payment fee is not the only problem for these consumers as missed ...




August 28, 2009

Frugal habits should stay post-recession

by David Masters
”Frugal
Consumers who have tightened their belts due to the recession should keep up the habit when the economy starts to grow again, uSwitch.com said this week. The price comparison site said people forced to cut costs due to unemployment or a reduced salary should continue being money conscious when the recession is over. "We really hope that, if nothing else, consumers will learn one ...




August 24, 2009

Direct debit cheapest for energy

by David Masters
”Direct
Householders have been advised that paying for energy bills by direct debit is the cheapest option. Price comparison site uSwitch.com issued the advice after it discovered a 7.3% drop in the number of people choosing to pay by direct debit. The number of customers signing up for fixed monthly direct debit payments when changing their supplier at uSwitch.com has dropped to 85.3%, down from ...




August 12, 2009

uSwitch.com: Don’t be lured by student account freebies

by David Masters
uSwitch.com: Don't be lured by student account freebies
Price comparison site uSwitch.com has done its homework on student accounts, and found that choosing the wrong account could cost students up to £75 per year. Totted up for all students, that's equivalent to potential unnecessary interest payments of £30 million. Banks that offer freebies - such as railcards, YHA membership, or commission free currency - often charge interest on student ...




July 26, 2009

Cautious Brits stash unused credit cards

by David Masters
”Cautious
Millions of Brits have stashed away unused credit cards as a financial safety net, new research has discovered. A poll by uSwitch.com found 16 million credit card holders with unused cards. These consumers hold an average of 2.3 unused credit cards, and together they could access £200 billion of credit. With unemployment above two million, keeping a credit card in reserve ...




June 9, 2009

HSBC premium account pays 0% interest

by David Masters
HSBC premium account pays 0% interest
HSBC customers paying £12.95 per month for the privilege of a Bank Account Plus current account have seen their interest rate slashed to 0%. Savers previously received returns of 2% on the first £1,000 they held in the account, as well as additional benefits such as breakdown cover, free travel insurance, and protection against identity theft. However, HSBC has now cut interest rates ...




June 8, 2009

Comprehensive cover squeezed by recession

by David Masters
Comprehensive cover squeezed by recession
Over 300,000 UK motorists have downgraded their insurance cover to third party as the recession takes it toll on their finances. Meanwhile, an additional one million third party policy holders could no longer afford fully comprehensive cover even if they wanted it. The news comes despite the fact that more than a third (34%) of drivers are ignorant of what third party cover actually ...




June 3, 2009

Brits burn £1.5bn by sticking with their energy supplier

by David Masters
”Brits
British householders are wasting over £1.5 billion every year on energy bills by not shopping around for the cheapest supplier. Research by uSwitch.com found that customers on standard energy plans pay £185 per year on average than those who have an internet-based energy account. Despite this, only 5% of households currently use an online energy plan. The study also found that ...




May 27, 2009

Modified cars more likely to crash

by David Masters
”Modified
Drivers who modify their cars can find themselves paying thousands of pounds extra in insurance premiums because insurers believe they are more likely to crash. A simple spoiler can hike annual premiums by as much as £700. Flared wheel arches and wings add almost £3,500 to premiums for a Ford Focus 1.6. Tinted windows, side skirts, and exhaust system changes also push up premiums. Even ...




April 29, 2009

Credit crunched Brits are pinching pennies

by David Masters
”Credit
With the recession continuing to deepen, many Brits have started saving up their pennies according to research by uSwitch.com. Over half (52%) of people in the UK are now following the old adage: 'Look after the pennies and the pounds will look after themselves.' Loose change is being kept in a piggy bank and carefully counted, rather than being allowed to fall down ...




Brits find courage to haggle on the high street

by David Masters
”Brits
Many Brits, conscious of a lighter wallet since the onset of the credit crunch, are choosing to haggle in high street stores. Nearly three quarters of those polled in a uSwitch.com survey said they have started haggling for consumer goods. One in ten (9%) will always haggle wherever they are making a purchase, whilst the remaining 64% are more reserved, ...




April 27, 2009

Egg announces £5 penalty for cash withdrawals

by David Masters
”Egg
Two major credit card providers have ramped up charges for cash withdrawals, uSwitch.com revealed this week. Egg card holders will now be charged a minimum of £5 for making a cash withdrawal using their credit card, a 67% increase from the previous minimum charge of £3. Egg said it decided on the increase because using a credit card to withdraw small amounts ...